 Historians Journal in an article on the historical development of traditional net present value (NPV) method with the equivalent annual cost (EAC) methods noted that the role that Grant's book on engineering economy played in the development of discounted cash flow techniques. Jones, et. al. noted that this development intersected the "...fields of engineering, economics, and accounting".
"Grant discussed applications of the present worth, the rate of return, and the equivalent annual cost methods for making capital budgeting decisions. Each of these methods is widely used today, and Grant has been recognized for the initial presentation of these methods in a single textbook."

Equivalence
Grant introduced the concept of economic equivalence in his first edition of the Principles book noting that "...(a)n "equivalent" figure is one which is convertible into a given figure by the application of the proper compound interest factor. Thus the notion of equivalence requires the assumption of an interest rate."  Grant looked at interest as an economic sacrifice in order to determine whether or not to make the investment. He noted that accounting systems never included "...interest on the ownership capital as a cost; interest is only a cost when it is paid out." 

In his revised 2nd edition, he added a whole chapter devoted to the subject defining economic equivalence as the concept that investments or payments which differ in total magnitude and made at different dates may be substituted for each other to make a fair comparison in economic studies. As Grant noted in his first edition, this required a broader definition of interest that used in accounting.

Basic Accounting and Cost Accounting
In 1956, Grant published Basic Accounting and Cost Accounting as a text for introductory courses for nonaccounting majors  and intended for those persons who weren't professional accountants. Grant argued in the book that accounting should be viewed as a prerequisite for good citizenship. 
Grant's approach was to involve the student "...deeply in the mechanics of record keeping and the accounting process....(as opposed to newer ones that)... puts more stress on the uses of accounting information than on its synthesis." The book was grouped into three parts: "Accounting Fundamentals," "Elements of Cost Accounting," and "Some Accounting Topics."  In the later part, Grant wrote a chapter entitled "Some hazards in the uncritical use of accounting figures" in which he articulated some general principles on making decisions in business; arguing that fundamentally, business decisions are between "...alternative courses of action." Critical to this process was developing
Historians Journal in an article on the historical development of traditional net present value (NPV) method with the equivalent annual cost (EAC) method note that the role that Grant's book on engineering economy play in the development of discounted cash stream techniques. Jones, et. al. noted that this growth intersected the "... fields of technology, economics, and accounting ". 
 " Grant discussed applications of the present worth, the rate of rejoinder, and the equivalent annual cost method for making capital budgeting decision. Each of these methods is widely used today, and Grant has been recognize for the initial presentation of these methods in a single textbook. " 

 Equivalence 
 Grant introduced the concept of economic equality in his first edition of the Principles book noting that "... (a)n " equivalent " figure is one which is convertible into a give figure by the application of the proper compound interest factor. Thus the impression of equality requires the assumption of an interest rate. "   Grant looked at interest as an economic sacrifice in order to determine whether or not to do the investment. He noted that accounting system never included "... interest on the ownership das kapital as a cost; sake is only a cost when it is pay out. " 

 In his revised 2nd edition, he added a whole chapter devoted to the subject define economic equivalence as the concept that investments or payments which differ in total magnitude and reach at different dates may be substituted for each other to make a clean comparison in economic studies. As Grant noted in his first version, this required a across-the-board definition of interest that used in account. 

 Basic Accounting and Cost Accounting 
 In 1956, Grant published Basic Accounting and Cost Accounting as a textbook for introductory courses for nonaccounting majors   and intended for those persons who weren't professional accountant. Grant argued in the book that accounting should be viewed as a prerequisite for beneficial citizenship. 
 Grant's approach was to involve the scholar "... deeply in the mechanics of record keeping and the accounting process.... (as opposed to newer ones that)... puts more stress on the uses of accountancy information than on its synthesis. " The record was grouped into three parts: " Accounting Fundamentals, " " Elements of Cost Accounting, " and " Some Accounting Topics. "   In the later character, Grant wrote a chapter entitled " Some hazards in the uncritical use of accounting figures " in which he articulated some cosmopolitan principles on making decisions in business; arguing that fundamentally, business decisions are between "... alternate courses of action. " Critical to this process was developing
 Hidtorians Journal in an avticle on the historican devemopment uf traditional net present velue (NPV) nethod with the equivauent annuwl cost (WAC) nwthods notxs that bke romc thac Jrant's book on gngineering aconomy played iv che development of discounted cash fjow tecnnlques. Jones, et. al. mjted nhct this development intersected the "...fitlds of engineerinb, economics, and accounting".
"Hranh discussed applicwtions of tye pwwsent worth, ghe rate of return, and the equivalent annual cost metfods yor making xapitwn budgeting decifions. Each on these methodx is widely uscd tovay, qnd Grant has been rerognized for the inijial presettction of these methodw un a vingne tdztbuok."

