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 Table of contents VII

6.6 Depreciation of property, plant and equipment 175

6.7 Bad debts and doubtful receivables 178
6.8 Finalizing the statement of profit or loss and other comprehensive income 180
6.9 Conclusions 185
References 185
Discussion and practice questions 186
Suggested research questions for dissertation students 191

7 The statement of financial position 193

7.1 Introduction 193
7.2 Purpose of the statement of financial position 194
7.3 Preparing a draft statement of financial position 195
7.4 Inventory, accruals and prepayments 206
7.5 Depreciation of property, plant and equipment 207
7.6 Bad debts and doubtful receivables 210
7.7 Finalizing the statement of financial position 211
7.8 Conclusions 216
References 217
Discussion and practice questions 218
Suggested research questions for dissertation students 224

8 The statement of cash flows 226

8.1 Introduction 226
8.2 Purpose of the statement of cash flows 226
8.3 Cash and cash equivalents 229
8.4 Classification of cash flows 229
8.5 Cash flows from operating activities under the direct method 237
8.6 Cash flows from operating activities under the indirect method 242
8.7 Finalizing the statement of cash flows 246
8.8 Conclusions 249
References 250
Discussion and practice questions 251
Suggested research questions for dissertation students 257

9 Consolidated financial statements 258

9.1 Introduction 258
9.2 Purpose of consolidated financial statements 259
9.3 The concept of control 261
9.4 Consolidated statement of financial position at acquisition 265
9.5 Consolidated statement of financial position after acquisition 273
9.6 Consolidated statement of profit or loss and consolidated
statement of changes in equity 275
9.7 Associates 278
9.8 Joint arrangements 283
9.9 Conclusions 290
References 291
Discussion and practice questions 292
Suggested research questions for dissertation students 295
VIII Table of contents

10 Financial statement analysis 296

10.1 Introduction 296
10.2 Ratio analysis 297
10.3 Investment ratios 300
10.4 Profitability ratios 305
10.5 Liquidity and efficiency ratios 310
10.6 Solvency ratios 314
10.7 Trend analysis 316
10.8 Limitations of ratio analysis 317
10.9 Conclusions 319
References 319
Discussion and practice questions 319
Suggested research questions for dissertation students 326

11 Corporate governance, stewardship, social responsibility

and integrated reporting 327
11.1 Introduction 327
11.2 Corporate governance 328
11.3 International corporate governance codes 332
11.4 The UK Corporate Governance Code 334
11.5 The UK Stewardship Code 344
11.6 Corporate social responsibility 346
11.7 Integrated reporting 351
11.8 Conclusions 360
References 360
Discussion and practice questions 363
Suggested research questions for dissertation students 364

Part III Management accounting 367

12 The importance of cost information 368
12.1 Introduction 368
12.2 Need for cost accounting information 369
12.3 Cost accounting 372
12.4 Classifying costs 376
12.5 Elements of total cost 379
12.6 Conclusions 382
References 383
Discussion and practice questions 383
Suggested research questions for dissertation students 386

13 Costing for product direct costs 389

13.1 Introduction 389
13.2 Importance of material control 390
 Table of contents IX

13.3 Costing direct materials 392

13.4 Comparing methods when prices are rising 397
13.5 Advantages and disadvantages of FIFO and WAC 399
13.6 Costing direct labour 401
13.7 Costing direct expenses 404
13.8 Conclusions 404
Discussion and practice questions 405
Suggested research questions for dissertation students 408

14 Costing for indirect costs 410

14.1 Introduction 410
14.2 Absorption costing 411
14.3 Allocating and apportioning production overheads 413
14.4 Calculating the production overhead absorption rate 416
14.5 Calculating the production cost per unit 419
14.6 Apportioning service cost centre overheads 420
14.7 Budgeted overhead absorption rates 424
14.8 Conclusions 424
Discussion and practice questions 426
Suggested research questions for dissertation students 429

15 Activity-based costing 430

15.1 Introduction 430
15.2 Need for an alternative to absorption costing 431
15.3 Main stages in activity-based costing 433
15.4 Activities and cost drivers 434
15.5 Costing for administrative and marketing overheads 437
15.6 Advantages and disadvantages of ABC 439
15.7 Conclusions 441
References 441
Discussion and practice questions 441
Suggested research questions for dissertation students 444

16 Marginal costing 446

16.1 Introduction 446
16.2 Classifying costs by behaviour 447
16.3 Calculating contribution 450
16.4 Breakeven analysis 452
16.5 Cost-volume-profit analysis 454
16.6 Limiting factor analysis 457
16.7 Limitations of marginal costing 463
16.8 Conclusions 464
Discussion and practice questions 465
Suggested research questions for dissertation students 467
X Table of contents

17 Budgetary control 469

17.1 Introduction 469
17.2 Purpose of budgetary control 470
17.3 Main stages in budgetary control 472
17.4 Setting budgets 475
17.5 Fixed and flexible budgets 481
17.6 Variance analysis 483
17.7 Advantages and disadvantages 486
17.8 Conclusions 487
References 488
Discussion and practice questions 488
Suggested research questions for dissertation students 491
18 Standard costing 492
18.1 Introduction 492
18.2 Purpose of standard costing 493
18.3 Variance analysis 494
18.4 Direct materials variance 495
18.5 Direct labour variance 498
18.6 Advantages and disadvantages 500
18.7 Conclusions 501
References 501
Discussion and practice questions 502
Suggested research questions for dissertation students 503
19 Strategic management accounting 504
19.1 Introduction 504
19.2 Need for strategic management accounting 505
19.3 Market-orientated accounting 511
19.4 Target costing 515
19.5 Balanced scorecard 518
19.6 Total quality management 525
19.7 Conclusions 529
References 529
Discussion and practice questions 530
Suggested research questions for dissertation students 534
20 Environmental management accounting 536
20.1 Introduction 536
20.2 Limitations of traditional management accounting 537
20.3 Need for environmental management systems 538
20.4 Development of environmental management accounting 541
20.5 Implementing environmental management accounting 546
20.6 Greenhouse gas accounting 549
20.7 Enterprise resource planning 551
20.8 Conclusions 554
References 554
Discussion and practice questions 556
Suggested research questions for dissertation students 558
 Table of contents XI

