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Until the last century, a theory of valuation which must essentially rest upon an established theory of accounts, could not be adequately developed. All of this suggests the importance of establishing an understanding as to when and how a theory of accounts emerged. Early traces of the theory of the two account series are found among authors of the 16th century Flemish school. We stand to benefit in learning more about the origins of this theory in the sense we acknowledge that all knowledge is the product of many ages and when one link in the chain of development is lost it becomes irreplaceable.



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