Response to the following problem:
In the ancient civilizations of Asia Minor and northern Africa, most citizens were illiterate. The scribe, who could read and write, became a very important person in the society. Of ancient Hebrew origin, the scribe has been called the forerunner of today's accountant. Public scribes often recorded transactions as citizens arrived to do business. Most scribes recorded transactions on moist clay tablets that were then dried in the sun. Therefore, permanent records of transactions were not possible until scribes could write them down on clay tablets. The Greeks invented coined money around 630 B.C., which facilitated assigning values to transactions. The Babylonians in Asia Minor used an early form of banking. They transferred funds with a system resembling our modern-day checking accounts, one of the first uses of business documents. These early practices provided the foundation for today's financial system and record keeping methods.
Critical Thinking
1. Estimate how many transactions might occur in a single day in a modern grocery store with which you are familiar.
2. List the number of different methods of payments that are accepted by modern grocery stores.