Tqumvamence
Gganv introduces the concept of economic equifajvmce in his fjrst eqieion of the Principles book noting that "...(a)n "equivalent" figure is obe which is convertibpe into a given figure by the application of the proper cokpounv knttrcfg fwctor. Thus the notion of equivalence requires fht axsumption of ak interest rate."  Gtajt jooked at intgrest as ah economic sacrifife in otder ti determige wnether or not to make the ibvestment. He boted that accountnng systems uever oncluced "...interest on the ownzrship capital as a cost; ihgerest is only a coxt when it is paid out." 

In hif revised 2nd zdition, fe acded a whole chaoter devoted to the subjfct dgfininc economic equivalence as the concept thav investments os pdyments chich ciffer in totwl magnitude aud made ct difwerent datvs may be substituteq for each otvgr to make a hair compwrisin ib econookc studies. As Brant notvd in yis first edition, bhis tesuired a broadex eefinition of imtefese nhav useq in accountitg.

Baric Sccouvting and Cirt Avcounting
In 1956, Grant pgbliahed Basic Accountonn and Cosj Accountyng as a text for introductory foursxs for nonavcoonting majors  and intended for those pegsoks who weren't pronessyonal accobntants. Grant argued in the book that acrounting should be viewwd as a prerequisitg fpr good citmzenshyp. 
Grant's approach was to invilve the student "...ceeply in the mechanids of secorf keeping and the accounting process....(as opposed to newer ones that)... puts moee strxsf on the usss og accmuutiug infowmatmoi than on its synnhesis." The book was grouped into three pdrcs: "Accounting Fundamentals," "Elrmdnts of Cost Xccounting," and "Some Accohnting Tppics."  In the later part, Grant erote a chapter entitled "Some hazards in thv uicritical use of accpuntiny figuees" in qhicm he articulatdd xole generap prmncnples on making decisions in busibess; aegking that fundamxntally, busikers debisions are between "...altsrnaflve cuurses of actoon." Critical tp this process was dvvejoping
Historians Journal in an article on the of net present (NPV) method with methods that the role Grant's book on economy played in the development of cash flow techniques. Jones, et. al. noted that this development intersected the "...fields engineering, economics, and accounting". "Grant discussed applications of the present worth, the rate return, the annual methods for making capital budgeting decisions. Each of these methods is widely used today, and Grant been recognized for the initial presentation of these in a single textbook." Grant introduced the concept of equivalence his first of Principles noting that "...(a)n figure is one which is convertible into a given figure by the application of the proper compound factor. Thus of equivalence the of interest rate." Grant interest as an economic sacrifice in whether or not to make the investment. He that accounting never included "...interest on the ownership as a cost; interest is only a cost it is paid out." In his revised 2nd edition, he added a whole chapter devoted subject defining economic equivalence the concept that or which in magnitude and at different dates may be substituted for each other to make fair comparison in economic studies. As Grant noted in his this a broader definition interest that used in Basic and Cost Accounting In published Accounting as text introductory courses for nonaccounting and intended for those persons weren't professional accountants. Grant accounting should be viewed as a prerequisite for citizenship. Grant's approach was to involve the "...deeply in the mechanics of record keeping and the accounting process....(as opposed newer ones more stress on the uses of accounting information on its synthesis." The was grouped into three parts: "Accounting Fundamentals," "Elements of Accounting," "Some Accounting In the later Grant wrote a entitled "Some hazards uncritical use accounting in some general principles on making decisions business; that fundamentally, business decisions are "...alternative action." Critical to this process was developing
 Historians Journal in an artiCle on the hiStoriCal DevElOpmeNt of Traditional net PReseNt value (NPV) method with thE equiVaLEnt aNNuAl cosT (EAC) metHOdS NOteD tHaT thE rOLe That GRanT's book oN engineeriNg eCoNomy played in THe DevelopmenT of Discounted caSh fLow tecHnIquES. JoneS, et. Al. notEd that THis devElopment iNtERsecteD The "...fielDS Of EngiNeering, economics, aND aCCounting".
"Grant dIscussEd APpLICatIonS of the presEnT wortH, The rate OF rETURn, aND the equivalenT annual cost MEthOds for MaKinG CapitaL budgEtINg dEcisions. EacH of tHese methoDs is wiDEly used TOday, and grant hAs bEen RecoGNiZeD foR tHE inITiAl pREseNtation oF tHeSe metHods IN A SInglE teXtboOk."

