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This study of the accounting records of a mid-nineteenth-century New England textile enterprise sheds new light on the emergence of modern cost accounting as a specialized tool of management.

The appearance of large, integrated industrial firms at the turn of the century encouraged the introduction of innovative accounting practices. Professor Johnson examines the centralized management accounting system that made it possible for one such firm, the DuPont Powder Co., to plan its long-term development and to avoid the internal inefficiency that sometimes accompanies enormous size.