Part IV Capital investment appraisal 561

21 Payback period and accounting rate of return 562
21.1 Introduction 562
21.2 Purpose of capital investment appraisal 563
21.3 Simple payback period 565
21.4 Accounting rate of return 568
21.5 Advantages and disadvantages 572
21.6 Investment decisions based on both methods 575
21.7 Conclusions 577
References 577
Discussion and practice questions 578
Suggested research questions for dissertation students 580

22 Discounted cash flow methods 581

22.1 Introduction 581
22.2 Time value of money 582
22.3 Net present value 584
22.4 Internal rate of return 586
22.5 Discounted payback period 588
22.6 Advantages and disadvantages 591
22.7 Incorporating environmental management accounting information
in capital investment decisions 593
22.8 Conclusions 597
References 598
Discussion and practice questions 598
Suggested research questions for dissertation students 601

Appendix: Present value tables 602

Glossary 604
Index 615
 List of figures

1.1 UK private sector enterprises by legal status 3

1.2 Entries in the Company Register for 1862 8
1.3 The concept of limited liability 9
1.4 Development of incorporated entities in the UK 10
1.5 Types of business entity 11

2.1 The finance gap 32

2.2 Main sources of finance by term and purpose 34
2.3 Main sources of finance by type 40
2.4 Cash flow forecast formulae 48
2.5 Checklist for interpreting cash flow information 50

3.1 Fundamental accounting principles 65

3.2 Overview of the accounting process 68
3.3 Pearls of wisdom 81
3.4 Excel accounting records for Kool Kate Ltd 81
3.5 Excel trial balance for Kool Kate Ltd 89

4.1 Contents page from Ted Baker Plc Annual Report and Accounts 2015/16 98
4.2 Key features of company law for public and private companies 106
4.3 International understanding on rules 110
4.4 Reasons for international differences in GAAP 111
4.5 Members of the European Union (EU-28), 2016 112
4.6 Structure of the IFRS Foundation 114
4.7 The IASB’s standard-setting process 115
4.8 Main arguments in the little GAAP debate 118
4.9 Three tiers with increasing complexity 126

5.1 Primary users of general purpose financial reports 137

5.2 Qualitative characteristics of useful financial information 142

7.1 Classifying assets, equity and liabilities 196

8.1 Consolidated cash flow statement for Rolls-Royce Holdings plc 233
8.2 Group and company cash flow statements for Ted Baker Plc 235
8.3 Indirect method: main adjustments to operating income and expenses 245

9.1 Supermarket PLC’s control over Grocer Ltd 265

9.2 Tiroli PLC’s significant influence over Astio Ltd 279
9.3 Joint arrangements 285

10.1 Examples of main types of ratio 298

10.2 Ted Baker Plc Annual Report and Accounts 2015/16 (abridged extracts) 298
10.3 Ted Baker percentage change in operating profit: 2007–2016 317

XII
 List of figures XIII

11.1 Examples of statements of compliance with the 2014 UK CG Code  339

11.2 Example of Ted Baker’s explanation for non-compliance with the
UK CG Code 340
11.3 Derwent London’s explanation for non-compliance with the 2014
UK CG Code 341
11.4 Example of disclosures about non-executive directors and their
independence342
11.5 Example of disclosure on communications with shareholders 342
11.6 Examples of disclosure about boardroom diversity 343
11.7 Derwent London’s viability statement 344
11.8 Examples of CSR disclosures on (a) greenhouse gas emissions
and (b) diversity 349
11.9 Example of website CSR disclosures 351
11.10 The value creation process within integrated reporting 352
11.11 Example of integrated reporting by Anglo American 356
11.12 Example of integrated reporting by Aegon 358

12.1 Typical characteristics of small and large firms 370

12.2 Typical cost centres in a factory 375
12.3 Behaviour of variable and fixed costs 377
12.4 Classifying revenue expenditure 379

