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Accounting Historians Journal, 1982, Vol. 9, No. 1 [Whole Issue] Accounting Historians Journal Manuscript 1918 Accounting Historians Journal, 1982, Vol. 9, no. 1 [whole issue] Follow this and additional works at: https://egrove.olemiss.edu/aah_journal Part of the Accounting Commons, and the Taxation Commons et al.: Accounting Historians Journal, 1982, Vol. 9, no. 1 The Accounting Historians Journal Published by The Academy of Accounting Historians Spring 1982 Volume 9, No. 1 Research on the Evolution of Accounting Thought and Accounting Practice Published by eGrove, 1 Submission to Accounting Historians Journal EDITORIAL STAFF OF THE ACCOUNTING HISTORIANS JOURNAL Co-Editors Edward N. Coffman, Manuscripts Editor Mervyn W. Wingfield, Production Editor Virginia Commonwealth University James Madison University Advisory Editors Gary John Previts Williard E. Stone Case Western Reserve University University of Florida (Emeritus) Feature Editors Dale A. Buckmaster, Book Reviews Maureen H. Berry, Doctoral Research University of Delaware University of Illinois Editorial Board Richard P. Brief Orville R. Keister New York University University of Akron R. J. Chambers Linda Kistler University of Sydney University of Lowell Michael Chatfield Anthony T. Krzystofik California State University—Hayward University of Massachusetts Bernard A. Coda Geoffrey Lee North Texas State University University of Nottingham Diana Flamholtz Albro Martin Loyola-Marymount University Bradley University Paul Frishkoff Kenneth S. Most University of Oregon Florida International University Horace R. Givens R. H. Parker West Virginia University University of Exeter Louis Goldberg Hanns-Martin W. Schoenfeld University of Melbourne University of Illinois Hugh P. Hughes William K. Shenkir Georgia State University University of Virginia Lyle E. Jacobsen S. Takatera University of Hawaii at Manoa University of Kyoto H. Thomas Johnson William Woodruff Western Washington University University of Florida OBJECTIVES The Accounting Historians Journal is a refereed scholarly journal published semiannually (Spring and Fall) by The Academy of Accounting Historians. It is the successor to the quarterly publication The Accounting Historian and is numbered as a continuation to maintain the sequence of that series which com- menced in January, 1974. The Accounting Historians Journal does not assume responsibility for statements of fact or opinion made by its contributors. Manuscript submissions policy is detailed on the back inside cover. Annual Subscription: $20.00. The Academy also publishes The Accounting Historians Notebook, a newsletter, for members. Contact Dale Flesher, University of Mississippi, for information. STATEMENT OF COPYRIGHT POLICY It is the policy of this Journal to request that authors grant the publisher of the Journal the right to reprint and/or consent to the non-profit and/or scholarly use of articles printed without prejudice to the author's other rights and royalties under the current U.S. copyright laws. All requests for permission to reprint or quote from materials in this issue should be directed to the editors. © The Academy of Accounting Historians, 1982 https://egrove.olemiss.edu/aah_journal 2 et al.: Accounting Historians Journal, 1982, Vol. 9, no. 1 The Accounting Historians Journal Spring 1982 Volume 9, Number 1 Published by eGrove, 3 Submission to Accounting Historians Journal Printed by The Birmingham Publishing Company 130 South 19th Street Birmingham, Alabama 35233 https://egrove.olemiss.edu/aah_journal 4 et al.: Accounting Historians Journal, 1982, Vol. 9, no. 1 THE ACCOUNTING HISTORIANS JOURNAL Semiannual Publication of The Academy of Accounting Historians Volume 9, Number 1 Spring, 1982 CONTENTS Page Feature Articles History of LIFO—HARRY ZVI DAVIS 1 A Brief History of Property and Depreciation Accounting in Municipal Accounting—JAMES H. POTTS 25 "Threefold Bookkeeping" by Matthäus Schwarz— KIYOSHI INOUE 39 The Final Examinations of the Institute of Chartered Accountants in England and Wales, 1882-1981— JOHN FREEAR 53 Historical Nuggets Hicks on Accounting—RICHARD P. BRIEF 91 An Historical Perspective of Net Present Value and Equivalent Annual Cost—THOMAS W. JONES AND J. DAVID SMITH 103 History in Today's Business School— DAVID D. VAN FLEET AND DANIEL A. WREN 111 Book Reviews, Dale A. Buckmaster, Editor Dicksee, Business Methods and The War, The Funda- mentals of Manufacturing Costs, and Published Balance Sheets and Window Dressing TALBERT. .. .119 Epstein, The Effect of Scientific Management on the Development of the Standard Cost System BISHOP. .121 Haskins, Business Education and Accountancy . .SEATON. ...122 Herwood (Myer), Assumed Compilers, The Herwood Library of Accountancy BURKETT. ...125 Léautey and Guilbault, La Science des Comptes Mise à la Portée