The industrial revolution in England during the 18th century has developed not only their trading activity but also the bookkeeping. The high demand for mass industrial production has led to the formation of a cost accounting system. This system enabled a comprehensive analysis of mass production to be done. The development in bookkeeping was first initiated by the formation of the company. In a particular company, the management of a company needs to present the accounting reports to the shareholders who are the owners of the company. This purpose which is represented by Yearly Financial Statement needs to be prepared based on minimum financial standards. This process is called as financial accounting. The account management sector resulted from the expeditious development in a business organization during the 20th century. All of the accounting information was utilized by the management in making a decision and handling the company more efficiently.