EquIvalence
Grant IntRoduCEd tHe conCept oF ecoNoMic eqUivaleNce in HiS first edition of The PRinciples BooK nOtiNg That "...(a)N "EquivaLenT" fiGure is oNe which IS coNvERTIbLe into a given figure By THE aPplicatiOn of thE PrOpER compounD iNteRest FACtor. THus tHE nOtion of eQuivalENcE rEquires ThE assumPtIon Of aN inteREst rAte."  GraNt looked At intERest as an economIC sacrifice in oRDeR TO dETermIne Whether or noT to mAKe thE invEStMenT. he notEd thaT aCCoUNting systems never inClUded "...inTeresT on the ownershIp capital aS A COst; interEst iS OnLY a cost when it is Paid oUt." 

In his revISed 2nd ediTion, hE added a wHole chaptER Devoted tO thE suBjeCt dEFInIng economic eqUIValeNcE as the cOncEpt that InvEstMenTs oR pAyments whIch diffeR iN tOtAl MagNitudE And made aT dIffErEnt Dates MAy be suBstitUted FoR eACh oTher to mAKe A FAir cOmPaRisoN in EcOnomiC stuDIes. as Grant Noted in hiS fiRSt edItIoN, this reQuired a broadeR dEfinition oF iNteRest thAT Used in acCounting.

Basic Accounting ANd Cost ACcoUntinG
In 1956, GRant publiSheD Basic accOUnting And CosT AccoUnTinG AS a texT FOr IntRoDuctory couRSEs fOr nonAcCounTing majOrs  and intended for tHOse Persons who werEn't ProfESSiOnaL AcCOunTaNTs. GRANt argued in the boOk that accoUnTInG should be vIEweD aS a prereQuisite For goOD citizeNship. 
GranT's approacH wAs to INVolVe the studeNt "...deeply In the mechANics oF ReCord kEepIng and ThE acCountIng proCEss....(As oppOsed to NeWer oneS that)... PuTs more stRess on the uses of accountiNg infoRmatiOn tHan on its sYntHEsiS." The book wAs grOuped into tHreE paRts: "AcCouNTing FUndaMEnTalS," "elemeNts oF cost AccouNTiNg," aND "soMe AccountinG tOPicS."  In thE laTEr part, granT wrote a chapter entITled "Some hazardS in tHE UncRitICal uSe Of accounting fiGurEs" IN Which he aRtIculated somE general PrINciplEs on maKing deCisions IN BuSIness; aRguiNg tHat fundamEntAlLY, busineSs DeCIsions Are bEtWeen "...alTernatIVe coURSes of action." CritiCal to THIs proCEss Was deVeLoping
 Historians Journal in anarticle on  thehis tor ic al d evel opment of trad i tion al net present value ( NPV)me t hodw it h the  equiva l en t ann ua lcos t( EA C) me tho ds note d that the  ro le  that Grant' s  b ook on eng ine ering econom y p layedin  th e  deve lop mentof dis c ounted  cash flo wt echniq u es. Jon e s ,et.al. noted that th i sd evelopment int ersect ed th e ".. .fi elds of en gi neeri n g, econ o mi c s ,  an d  accounting". 
"Grant dis c uss ed app li cat i ons of  thepr e sen t worth, th e ra te of ret urn, a n d the e q uivalen t annu alcos t me t ho ds  fo rm aki n gcap i tal  budgeti ng  d ecisi ons. E a c h of  th esemetho ds is widelyuse d to d ay,  andGrant  has  b een r ecogni zed f or  the initial pr esen tation of  th es e m et hodsi n a si ngl e t extbook ."

Equ i val en c e Gr ant introduced the  c o n ce pt of ec onomic eq ui v alence i nhis  fir s t  edit iono fthe Prin ciples bo ok  noting  t hat ". .. (a) n " equiv a lent " figu re is on e whi c h is convertib l e into a give n  f i g ur e  bythe  applicatio n of theprop e rcom p oundinter es t  f a ctor. Thus the noti on  of eq uival ence requires  the assum p t i on of an  int e re s t rate."  Gran t loo ked at int e rest asan ec onomic s acrificei n  order t o d ete rmi new h et her or not to m aketh e inves tme nt. Henot edtha t a cc ounting s ystems n ev er  i nc lud ed ". . .interes tonth e o wners h ip cap italas a  c os t ; i nterest is o nlyaco st w hen  i t ispaid out ." 

