Financial accounting, commonly known in daily verbatim as ‘book keeping’, is one of the oldest practices integral of business management. Financial accounting is officially dated to the medieval ages when one of the first banking houses and groups gained importance towards the public and in commercial fields. The first bankers wanted an organised approach towards maintaining set references that would act as formally laid records for them, to be referred in the future or present, and were meant to keep in touch of the financial situation of the business. However, historically accounting methods go back to ancient times when prestigious records were required to be maintained.
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