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Beginning with first principles, then discussing the origin and evolution of the debate over depreciation, capital and income, several related topics are addressed in this volume originally published in 1993. These include the allocation problem, interest rate approximations, issues concerning financial reporting and analysis and the meaning and economic impact of ‘accounting error’. The underlying themes concern the importance of history and the need for an appreciation of basic concepts and relationships in accounting

Preface. Introduction. **Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History

Beginning with first principles, then discussing the origin and evolution of the debate over depreciation, capital and income, several related topics are addressed in this volume originally published in 1993. These include the allocation problem, interest rate approximations, issues concerning financial reporting and analysis and the meaning and economic impact of ‘accounting error’. The underlying themes concern the importance of history and the need for an appreciation of basic concepts and relationships in accounting

Preface. Introduction. **Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History

Beginning with first principles, then discussing the origin and evolution of the debate over depreciation, capital and income, several related topics are addressed in this volume originally published in 1993. These include the allocation problem, interest rate approximations, issues concerning financial reporting and analysis and the meaning and economic impact of ‘accounting error’. The underlying themes concern the importance of history and the need for an appreciation of basic concepts and relationships in accounting

Preface. Introduction. **Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History

**Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History

**Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History

**Part 1: First Principles** 1. Introduction, Dicksee’s Contribution to the Development of Accounting Theory and Practice 2. The Accountant’s Responsibility in Historical Perspective 3. Valuation, Matching and Earnings: The Continuing Debate **Part 2: The Debate over Depreciation **4. The Origin and Evolution of Nineteenth-Century Asset Accounting 5. Depreciation theory in Historical Perspective 6. Hicks on Accounting 7. An Index of Growth due to Depreciation 8. A late Nineteenth Century Contribution to the Theory of Depreciation **Part 3: A Solution to the Allocation Problem **9. A Least Squares Allocation Model 10. The Estimation Problem in Financial Accounting 11. A Reformulation of the Estimation Problem **Part 4: Interest Rate Approximations** 12. Yield Approximations: A History 13. Interest Approximations 14. Baily’s Paradox 15. A Note on Rediscovery and the Rule of 69 16. Weighted Average Earnings Per Share **Part 5: Financial Reporting and Analysis **17. Corporate Financial Reporting at the Turn of the Century 18. Cumulative Financial Statements 19. Introduction, *Estimating the Economic Rate of Return from Accounting* 20. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns 21. Approximate Error in Using Accounting Rates of Return to Estimate Economic Returns: A Correction 22. The Role of the Accounting Rate of Return in Financial Statement Analysis **Part 6: Accounting Error** 23. Nineteenth Century Accounting Error 24. Accounting Error as a Factor in Business History