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A CRITICAL EVALUATION of COMPARATIVE FINANCIAL ACCOUNTING THOUGHT in AMERICA 1900 to 1920

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A CRITICAL EVALUATION of COMPARATIVE FINANCIAL ACCOUNTING THOUGHT in AMERICA 1900 to 1920 A CRITICAL EVALUATION OF COMPARATIVE FINANCIAL ACCOUNTING THOUGHT IN AMERICA 1900 to 1920 By GARY JOHN PREVITS A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY UNIVERSITY OF FLORIDA 1972 yERSITY OF FLORIDA 5250 3 1262 08552 Copyright by Gary John Previts 1972 To Milliard Everard Stone Accountant , Educator, Historian "Satis Verborum" ACKNOWLEDGEMENTS It is customary, and thus often dismissed as unfelt, to acknowledge the assistance of those the writer calls upon in the process of his research. My hope is that these acknowledgements, brief though they be, will be recognized as reflecting the abiding sense of gratitude they convey: To the Arthur Andersen Foundation for finan- cial support; To the members of my supervisory committee, Dr. Ralph H. Blodgett, Dr. Robert E. Nelson, Dr. Joseph M. Perry and Dr. Jack R. Vernon; To the staffs of the University library (Messrs. J. R. Jones and S. L. Butler), the AICPA library (Mrs. K. Michaelsen) , and the Price, Waterhouse & Company library (Rosemary Demerest and Ann Alexanian) ; To Professors H. T. Deinzer, N. R. Kaylor and W. Woodruff, who led me to develop a sense of inquiry, a desire for self-fulfillment and an appreciation of history; To Professors G. L. Harris, J. J. Klein, W. A. Paton and Messrs. A. B. Foye and J. W. Queenan, whose first hand knowledge of the times of this study aided in developing a relevant outlook; To Professors R. P. Brief and S. A. Zeff who provided valuable insights; To my parents for a "lift"; To Fran for her patience and Robbie for tolerance unusual in a five year-old; and finally de p vo fundi s , Deo gratias. iv TABLE OF CONTENTS Page ACKNOWLEDGEMENTS i v LIST OF TABLES viii LIST OF FIGURES ix ABSTRACT x Chapter I . INTRODUCTION 1 Scope 1 Purpose 4 Hallmarks of Preclassical Accountants 5 Limitations 6 Methodology 8 Expected Contribution 10 II. SOME PRECLASSICAL ACCOUNTANTS AND A SCHOOL OF THOUGHT NOTION 14 Introduction 14 Biographical Material 14 Identifying a School of Thought 42 Chapter Summary 48 III . THE CONDITIONING ENVIRONMENT 61 Introduction 61 The General Pattern of American Economic Growth and Techno- logical Change 1900 to 1920 63 The Private Sector—Business and Financial Environment 70 The Public Sector—The Changing Role of Government in Business 76 An Accepted Economic Model 80 — :" TABLE OF CONTENTS Continued Chapter Pa 9e III. The Rise of the Accounting Profession 83 Chapter Summary ' 86 IV. CONSIDERATION OF THE BASES OF PRECLASSICAL FINANCIAL ACCOUNTING THOUGHT 95 Introduction 95 The Conditioning Environment Indirect and Direct Influences on Preclassical Accounting Functions 95 Initiating the Inquiry for A Set of Financial Accounting Principles 104 Chapter Summary 108 V. PRECLASSICAL ASSET VALUATION THEORY 117 Introduction 117 An Historical Transformation of the Duality Premise 117 A Preclassical Valuation Model 120 Inventory Valuation 122 Depreciation Theory 125 Appreciation Theory 131 Investment Valuation 135 The Valuation of Intangibles 140 Development of Disclosure Premises 144 Chapter Summary 145 VI. PRECLASSICAL INCOME DETERMINATION THEORY 159 The Transformation of Income Determination 159 Economic Theory and Accounting Profit 161 The Technique of Income Measurement 163 "Two little pieces of paper, — A Beginning 166 Principles of Preclassical Income 168 Some Examples of Preclassical Thought 173 Chapter Summary 181 VII. A CRITICAL EVALUATION OF PRECLASSICAL ACHIEVEMENTS 191 The Import of Preclassicism 191 VI — TABLE OF CONTENTS Continued Chapter Page VII. Signal Contributions of Individual Preolassioists 194 Culminating Remarks 200 APPENDIX 205 SELECTED BIBLIOGRAPHY 24 2 BIOGRAPHICAL SKETCH 258 VI l LIST OF TABLES Table Page 1. Trusts and Mergers 1860-1919 62 2. Growth Trends in the American Economy 1879-1959 63 3. Real Per Capita Income in the United States during 1900-1919 64 4. Selected U. S. Business Cycle Data 1899-1920 65 5. Annual Automotive Production in the United States 1900-1920 66 6. American Foreign Investment 1897-1919 69 7. Some Early Industrial Trusts 71 8. U. S. Capital Formation 1889-1918 73 vm LIST OF FIGURES Figure Page 1. Life spans of some Preclassical accountants 15 2. Index of prices of industrial stocks 1900-1930 67 3. Hatfield's hedge illustrated 177 4. Dickinson's Income Statement Format 180 Abstract of Dissertation Presented to the Graduate Council in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy A CRITICAL EVALUATION OF COMPARATIVE FINANCIAL ACCOUNTING THOUGHT IN AMERICA 1900 to 1920 By Gary John Previts December, 1972 Chairman: Williard E. Stone Department: Accounting American financial accounting