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JAMB Principles of Accounts 2011 Question 2

Question 2

Introduction to Accounting

The historical development of accounting reveals that it

  1. A.deals with debit and credit of items
  2. B.is a product of financial development
  3. C.is a product of its own environment
  4. D.is an ideal subject for financial development.
Show the answer and explanation

Answer: C (is a product of its own environment)

Explanation

Accounting methods changed as trade, industry and laws changed, so accounting is shaped by its environment.