The socio-economic changes from "a green land" (craft techniques) to "one dark
satanic mills" (factory production), were powered by machinery, building of factories and towns, separation of
ownership and control (capitalism), emergence of large-scale industrial and commercial activities and
accounting system in Europe, precisely in England (Pyle, et al 1980). The side effects of these changes on
accounting were profound in the development of recording, measuring and disclosure requirements in factories,