ECONOMICS

Detailed explanation-1: -Accounting Information Systems This may sound like a modern accounting branch but it is probably the oldest branch of accounting.

Detailed explanation-2: -Branch accounting is a bookkeeping system in which separate accounts are kept for each branch or operating location of an organization. Technically, the branch account is a temporary or nominal ledger account, lasting for a designated accounting period.

Detailed explanation-3: -Financial accounting is the first process in any accounting process. Based on financial accounting only, all other accounts are prepared. Hence, it is the oldest branch of accounting.

Detailed explanation-4: -Financial accounting is the original form of accounting. It is mainly confined to the preparation of financial statements for the use of outsiders like shareholders, debenture holders, creditors, banks and financial institutions.