Question

Which is considered the oldest branch of accounting?

• A. Managerial Accounting
• B. Financial Accounting
• C. Cost Accounting
• D. Auditing

Answer 1

Answer:

B. Financial Accounting

FINANCIAL ACCOUNTING:

• Financial Accounting assist keeping a systematic records of financial transactions the preparation and presentation of financial reports in order to measure organisational success and financial soundness.

• Oldest branch of accounting.

• It involves preparation of financial statement like the Balance sheet, Income statement and Cash flow statement.