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JAMB Principles of Accounts 2006 Question 20

Question 20

Introduction to Accounting

A major factor that enhanced the early development of accounting is the

  1. A.Industrial Revolution
  2. B.growth of trade and commerce
  3. C.development of arithmetic
  4. D.invention of writing.
Show the answer and explanation

Answer: B (growth of trade and commerce)

Explanation

As trade grew, merchants needed records of what they bought, sold, owed and were owed, which led to accounting.