ABSTRACT
Mr. Ronald S. Edwards has stated that in his opinion Cost Accountants have not added much to the theory of cost accounting during the past thirty years, and he maintains that a survey of British literature up to the beginning of the twentieth century has shown that writers on cost accounting by this time had thought of all the difficulties, but had failed to solve most of them - a statement which he regards as being equally true to-day. The Cost Accountant is required to furnish detailed information which will serve as a guide to management in a great variety of circumstances and on many divergent questions of policy, all differing in varying degrees, in the several undertakings within each separate industry. The Economist, on the other hand, is concerned, mainly, with the effect of costs on prices under natural competitive conditions, or under monopolistic competition.
