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JAMB Principles of Accounts 1995 Question 1

Question 1

Introduction to Accounting

Which of the following factors has aided the development of Accounting?

  1. A.The emergence of nation states
  2. B.The discovery of mineral resources in commercial quantity
  3. C.The growth in size of businesses and the separation of ownership and management
  4. D.The development of a sophisticated monetary system.
Show the answer and explanation

Answer: C (The growth in size of businesses and the separation of ownership and management)

Explanation

As businesses grew and owners stopped managing them directly, owners needed accounts to check how managers used their money.