13.1 Main stages in material control 392

13.2 Inventory account formulae 398

14.1 Main stages in absorption costing 413

15.1 Main stages in ABC 433

15.2 Main stages in absorption costing and ABC compared 434

16.1 Breakeven graph for Mementos Ltd 454

17.1 Main stages in budgetary control 475

17.2 Examples of non-financial and financial budgets 476
17.3 Early Crops Ltd Budget Report for May 485

18.1 Total direct costs variance 495

18.2 Total direct materials variance 496
18.3 Total direct labour variance 499

19.1 Four perspectives of the balanced scorecard 519

19.2 Cause-and-effect relationships within the balanced scorecard 520
19.3 Balanced scorecard for Southwest Airlines 521

21.1 Non-discounting methods of investment appraisal 565

21.2 Cheddar Cheese Company Ltd payback period formulae 574

22.1 Main methods of investment appraisal 582

22.2 Keith Hackett: internal rate of return 587
 List of tables

1.1 Worldwide membership of UK and Irish accountancy bodies

(as of end 2015) 12

2.1 Top four alternative finance platforms by volume 38

4.1 Size thresholds for accounting and auditing in the UK 106

5.1 Set of financial statements under IAS 1 145

6.1 Examples of fair value 177

9.1 Accounting methods for different types of investee 284

14.1 Main bases for apportioning production overheads 416

15.1 Analysis of costing systems used in the UK 440

19.1 Characteristics of traditional and strategic management accounting 506

20.1 Benefits of environmental management accounting 542

20.2 Types of physical EMA information provided in the manufacturing sector 546

21.1 Comparison of non-discounting methods of investment appraisal 577

22.1 Present value for £1 at compound interest (extract) 583

22.2 Comparison of discounted cash flow methods used
for investment appraisal 592

XIV
Preface

Accounting information lies at the heart of business, irrespective of the size of the
company and regardless of whether the user of the information is the owner, the
manager or an external party. Therefore, it is not surprising that accounting is a core
subject on programmes that include the study of business.
Now in its third edition, Business Accounting has been developed specifically for
the needs of non-specialist students studying accounting. It provides an introduction
to financial and management accounting in an accessible, non-technical style and is
suitable for undergraduate and postgraduate students. The active-learning approach
seeks to convey an understanding of the subjectivity inherent in accounting and the
ability to evaluate financial information for a range of business purposes.
The book provides clear and concise coverage of financial and management
accounting principles and practice, set in a business context. The chapters are
presented in a logical teaching sequence and each chapter has a clear structure
with learning objectives, key definitions and activities within the text to illustrate
­principles, encourage reflection and introduce the next learning point. There is a
wealth of worked examples, recurring case studies and recent company data to ensure
that learning relates to business reality.
At the end of each chapter there are discussion questions and exam-style practice
questions that test the learning outcomes. Answers to these questions, together with
additional materials, PowerPoint slides and interactive quizzes for use in a virtual
learning environment are available on the companion website (see p. xxiv). A unique
feature of the book is the addition of suggested topics for dissertation students at the
end of each chapter, with potential research questions and preliminary reading.
Part I of the book sets the scene with two chapters that introduce the student to
the world of accounting and finance in a business context, while Parts II and III cover
the key aspects of financial and management accounting respectively. Part IV focuses
on capital investment appraisal techniques. In addition to the traditional syllabus,
there are chapters on contemporary accounting issues such as corporate governance,
stewardship, social responsibility and integrated reporting, as well as strategic man-
agement accounting and environmental accounting.
The wide range of topics offered allows the lecturer to select those that are ­relevant
to the syllabus and the level of study. On some programmes, the two main branches
of accounting are studied at different stages (for example, in consecutive semesters for
Master’s and MBA students, or consecutive years for undergraduate students); on other
­programmes, the topics are drawn from both branches (for example, introduction to
accounting in year 1 and a follow-up module as a core or elective in years 2 or 3). The
use of the book on consecutive modules offers the advantage of continuity as well as
cost ­savings for students.

XV
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 Suggested teaching syllabus

Example 1. Two branches of accounting are taught separately

Module 1 5 The conceptual framework for financial reporting

Financial accounting 6 The statement of profit or loss and other com-
Part I The world of accounting and finance prehensive income
1 Introduction to business accounting 7 The statement of financial position
2 The importance of cash 8 The statement of cash flows
9 Consolidated financial statements
Part II Financial accounting 10 Financial statement analysis
3 The accounting system 11 Corporate governance, stewardship, social
4 The regulatory framework for financial reporting responsibility and integrated reporting

Example 2. Both branches of accounting are taught together

Module 1 5 The conceptual framework for financial reporting

Introduction to accounting 6 The statement of profit or loss and other com-
prehensive income
Part I The world of accounting and finance 7 The statement of financial position
1 Introduction to accounting 8 The statement of cash flows
2 The importance of cash
Part III Management accounting
Part II Financial accounting 12 The importance of cost information
3 The accounting system 13 Costing for product direct costs
4 The regulatory framework for financial reporting 14 Costing for indirect costs

XVI
 Suggested teaching syllabus XVII

Module 2 17 Budgetary planning and control

Management accounting 18 Standard costing
19 Strategic management accounting
Part III Management accounting 20 Environmental accounting
12 The importance of cost information
13 Costing for product direct costs Part IV Capital investment appraisal
14 Costing for indirect costs 21 Payback period and accounting rate of
15 Activity-based costing return
16 Marginal costing 22 Discounted cash flow methods

Module 2 Part III Management accounting

Advanced accounting 15 Activity-based costing
16 Marginal costing
Part II Financial accounting 17 Budgetary control
9 Consolidated financial statements 18 Standard costing
10 Financial statement analysis 19 Strategic management accounting
11 Corporate governance, stewardship, social 20 Environmental accounting
responsibility and integrated reporting
Part IV Capital investment appraisal
21 Payback period and accounting rate of return
22 Discounted cash flow methods
 Acknowledgements

We would like to acknowledge the invaluable feedback on this book and its associ-
ated learning resources given to us by our students over the years. We are also grateful
to the anonymous reviewers for their thoughtful suggestions and comments.
We are indebted to a number of friends and colleagues, who have given us the
benefit of their experience: Rachel Jones and Bian Tan in relation to the first edition;
Mark Farmer and Geoffrey George in connection with the second edition; and Robin
Jarvis and Lawrence Wu with regard to the third edition. Thanks are also due to our
editorial team at Palgrave and our copy-editor, Ann Edmondson, whose support has
been invaluable.

