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The Industrial Revolution And The Progressive Era Summary

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Lee D. Parker is a professor in the Schools of Management and Accounting at the University of St Andrews. His interests range from strategic management to corporate governance to accounting and organizational communication. In the areas of accounting and management he has had over 200 of his articles and books published.1
Richard K. Fleischman is an American accounting scholar and is known for his work on accounting history. Flieschman holds a BA in history, an MA in accounting and a PhD in history and holds a membership in the academy of Accounting Historians. He has a strong interest in the U.K. Industrial Revolution and the U.S. Progressive Era.2

This article starts out by discussing how entrepreneurs during the time of the British Industrial Revolution showed knowledge in economic areas, but managerial accounting did not seem to be given much attention. It does not make much sense because economic advances were happening in major organizations during the Industrial Revolution. Some believe that profit margins were large enough that managers were not worried about savings or advantages of managerial accounting. On the other hand, competition was greater in areas of iron and textile. …show more content…
A few suggested disadvantages are not being able to figure fixed costs, owner versus enterprise transactions, and incorrect costing processes. Since there was so little cost accounting information and no education for accounting until the later part of the 1800s, organizations had no accounting standards or methodologies to follow. This possibly came about from entrepreneurs who saw the advantages of such discipline rather than employees hired to take care of the accounting portion. Financial records do not show as much information on this as production reports and minute

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