Financial accounting has been termed the language of business. Bookkeeping or accounting is the system which gives a sort of measurement about the business activities. Bookkeeping personnel process the various transactions and activities in a business and turn them into reports and communicate the results to the top management staff in the company. Let us take a look at how the various aspects of accounting developed in course of time. Accounting in the ancient days was not done in an orderly fashion. In the period as early as 8500 B.C. accounting as well as bookkeeping practices were in existence. Archaeologists and researchers have dug out clay tokens which are as old as 8500 B.C. And, that which were found in Mesopotamia were usually in the shape of cones, disks and spheres. These ancient tokens correspond to commodities such as wool, clothing or bread. They were used in the Middle East in an effort to keep accurate records of various transactions. With the passage of time, these tokens were replaced...
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