Well the "City of Brotherly Love" is Philadelphia. I believe it was founded by William Penn. I am not sure if that is what the question wants, but it should help.
Tradition is the simpler word for it :^)
A company could permit asset accounts to be understated when there are measurement errors, accounting errors, and improper implementation of accounting principles and policies.
A company could permit liability accounts to be overstated if liabilities are higher. This might be due to the over-accruing of expenses by the company.
Overstatement of income is more likely. Normally an organization does misstatements to improve profitability.
This is done by either expenses understatement or revenue overstatement.
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