XVIII
Acronyms

AADB Accountancy and Actuarial Discipline Board

ABC activity-based costing
ACCA Association of Chartered Certified Accountants
AGM annual general meeting
AIA Association of International Accountants
AICPA American Institute of Certified Public Accountants
AIM Alternative Investment Market
APB Auditing Practices Board
ARR accounting rate of return
ASAF Accounting Standards Advisory Forum
ASB Accounting Standards Board
ASC Accounting Standards Committee
BBB British Business Bank
BEP breakeven point
b/f brought forward
BIS (Department for) Business, Innovation and Skills
BSC balanced scorecard
BVCA British Private Equity & Venture Capital Association
CA 2006 Companies Act 2006
CAI Chartered Accountants Ireland
CE capital employed
c/f carried forward
CGMA Chartered Global Management Accountant
CIMA Chartered Institute of Management Accountants
CIPFA Chartered Institute of Public Finance and Accountancy
CSR corporate social responsibility
DCF discounted cash flow
ECB European Central Bank
ECGI European Corporate Governance Institute
EEA European Economic Area
EEC European Economic Community
EFAA European Federation of Accountants and Auditors
EFRAG European Financial Reporting Advisory Group
EMA environmental management accounting
EMS environmental management system

XIX
XX Acronyms

EPS earnings per share

ERP enterprise resource planning
EU European Union
FASB Financial Accounting Standards Board
FCA Financial Conduct Authority
FIFO first in, first out
FRC Financial Reporting Council
FRS Financial Reporting Standard
FRSSE Financial Reporting Standard for Smaller Entities
GAAP generally accepted accounting principles
GHG greenhouse gas
HMRC HM Revenue and Customs
HP hire purchase
IAASB International Auditing and Assurance Standards Board
IAS International Accounting Standard
IASB International Accounting Standards Board
IASC International Accounting Standards Committee
ICAEW Institute of Chartered Accountants in England and Wales
ICAS Institute of Chartered Accountants in Scotland
ICSA Institute of Chartered Secretaries and Administrators
IESBA International Ethics Standards Board for Accountants
IFAC International Federation of Accountants
IFRIC International Financial Reporting Interpretations Committee
IFRS International Financial Reporting Standard
IIRC International Integrated Reporting Council
IoD Institute of Directors
IOSCO International Organization of Securities Commissions
IPO initial public offering
<IR> Integrated Reporting
IRR internal rate of return
ISA International Standard on Auditing
ISD Investment Services Directive
ISO International Organization for Standardization
JIT just-in-time
JO joint operation
LLP limited liability partnership
LSE London Stock Exchange
Ltd Limited
MEP member of the European Parliament
MOA market-orientated accounting
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of all such regions in the world. Desolate, empty, seared by ages of
sun and wind, it is now a great gash in the earth’s flesh which
exposes to view rock and soil strata that measure a great span of
earth’s history.

In addition to the splendid opportunity to see and study the 117

various layers of the earth’s surface going back as far as sixty
million years, the very composition of badlands formations makes
any such region a veritable museum of fossils and petrified animal
relics. The South Dakota Badlands have turned up absolute
treasures of such paleontological finds, enabling scientists to trace
the evolution of mammalian life all the way back to the appearance
on earth of the first carnivorous animals—the vastly distant
ancestors of the dog. And the Badlands are noted not only for the
great span in geologic time of their fossil beds, but also for the
number of different types which have been found in their ancient
soil, more than 250 different prehistoric animals having been
discovered in various stages of fossilized preservation in this general
region.

The tourist, though, need not be even an amateur student of

geology or paleontology to be thrilled and awed by a visit to this
grotesque but beautiful area. The mere colors of the various rock
strata, ever changing under the light patterns of sun and cloud,
provide a never-to-be-forgotten experience. One of the most
articulate tributes to the grandeur of the Badlands is that of Frank
Lloyd Wright:

Speaking of our trip to the South Dakota Badlands, I’ve 118

been about the world a lot and pretty much over our own
country but I was totally unprepared for the revelation called the
Badlands. What I saw gave me an indescribable sense of the
mysterious otherwhere—a distant architecture, ethereal, touched,
only touched, with a sense of Egyptian-Mayan drift and silhouette.
As we came closer, a templed realm definitely stood ambient in
 the air before my astonished “scene”-loving but “scene”-jaded
gaze.

Yes, I say the aspects of the South Dakota Badlands have more
spiritual quality to impart to the mind of America than anything
else in it made by Man’s God.

The word “badlands,” which now has a genuine scientific meaning,

was taken into our vocabulary from the folk name for this very
region. In the earliest days of North American exploration, far back
before the Revolution, French trappers had braved this empty
wasteland on their endless quest for new fur grounds, and had
brought back tales of this lost world of silence and strange shapes.
They were the ones who gave it the name Badlands, but they were
only translating directly the Sioux name, Mako Sika, which meant,
precisely, lands bad for traveling.

To the early explorers the badlands meant only that—high

escarpments to be overcome; twisting, winding, endless canyons
from which there were no outlets; crumbling rock underfoot 119
on the three-hundred-foot crawls from the canyon bottoms to
the table-tops; and the hot, shimmering distances of this forbidding
terrain as far as the eye could see.

It was, as a matter of fact, the existence of this area that helped

keep the Black Hills nothing more than an empty question mark on
maps until the rumors of gold began to circulate. The first American
explorers, who might have discovered the natural wonders of the
Hills in the 1820’s, found their paths diverted to the north and the
south by this impassable valley, and consequently missed the Hills.

The first reliable record of the wonders of this lost world was dated
1847. That year, it will be remembered, was one of great moment in
the history of the western movement—the year that Brigham Young
braved the high prairies and pathless mountains with his great
exodus, settling an empire on the shores of Great Salt Lake.
Although the Pacific trails were fairly well established by then, his
was the first of the true migrations, and the gold rush to California,
the Oregon excursions, and the Pikes Peak mosaid were yet to
come.

In this fateful year of 1847 a certain Professor Hiram A. Prout of St.

