The modern field was established by the Italian mathematician Luca Pacioli in 1494. The terms “accounting” and “financial reporting” are sometimes used as synonyms. Entertainment firms and mass media businesses generate income primarily from the sale of mental property. They include film studios and production homes, mass media firms corresponding to cable tv networks, on-line digital media agencies, talent businesses, cellular media retailers, newspapers, e-book and journal publishing homes. The definition of a mother or father firm differs by jurisdiction, with the definition normally being defined by the use of legal guidelines dealing with corporations in that jurisdiction.

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