This system of recording in ancient Greece and Rome according to Goldberg (1949) and Chatfield
(1977), indicates that the accounting systems were mainly concerned with recording and exposing losses due to
theft, fraud, inefficiency and corruption. It was not for decision making and assets protection. Gulman (1939),
added that the accounting system at that time avoided financial reports to outsiders or determination of income
or tax due to government and allied parties. The system still reveals that the accounting system at that period was
of course fulfilling the societal needs and expectations of the users of financial statements.