A framework for triple-entry bookkeeping

Article Abstract:

The innovative concept of triple-entry bookkeeping is proposed and explained, and examples of financial statements produced (wealth, momentum, and force statements) and journal entries generated by the new bookkeeping system are provided. The wealth and income aspects of the proposed system are borrowed from double-entry accounting; the system's innovative aspects are momentum and force accounting. Momentum accounting uses statistical data in the form of dollars per time period, and assesses rates of earnings. Force accounting represents an attempt to explain changes in earnings rates in measurable terms stated as dollars per time period per time period.

Innovations, Financial statements, Business mathematics, Controllership, Bookkeeping

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A tribute to William A. Paton

Article Abstract:

Professor William A. Paton earned his AB, MA and PhD degrees from the University of Michigan where he began his teaching career in 1915. Paton became a professor in 1921 and was a member of the economics faculty of the University of Michigan until his retirement in 1959. A prolific textbook writer, he served as the first editor of The Accounting Review from 1926 to 1929. A founding member of the American Accounting Association, Paton also served for many years as one of its leading experts on accounting procedures. Born in 1889, Paton passed away in 1991, acknowledged by his peers as one of the most eminent educators in the field of accounting.

Periodicals, Officials and employees, Biography, Accounting Review (Periodical), Paton, William A.

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Momentum accounting and managerial goals on impulses

Article Abstract:

The concept of 'momentum accounting' is proposed. Income momentum is measured as the time rate at which income is being earned at a given time. The net change in income momentum is accounted for by means of impulses. The notion of impulses is borrowed from the momentum-impulse principle in mechanics to describe the internal and external factors that contribute to the change in momentum. Impulse-based managerial goals are proposed as a substitute for income-based managerial goals.

Research, Management science, Accounting

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