Reference no: EM132764862

Problem 1. The individual who invented double entry bookkeeping (which is based on the balance sheet equation) is:

Option 1: None of the above

Option 2: Credolli

Option 3: Bertolli

Option 4: Pacioli

Option 5: Raviolli

Problem 2. At the beginning of the year, net income should be equal to:

Option 1: Some other amount

Option 2: the ending net income from the previous year.

Option 3: the ending net income from the previous year before income tax expense

Option 4: the ending retained earnings from the previous year.

Option 5: $0