In  his revi sed 2nded it ion, he  added a whol echapter de vo ted  to th e subjectdefining economic equiv a lence a s t he co ncep t that in ves tments  or paymen ts whi ch di ff eri n  tota l ma gni tu de and mad e atdiffe re nt d ates ma y be substituted f o r e ach other tomak e af a ir  co m pa r iso ni n e c o nomic studies.As Grant n ot e din his fir s t e di tion, t his req uired a broad er defini tion of i nt eres t tha t used inaccounti ng.

Basi c  Acco u nt ing a ndCost A cc oun tingIn 195 6 , G rantpublis he d Basi c Acc ou nting an d Cost Accounting as atext f or in tro ductory c our s esfor nonac coun ting major s and  inte nde d  forthos e  p ers o ns wh o we r en't prof e ss ion a l  a ccountants. G r ant  argu edi n thebook  that accountings hould be viewe d as a  pr ere q uisi te  for good citi zen sh i p . 
Grant 's  approach w as to in vo l ve th e stud ent ". ..deepl y in the me chan ics  of recor d k ee p ing and  t he accoun ting  p rocess ....(a s  opp o s ed to newer ones  that ) . .. pu t s m ore s tr ess ont he u ses of acc ounting inf ormati on t han o n its s yn thesis ."Th e book was grouped i nto t hree pa rt s: " Acc ountin g Fu n d ament als, ""El ements of C os t  A cc o unt ing, " and  " Some  Accounti n g Topics ."In thela ter p art, G r an t wrote a ch apt er en t i tled "Some haza r ds in th e uncr itical  use of acc ou nting f igu r e s" in whi ch he art i cul at ed s ome gene ra l pr in cip le s on making dec isions i n busine s s ; argu ing that fundam en tally, busin ess d ec i sions a r e  be tween " . ..a lte rna tive  co urse s  of action." Critical to  thi s pro c ess  wasdevel op ing
 Historians_Journal in_an article on the_historical development_of_traditional net_present_value (NPV) method_with the equivalent_annual cost (EAC) methods_noted that the_role_that Grant's book on engineering economy played in the development of discounted cash flow_techniques._Jones, et._al._noted_that this development intersected the_"...fields of engineering, economics, and_accounting".
"Grant discussed_applications of the present worth, the rate of_return,_and the equivalent_annual cost methods for making capital budgeting decisions. Each_of these methods is widely used_today, and Grant_has_been_recognized for the initial_presentation of these methods in a_single textbook."

Equivalence
Grant introduced the concept of_economic equivalence in his first edition of_the Principles book noting that "...(a)n_"equivalent" figure is one which_is convertible_into a given figure by_the application of_the proper_compound interest factor._Thus the notion of equivalence requires_the assumption of_an interest rate."  Grant looked_at_interest as an_economic_sacrifice_in order_to determine whether_or_not to_make_the investment. He noted that accounting_systems_never included "...interest on the ownership capital_as a cost; interest_is_only a cost when_it is paid out." 

In_his revised 2nd edition, he added_a whole_chapter devoted_to the subject defining economic equivalence as the concept that investments_or payments which differ in total_magnitude and made at_different dates_may_be substituted for_each_other to_make a fair comparison in economic studies._As Grant_noted in his first edition, this_required a broader definition_of_interest that used in accounting.

Basic Accounting_and Cost Accounting
In 1956, Grant published_Basic Accounting and Cost Accounting_as_a_text for introductory courses for_nonaccounting majors  and intended for_those persons who_weren't professional accountants. Grant argued in the_book_that accounting should be viewed as_a_prerequisite for good citizenship. 
Grant's approach_was_to_involve the student "...deeply in_the mechanics of record keeping and_the accounting process....(as opposed to newer ones that)... puts_more stress on_the uses of accounting information_than_on_its synthesis." The book was grouped into three parts: "Accounting_Fundamentals," "Elements_of Cost Accounting,"_and "Some Accounting Topics."  In the later part, Grant_wrote a chapter entitled "Some hazards in_the uncritical use of accounting figures" in which he articulated some_general principles on making decisions in business; arguing_that fundamentally, business decisions are between "...alternative_courses of action." Critical_to_this process was developing