WAEC Accounting 2021 Objective — Question 11

Question 11 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.

Accounting evolved out of the need of businesses for

A. profit making
B. record keepingCorrect
C. increasing sales
D. obtaining finance

Explanation

In the early eighteenth century, as more people entrusted their wealth to others, the need for proper stewardship and record keeping led to the birth of accounting.

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