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JAMB Principles of Accounts 2009 Question 1

Question 1

Introduction to Accounting

Which of the following branches of accounting was first developed?

  1. A.Cost accounting
  2. B.Financial accounting
  3. C.Management accounting
  4. D.Petroleum accounting
Show the answer and explanation

Answer: B (Financial accounting)

Explanation

Financial accounting, recording a business's transactions, came first; cost and management accounting grew out of it later.