Louis came somehow into contact with a representative of the
American Fur Company, which ran substantial trapping 120
operations all up the wide Missouri and its tributaries. How
this meeting came about is lost to record, but we do know that the
fur trader gave Professor Prout a souvenir of his recent travels
through the Badlands of Dakota—a fragment of the lower jaw of a
Titanothere, the first fossil ever to be quarried out of the region and
used for scientific purposes.

In that same year a second Badlands fossil turned up, this one a
well-preserved head of an ancestral camel, given to or purchased by
the great scholar, Dr. Joseph Leidy. With true academic ardor both of
these gentlemen, Leidy and Prout, rushed their discoveries into
scholarly print, describing in learned journals the nature of their
trophies. Enjoying the slender circulation of academic publication,
the essays which described these fossil wonders eventually found
their way into the offices of the government’s geological survey,
which acted quickly to dispatch an expedition to the overlooked
region of their origin.

That first exploring party, the David Owen Survey, went into the field
in 1849. A prominent scientist-artist, Dr. John Evans, was attached to
the group, and from his pen we have several sketches of this 121
pioneer adventure into the empty wastelands. If these
drawings look more like studies of Dante’s Inferno than like the
breath-taking Badlands as they really are, it must be remembered
that such geological formations had never before been visited by the
members of that party, and, being completely alien to the America of
their knowledge, impressed them every bit as a visit to the moon
might have done.
The Owens party was merely the vanguard of the great army of
brave men and women who have ever since made their dangerous
ways into the remotest distances of the mountain and desert West,
seeking neither riches of gold nor riches of land, but only more
minute bits of the knowledge of the world of our past. Archeologists,
geologists, and paleontologists from universities and learned
societies the world over have spent liberally of their time, energies,
and personal safety to scout out the secrets of mankind’s past in
such remote corners of the earth as the Badlands. Year after year
additional expeditions, both governmental and privately organized,
made their way into this particular area, seeking out the fossil
remains which turned up in great numbers.

V. F. Hayden of the United States Geological Survey was one 122

of the most diligent of the early explorers. He made trips into
the Badlands in 1853, 1855, 1857, and 1866, carrying on detailed
and exhaustive studies and eventually unraveling the story of the
region’s major geologic features.

As Hayden’s reports became more and more widely circulated,

various universities found projects of specific interest in one or
another phase of the work of uncovering fossil beds; and from year
to year Yale, Princeton, Amherst, the universities of South Dakota
and Nebraska, and other institutions sent groups into the Badlands
for summer work. Gradually, as these several groups exchanged
information and reports of progress, it became possible for their
scientists to trace back, through the skeletal remains of prehistoric
animals, the very processes of the evolution of many entire families
in the animal kingdom. Not only are the fossil beds of the Badlands
as richly stocked with remains as any such bed in the world, but in a
great many instances entire groups of three, four, and five whole
skeletons have been found, making it possible for museum workers
to re-create almost perfectly the animals as they existed and to set
up models of the terrain at various intervals throughout its 123
entire sixty-million-year history.
Perhaps the most noteworthy as well as view-worthy section of the
Badlands is Sheep Mountain, located at the far west end of the
Monument. Down from the summit runs a great canyon, the School
of Mines Canyon, named for the fact that the South Dakota State
School of Mines at Rapid City long ago chose that location for the
bulk of its paleontological research. Under the guidance of famed Dr.
Cleophas O’Harra, for many years president of that institution,
groups of Mines students went on extended annual encampments on
Sheep Mountain, unearthing, among other rarities, full skeletons of
the prehistoric midget horse, the saber-toothed tiger, and camels. It
was this last discovery that lent considerable support to the concept,
conjectural at the time of Dr. O’Harra’s discoveries, that a land bridge
had once connected North America and Asia, allowing the migration
of peoples and animals from the old world into the new. School of
Mines Canyon, while some distance off the main highway leading
from Pierre to the Black Hills, is by all means worth the time required
to visit it. The canyon lies only thirteen miles from the town of
Scenic.

The Badlands are reached by Highway 14-16 and by State 124

Route 40. Coming from the west, from Rapid City, the visitor
can take route 40 directly to the town of Scenic, forty-seven miles
distant. From Scenic, in addition to connecting with the side trip to
Sheep Mountain, 40 continues along the north wall of the Badlands
all the way to Cedar Pass and out the east end of the region,
merging at Kadoka with Highway 16, or, by means of a nine-mile
connection, with 14.

Should the weather be bad and State 40 not recommended by local

informers, the route is out of Rapid City on 14-16, east fifty-five
miles to the town of Wall, thence by the access road through the
Pinnacles, down into the Badlands halfway between Scenic and
Cedar Pass, and joining State 40.

From the east, Highway 16 goes through Kadoka, from which town
State 40 should be taken, leading in through Cedar Pass, and out
either through Scenic and on to Rapid City, or at the Pinnacles,
through Wall and back on 14-16. Coming from Pierre on 14, the
tourist must leave that highway a few miles beyond the town of
Philip and make the nine-mile detour on 16 to Kadoka, from there
going on to Cedar Pass as described.

Several railroads serve the Badlands and its general region, 125
notably the Chicago & Northwestern, the Burlington, and the
Chicago, Milwaukee, and St. Paul. This last road, the “Milwaukee,”
offers the traveler the best view of the region, winding up the White
River Valley the entire sixty-five miles between Kadoka and Scenic,
and providing the passenger with unparalleled if hasty views of some
of the most rugged and isolated portions of all the area.

126
 Bibliography

Allsman, Paul T. Reconnaissance of Gold Mining Districts in the Black

Hills, South Dakota. U.S. Bureau of Mines, No. 427. Washington,
D. C.: U.S. Dept. of Interior, 1940.

