Ethical and legal Obligations

Essay specific features

 

Issue:

Business

 

Written by:

William L

 

Date added:

March 22, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1584

 

Was viewed:

5135 times

 

Rating of current essay:

 
Essay content:

Accounting and financial reporting date back to clay tablets used by the Mesopotamians to record tax receipts around 3000 BC. In 1494, Luca Pacioli, a Franciscan monk and mathematics professor, published the first known text to describe a comprehensive double-entry bookkeeping system. Then in the 1800's, England began an independent audit function that added credence to financial reports...
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Then in the 1800's, England began an independent audit function that added credence to financial reports. As British capital was invested in a growing U.S. economy in the late 19th century, British chartered accountants and accounting methods came to the United States. Since, no group was legally authorized to establish financial reporting standards, alternative methods of reporting financial conditions formed that caused confusion and fraud...
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