was significantly transformed as the result of the contributions of a group of accounting writers of the period 1900 to 1920. Desig- nated as the Preclassical period in recognition of its important influence on later (Classical) accounting theory, selected works of William Morse Cole, Arthur Lowes Dickinson, Paul-Joseph Esquerre, Henry Rand Hatfield, Roy Bernard Kester, Robert Heister Montgomery, Charles Ezra Sprague and John Raymond Wildman are explicated and examined in this study with the presumption that they are representative of the leading thought of the age. Commencing with a colligatory examination of the life histories of these individuals and the environment of the period, the theoretical research is divided between an analysis of Preclassical value theory and . income determination theory, the inquiry being based upon the relationships existing among: (1) the triad (audit, advise and attest) of duties undertaken by Preclassical accountants; (2) the role of "professional" judgment in the joining of these duties with (3) the need for a set of fundamental precepts to underlie the discharge of accountants' professional functions. A comparative functional mode is employed in the inquiry, stressing the warrantability of notions in their initial definitional setting, with dialectical considera- tions added to achieve pre and post transformational perspective. The structure of accounting value theory is outlined in terms of an accounting primitive—the duality premise, from the original Italian version (property = claims) to Preclassical types, including those identified with Esquerre" (goods = liabilities) ; Sprague (assets = liabilities + proprietorship) ; and Wildman (assets = liabilities + accountabilities) The analysis of value theory, recognizing important corresponding economic theories, identifies a strain of Classical economics in accounting's exchange price notion of value and in the assumptions of Pre- classical profit concepts. The essential principles of the profit determination and disclosure theories of the XI period are traced to the doctrines and format found in Dickinson's 1904 address to the Congress of Accountants, including the prescription that: 1. All waste, both of Fixed and Circulating Assets, incident to the process of earning Profits by the conversion of Circulating Assets must be made good out of the Profits earned. 2. Profits realized on sales of Fixed Assets should be first applied to make good estimated depreci- ation (if any) in other Fixed Assets not resulting from the ordinary conduct of the business. If there is no such depreciation, such Profits may be distributed as dividends, but should be distinguished from the Operating Profits. 3. A sufficient surplus should be accumulated (in addition to the provisions required to maintain Wasting Capital Assets under Clause 1) for the purpose of making good Losses due to shrinkage in value of Fixed Assets arising from causes other than the ordinary operations of the Company. The signal contributions of Preclassical writers are summarily evaluated at the conclusion of the study and presented with regard to criteria indicative of a School of Thought. The achievements of Preclassicism which warrant the assertion of such a School recognition include the development of a "modified historical cost" valuation paradigm, based upon advancing notions of depreciation and appreciation. As well, the roots of modern income determination and disclosure thinking are evident in Preclassical concepts, presaging the important shift from an indirect (balance sheet) approach to the operational emphasis of profit determination. CHAPTER I INTRODUCTION Scope Brief, 1 * Littleton, 2 Garner, 3 Peragallo, 1* Littleton and Zimmerman 5 and Zeff 6 among others have provided important works in the history of cost and financial accounting thought, but these writings are not strictly comparative, nor are they inclusive of all periods and topics. As a result, certain periods of accounting theory development, and constituent segments of the history of financial accounting thought, have yet to be investigated. One such time period can be identified with the beginning of this century through the close of World War I, approximately 1900 to 1920. This period corre- sponds at the initial date to the upper limits of both Brief's and Littleton's analyses, as their efforts do not extend into the twentieth century. At the latter juncture, 1920, a Classical group of accounting theorists came into prominence, responding to the economic expansion and prosperity of the post war period. 7 Classicists undertook the initial formulation of accounting principles, a "Notes are located at the end of each chapter. - 1 - - 2 - distinct accomplishment which separates them from previous thinkers. Leaders of the Classical group include W. A.
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