Baldwin, G. P., editor. The Black Hills Illustrated. Philadelphia:

Baldwin Syndicate, 1904.

Carpenter, F. R. The Mineral Resources of the Black Hills. South

Dakota School of Mines Preliminary Report, No. 1. Rapid City:
South Dakota School of Mines, 1888.

Casey, Robert J. The Black Hills. New York: Bobbs-Merrill Co., 1949.

Dick, Everett. Vanguards of the Frontier. New York: D. Appleton-

Century Co., 1941.

Eloe, Frank. “Rushmore Cave,” Black Hills Engineer, XXIV (December,

1938), 274.

Fenton, C. L. “South Dakota’s Badlands,” Nature Magazine, XXIV

(August, 1941), 370-74.

Glasscock, C. B. The Big Bonanza. Indianapolis: Bobbs-Merrill Co.,

1931.

Hans, Fred. The Great Sioux Nation. Chicago: Donahue, 1907.

Hayden, F. V. and Meek, F. B. “Remarks on Geology of the Black Hills,”

Academy of Natural Science Proceedings. Philadelphia: Academy
of Natural Science, 1858, X, 41-59.
Hough, Emerson. The Passing of the Frontier. New Haven: Yale
University Press, 1921.

Kingsbury, G. W. History of Dakota Territory. Chicago: The S. J. Clarke

Co., 1915.

Lake, Stuart. Wyatt Earp. Boston: Houghton Mifflin, 1931.

Mirsky, Jeannette. The Westward Crossings. New York: Alfred A.

Knopf, 1946.

Newton, Henry. Geology of the Black Hills. Washington, D. C.: United

States Geographical and Geological Survey, 1880.

O’Harra, C. C. “The Gold Mining Industry of the Black Hills,” Black

Hills Engineer, XIX (January, 1931), 3-9.

——. The White River Badlands. Department of Geology, No. 13.

Rapid City: South Dakota School of Mines, 1920.

Rothrach, E. P. A Hydrologic Study of the White River Valley. South

Dakota Geological Survey Report. Vermillion, South Dakota:
University of South Dakota, February, 1942.

Todd, James Edward. A Preliminary Report on the Geology of South

Dakota. South Dakota Geological Survey, No. 1. Vermillion:
University of South Dakota, 1894.

Tullis, E. L. “The Geology of the Black Hills,” Black Hills Engineer,

XXV (April, 1939), 26-38.
 Footnotes

[1]
For an account of the history and natural wonders of Estes Park,
readers are referred to a previous book in this series, Estes Park:
Resort in the Rockies, by Edwin J. Foscue and Louis O. Quam.

[2]
A treasured manuscript journal kept by the author’s great-uncle,
who was for many years curator of the Colorado State Historical
Society’s museum in Denver, reports an interview with Calamity
Jane some time before her death which convinced him that the
facts were substantially as they are stated here.

On the other hand, Mr. Will G. Robinson, the eminent State

Historian of South Dakota, reports: “On the authority of Dr.
McGillicuddy, who was a medico at Ft. Laramie, and whose
original letter I have, I would be entirely certain that she was
born at Ft. Laramie, of a couple by the name of Dalton. Dalton
was a soldier, was discharged and went out a short distance west
to LaBonte. Here he was killed by Indians, although his wife got
back into the fort with one eye gouged out, after which she
shortly died. Her child got her name—Calamity—by reason of this
disaster. She was not much over 40 when she died in 1903.”

The discrepancy between these two accounts, both studiously

researched and documented by men whose professional careers
have been given over to solving puzzles of this nature with which
western history abounds, is typical of the disagreement among
well-authenticated reports of the birth and early life of this
female enigma.
In any event, it is a matter which is still subject to a maximum
amount of conjecture, and for a much more complete account of
the variant clues readers are enthusiastically referred to Nolie
Mumey’s Calamity Jane (Denver: Privately printed, 1949).
127
 Index

A B C D E F G H I J K L Mc M N O
P Q R S T U V W X Y Z

A
Abilene (Kan.), 84, 98
Adams Memorial Museum, 103, 107
Alaska, 73
Algonkian Period, 19
American Fur Company, 120
Amherst College, 122
Anchor City (S.D.), 63
Archean Period, 17-18
Archean sea, 20
Atlantic (Iowa), 88

B
Badlands, White River, 4, 6, 42, 115-17
Bass, Sam, 79-81, 82-83, 85, 90
Battle Mountain, 7
Beadle & Adams, 90, 95
Beaver Creek, 86
Belle Fourche (S.D.), 6
Belle Fourche River, 56
Belle Fourche Round-up, 46
Big Horn Basin, 66
Big Horn River, 53
Bismarck (S.D.), 53
Black Bart, 78
Black Hills & Badlands Assn., 44
Black Hills Range Days, 46
Black Hills Teachers College, 12
Black Moon (Indian Chief), 66
Blackfeet tribe, 49
Blodgett, Sam, 71
Borglum, Gutzon, 37-39
Bozeman Trail, 51-53
Brule tribe, 49, 52
“Broken Hand.” See Fitzpatrick, Thomas
Buffalo Bill, 99
Burlington Railroad, 8

