Which of the following branches of accounting was first developed?
Question 1 Report
Which of the following branches of accounting was first developed?
Answer Details
The first branch of accounting that was developed is financial accounting. Financial accounting is the process of recording, summarizing and reporting the financial transactions of an organization. It provides information about the financial position, performance, and cash flows of an organization to external stakeholders such as investors, creditors, and regulators. It is considered the backbone of accounting as it provides the basic financial information that is used in other areas of accounting such as cost accounting and management accounting.
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