de Tous COLASSE. .126 Lichtman and French, Historians and the Living Past: The Theory and Practice of Historical Study .. .GAFFIKIN. ...129 Lubell, The Significance of Organizational Conflict on the Legislative Evolution of the Accounting Profession in the United States NEUMANN. .131 Published by eGrove, 5 Submission to Accounting Historians Journal Page Congress of Accountants, Official Record of the Proceedings of the Congress of Accountants . .MORGAN... .134 Doctoral Research, Maureen H. Berry, Editor Doctoral Dissertation Abstracts—Andrews, Berger, Longfellow, McWatters, Kicza, Robles, Cooper, Bartels 137 Announcements 147 https://egrove.olemiss.edu/aah_journal 6 et al.: Accounting Historians Journal, 1982, Vol. 9, no. 1 Th& Accounting Historians Journal Vol. 9, No. 1 Spring 1982 Harry Zvi Davis BARUCH COLLEGE CITY UNIVERSITY OF NEW YORK HISTORY OF LIFO Abstract: The history of LIFO illustrates the interplay of taxes and the general ac- ceptance of accounting principles. In this paper, the gradual acceptance of LIFO in the United States is traced. The study focuses on both the theoretical evolution of LIFO and its acceptance by taxing authorities and accountants. Introduction According to the American Accounting Association Committee on Accounting History,1 the prime example of an historical study which deserves attention is "the evolution of last-in, first-out (LIFO) inven- tory accounting as an acceptable method of computing taxable in- come for Federal Income Tax purposes and its subsequent evolu- tion as a 'generally accepted accounting principle.' " In this paper, the acceptance of LIFO in the United States is traced. Historically, LIFO can be viewed as an outgrowth of the base stock method.2 Therefore, a brief history of the base stock method in England and in America is presented before the history of LIFO. The Base Stock Method—Development in England and America Definition of Base Stock A company that uses the base stock method defines a certain quantity of inventory as the normal amount necessary to continue operations. This quantity of inventory, sometimes called the "nor- mal stock," is the minimum necessary as long as the business does not reduce or enlarge operations. Since the base stock is consid- ered a permanent investment, any change in its value is ignored. In contrast, inventory above the normal quantity is intended for im- mediate resale and is thus a transitory investment. Goods sold are deemed to come from quantities purchased over and above the I wish to thank David O. Green, Nathan Kahn, Kenneth Most, Hanns-Martin Schoenfeld, Norman Berman, and an anonymous reviewer for their helpful com- ments. Published by eGrove, 7 Submission to Accounting Historians Journal 2 The Accounting Historians Journal, Spring, 1982 base stock. The company on the base stock method thus approxi- mately matches the current costs of current purchases against cur- rent revenues. The Base Stock Method in England It is difficult to pinpoint the earliest appearance of the base stock method in England. Arundel Cotter, writing in 1940,3 claims that "normal stock has been in use in Scotland, Wales, England and Holland for more than half a century." Taken literally, Cotter's state- ment places the beginning of the base stock method at no later than 1890. However, both the lack of any documentation and the popular nature of Cotter's book leaves one with the impression that Cotter may have been guessing. Maurice Peloubet4 stated: "The base stock method has undoubt- edly been in use in England since the middle 80's of the last cen- tury." The fact that Peloubet was an auditor in England at the be- ginning of the twentieth century lends credence to his statement. In 1914 he audited a foundry in England which had been using the base stock method for a long time.5 He discovered that the base stock method was used in the base metal trades and in textiles. Even though he does not give specific names, there seems to be no reason to doubt his assertion that the base stock method predates the twentieth century. All writers on the subject agree that the base stock method was not a theoretical construct of accountants, but rather, was devel- oped by businessmen in response to economic pressures. Income tax was one of these important economic pressures. English income taxes started in 1799 and were discontinued in 1813. The taxes were permanently reinstated in 1842. Base stock has a natural attraction for taxpayers because it matches current costs to current revenues and suppresses changes in base stock inventory. The result is a smoother income stream. "During the first World War, a combina- tion of high prices and heavy income taxes led to a demand for rec- ognition of the base stock method in determining taxable income."6 Why was fluctuating income considered
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