C
Calamity Jane, 77, 90-91, 94, 107-11
Calamity Jane, 109
California, 47, 50, 62, 75
Cambrian Period, 19-20
Cambrian sea, 20
Canyon Springs, 86, 89
Carlsbad Caverns, 28, 43
Carson, Kit, 55
Cathedral Park, 33
Central City (S.D.), 63
Cheyenne (Wyo.), 4, 59-61, 69, 80-81, 86, 89, 99
Cheyenne-Black Hills Stage, 69, 80
Cheyenne-Deadwood Stage, 4, 9
Cheyenne Indians, 7
Cheyenne River, 116
Chicago (Ill.), 6, 34, 49
Chicago & Northwestern Railroad, 7
Clarke, Dick, 93
Colorado, 32-33, 47, 58
Coolidge, President Calvin, 31, 38, 93
Crazy Horse (Indian Chief), 40, 52, 54, 61, 65-67
Cripple Creek (Colo.), 72
Crocker, Charles, 78
Crook, General, 59, 64-66, 110
Crystal Cave, 23
Custer (S.D.), 6, 9, 10-11, 30-31, 40, 42-43, 46, 59, 61, 63, 70-71,
105
Custer, General George Armstrong, 1, 10, 54-57, 64-67, 78, 80
Custer State Park, 19, 30
Custer’s Last Stand, 68

D
Darrall, Duke, 90
Days of ’76, 46, 92
Dead Man’s Hand (poker), 95
Deadtree Gulch, 71
Deadwood (S.D.), 4, 11, 20, 46, 69, 81-84, 86, 91, 99, 101, 128
105-6, 110-11
Deadwood City (S.D.), 76
Deadwood Dick, 77, 90-94
Deadwood Dick, Jr., 92
Deadwood Gulch, 10, 46, 71, 73
Denver (Colo.), 3-4, 49, 60, 96, 109
Devonian Period, 22
Dodge, General Grenville, 51
Dodge City (Kan.), 84

E
Earp, Wyatt, 84-86
Egan, Capt. Pat, 110
Estes Park, 3
Evans, Fred T., 7
Evans Hotel, 7
Evans, John, 120

F
Fair, James, 78
Fellows, Dick, 78
Fitzpatrick, Thomas, 50
Fort Ellis, 64
Fort Fetterman, 64
Fort Laramie, 50-52, 57
Fort Lincoln, 53, 57
Fort Pierre, 7, 13, 80
Fort Sully, 51
French Creek, 57, 69, 70

G
Gall (Indian Chief), 66
Game Lodge, 31-33
Gayville (S.D.), 63
Gibbon, General John, 64-65
Gold, discovered in the Black Hills, 3
Gold Discovery Days, 11, 46
Golden Gate (S.D.), 63
Golden Star mine, 73
Golden Terra mine, 73, 75
Gordon party, 60
Great Plains, 49

H
Haggin, James Ben Ali, 74
Harney Peak, 1, 19, 32, 35-36, 40
Harney-Sanborne Treaty, 53
Hayden, V. F., 121
Hays City (Kan.), 98, 110
Hearst, Senator George, 74-75
Hearst, William Randolph, 74
Hickok, Wild Bill, 90, 94-97, 100-102, 107-8
Hinckley’s Overland Express, 96
Homestake Mine, 69, 72-76, 80, 87, 89
Homestake Mining Co., 75
Hot Springs (S.D.), 6, 8-9, 11, 29, 34

I
Ice Cave, 43-44
Inkpaduta (Indian Chief), 66
Inter-Ocean, 58

J
Jefferson, President Thomas, 37, 39
Jenney Stockade, 86
Jennings, Dr., 7
Jewel Cave, 11, 23, 42, 44
Jones, Seth, 90
Julesburg (Colo.), 97

K
Kansas, 96
Kansas City (Mo.), 49
Kind, Ezra, 48

L
Lake, Agnes, 99
Laramie (Wyo.), 61
Last Chance Gulch, 73
Lead (S.D.), 75
Legend of Sam Bass, 79
Leidy, Dr. Joseph, 120
Lincoln, President Abraham, 37, 39
Lincoln Highway, 4
Little Big Horn River, 10, 68
Luenen (Germany), 12

Mc
McCall, Jack, 95, 100-102
McCanles gang, 96, 98
McKay, William T., 54, 56

M
Manuel, Fred, 73-75
Manuel, Moses, 73-75
Meier, Joseph, 12
Miles City (Mont.), 6 129
Minneapolis (Minn.), 6
Minnekahta Canyon, 7
Minnesota, 50
Minniconjou tribe, 49
Mississippian Period, 22
Missouri, 97, 108
Missouri River, 2, 6, 49, 53, 88
Missouri Valley, 48, 50
Mogollon (mountains), 63
Montana, 10, 47, 51, 64
Mount Coolidge, 41
Mount Evans, 33
Mount Moriah Cemetery, 103, 107, 113
Mount Rushmore, 37, 39, 40-41
Mount Washington, 32
Mumey, Nolie, 109
Murietta, Joaquin, 78

N
National Park Service, 28, 30, 43, 45
Nebraska, 42, 54, 88
Needles, The, 33
Needles Highway, 33-35
Nevada, 47
Newcastle (Wyo.), 43
Niobrara River, 54
North America, 17, 20, 24, 75
North Platte River, 2, 64
Number Ten, 99-100

O
Oglala tribe, 49, 52, 65
O’Harra, Dr. Cleophas, 123
Omaha (Neb.), 4, 49
Ordovician Period, 22
Oregon Trail, 51
Oregon-California Trail, 2
Owen Survey, 120

P
Paha Sapa (Indian name for Black Hills), 2, 4, 7, 9, 10, 48
Paleozoic Era, 19
Passion Play, 72
Pearson, John, 71-72
Pierre (S.D.), 2, 6, 51
Pikes Peak, 58, 62
Pine Ridge Indian Reservation, 40
Platte River, 50
Platte River-Oregon Trail, 49
Platte Valley, 60, 96
Portland-Independence Mine, 72
Powder River Valley, 65
Preacher Smith, 90-91, 104-5
Princeton University, 122
Prout, Prof. Hiram, 119-20

