Master's thesis of Business: The double account system in nineteenth century U.K. Railways: An analysis from an accounting theory perspective

This thesis investigates the extent to which our knowledge of modern systems oriented accounting theories can explain the shortcomings in nineteenth century financial reporting as carried out by the railway companies. The work is not intended to be a thesis on history. Nor is it a thesis on accounting theories. Rather, the work looks at historical events from the perspective of a modern accountant. The two main questions addressed by the thesis are whether it is feasible to use modern systems oriented accounting theories to investigate and explain the historical events covered in this study and whether the Double Account System achieved its aims. The paper contains a brief outline of the development and collapse of the UK railway companies in the mid-nineteenth century. The paper then considers the purpose of accounting and whether it is merely a measuring tool or a social instrument.