railways and aggregation of labour and capital equipment. New system of production, ownership and control of
assets including methods of providing for depreciable assets were based on accounting assumptions, (Ola, 1985).
Charge and discharge system could not meet the aggregation of capital equipment, calculation of product costs,
inventory valuation, income determination and depreciation of factory fixed assets; to the development of new
accounting system that could replace charge and discharge system in a new changing technological environment
(i.e. depreciation accounting, (Jennings, 1990).