R
Rapid City (S.D.), 4, 6-7, 11, 13-14, 31, 46, 49
Rawlins (Wyo.), 109
Red Cloud (Indian Chief), 52-53
Reno, Major, 67-68
Reynolds, Charley, 57
Rhodes, Eugene Manlove, 18
Rio Grande Valley, 19
Robinson, Will, 108
Rocky Mountains, 1, 3, 15, 34, 37, 50, 62, 96, 116
Roosevelt, President Theodore, 37, 39
Rosebud Creek, 65
Ross, H. N., 55
 S
St. Joseph (Mo.), 49, 96
St. Louis (Mo.), 49, 57
St. Paul (Minn.), 49
San Arc tribe, 49
San Francisco (Calif.), 74-75
Santa Fe Trail, 49
Santee Sioux, 50
School of Mines Canyon, 123
Seventh Cavalry, 110
Sheridan, General Phil, 56-57
Sidney (Neb.), 13, 61, 69, 75, 80
Sidney Short Route, 80
Silurian Period, 22
Silver Heels, 112
Sioux Indians, 7, 61, 63
Sioux War, 69
Sitting Bull (Indian Chief), 54, 64, 66-67
Smith, Rev. Henry. See Preacher Smith 130
South Dakota, 2, 4, 13, 30, 36, 44, 93
Spearfish (S.D.), 6, 11, 13, 48
Spencer, Joseph, 34
Springfield (Mo.), 97
Standing Bear (Indian Chief), 40
Stanford, Leland, 78
Sunday Creek, 35
Sylvan Lake, 33-36, 39

T
Ten Nights in a Barroom, 103
Terry, General, 63-64
Teton Sioux, 2, 49
Texas Rangers, 79
Thoen, Louis, 48
Thunderhead Mountain, 40-41
Trial of Jack McCall, The, 103
Triassic Period, 24
Two Kettle tribe, 49

U
Union Pacific Railroad, 13, 49, 58, 80
University of Nebraska, 122
University of South Dakota, 122
Unkpapa tribe, 49
Ussher, Archbishop James, 17
Utah, 109

V
Vale of Minnekahta, 7
Virginia City (Nev.), 73

W
War Department, 59
Washington (D.C.), 58, 61, 93
Washington, President George, 37, 39, 91
Wells Fargo, 74, 83-84
Wheeler, Edward L., 91
White, George, 109
White River, 116
White River Badlands. See Badlands
Wild Bill Hickok, 90, 94-97, 100-102, 107-8
Wind Cave, 23, 27-29, 42-44
Wind Cave Park, 41
Witwatersrand, 72
Wood Lake, battle of, 51
Wright, Frank Lloyd, 117
Wyoming, 4, 9, 32, 42, 86

Y
Yale University, 122
Yankton (S.D.), 102
 Z
Ziolkowski, Korczak, 40-41, 103

$2.50

THE BLACK HILLS

MID-CONTINENT RESORT

From taboo Indian fastness to roaring gold camp to modern resort

and recreation area—so runs the history of the Black Hills, Paha
Sapa of the Indians, which are really not hills at all but mountains,
the highest east of the Rockies. Back through geologic ages the
story extends, to the thunderous time when Nature fashioned the
intricate formations of the Hills and their companion geologic marvel,
the Badlands.

Here, in racy and fluent prose, Albert N. Williams has brought the
full sweep of this story to life, from its beginning in the mighty
geologic upheaval that, before the Alps had been formed, thrust the
giant spire of Harney Peak up through the ancient shale, to the
present quiet rest of man-made Sylvan Lake, where it lies peacefully
reflecting its great granite shields for the delight of the traveler.

On the way he tells of the discovery of gold in this “mysterious and

brooding dark mountain-land” just when gold-hungry men had
decided that the bonanza days were gone forever; of the Indian
fighting that reached its tragic climax at the Little Big Horn; of the
development of the Homestake, one of earth’s greatest mines; of
the hazardous stage-coach journeys on which “shotgun messengers”
guarded chests of bullion; and, most fascinating of all, of the
amazing personalities—Sam Bass and Wyatt Earp and Wild Bill
Hickok and Calamity Jane and Preacher Smith—who inhabited the
Hills in their gaudiest days or, like Deadwood Dick, lived a no less
vivid life in the pages of dime novels.

If this were all, The Black Hills would be a book for any lover of our
country’s natural glories and thrilling history to pick up and be
unable to lay down again until he had finished it. But other chapters
directed particularly to the tourist make it also a book for the
traveler to keep always with him and to consult at every point in his
journey through the Black Hills. All he needs to know is here—the
highways to take into the Hills, the towns with their historic plays
and celebrations, the peaks and lakes and caves he will find, the
sports he may enjoy, the places where he may stay. A trip so guided
cannot fail to be filled with the excitement the author himself has
found in the Black Hills, of which he says that in his opinion “no
other resort area in the United States possesses such a wealth of
tourist attractions.”

Albert N. Williams was for many years a writer for NBC in New York,
and for two years Editor-in-Chief of the English features section of
the Voice of America. He is the author of Listening, Rocky Mountain
Country, The Water and the Power, and numerous short fiction
pieces in national magazines. He is at present Director of
Development of the University of Denver.
Southern Methodist University Press
Dallas 5, Texas
 Transcriber’s Notes
Silently corrected a few typos.
Retained publication information from the printed edition: this
eBook is public-domain in the country of publication.
In the text versions only, text in italics is delimited by
_underscores_.
*** END OF THE PROJECT GUTENBERG EBOOK THE BLACK HILLS,
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