... more complex in transaction. It was necessary like other professions like medical, clerics and teachers to have some kind of theoretical knowledge backing them up. (Lecture 2 notes). At the early stage of accounting profession there were many scandals, reason being that they were no rules or framework written up. The true and fair view in accounting is produced in all published accounts. The true and fair view appears to be an opinion in which accountants are supposed to follow the true and fair view. The true and fair is difficult to define but can be considered as presentation of accounts which are produced ethically, free from bias and within the accounting standards. The true and fair view is produced to make information true and fair but has many problems in interpreting it. As financial reporting is not a single activity carried out by one person or organisation, due to its ...

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