The Introduction of Cost Accounting to the Business World

History / April 23, 2015 / No Comments /
Details how Andrew Carnegie contributed to the “Rise of Big Business” through changing the method of bookkeeping he used in his business.

“Andrew Carnegie’s greatest contribution to the Rise of Big Business was his introduction of cost accounting in the business world. Carnegie changed the method of bookkeeping that had been used by most businessmen since the Renaissance to a more formal and accurate method of accounting. This cost saving method led to the United States becoming an industrial world power because it brought the most trained management and workforce into business.”

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