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The earliest records of accounting practice was found in Mesopotamian excavations wherein crude tablets and wall etchings were used to aggregate the increase or decrease in crop harvest and cattle reproduction. The statements though rudimentary used direct quantity than a perfect numerical representation during the time. The usage of numerical system especially the Arabic numbers added a great significance to the history of accounting. Data became easily analyzable with the base of 10 decimal system and larger records were maintained.

However, thus far, the field of accounting reported to only one entity, the owner or the proprietor. So there was no clear distinction of accounting practices until the early 15th century. The need for a far more integrated and precise reporting was created due to the evolution of multiple investors and therefore multiple stakeholders looking for information on the value, revenue and future of the businesses during this period. This scenario led to the induction of another milestone in the accounting field.

Double entry book keeping was invented and practiced in Italy during the start of the 1600's was carried to different continental countries and the Great Britain from Italy. This was a simple yet effective practice of using two nominal ledgers to enter the debits and credits and suing the golden rules of accounting to decide upon the calculation. The equation Equity= Assets - Liability was implemented in this operational practice. This method was quick, easy to use and checking the errors was made possible through 'balancing' the two entries.

This meant that the total debits and credits must always be equal. If not there is an error in the books. However, this method was only effective in finding the error but not rectifying it. Every entry must be rechecked and some errors such as reversed entries between debits and credits became a very complicated issue. This made the method very time consuming and thus was used only for smaller units of transaction sets than for the whole inventory of monies in a firm.

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