Generally accepted accounting principles require the exclusion of permanent property and the non-recognition of depreciation in most governmental funds. Although this issue was settled in the early 1930s fervent debate continued as to the merits of...
About ten years ago, the late Hugli1 published in the Zeitschrift für Buchhaltung an essay about the origin of the natural theory of accounting, usually known as the theory of two series of accounts. In this article, he attributed the development...
