Reviews the history and current trends of par value in law and education, suggesting improved textbook coverage.
The paper presents a history of the legal significance of the par value of common stock for accounting educators. It traces the development of the legal concept in common law and in the states' corporation codes, and describes the current trend towards its elimination, it then reviews the coverage of par in 14 representative textbooks, seven basic and seven intermediate, and makes recommendations on coverage at both levels.
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Philip McGough (1988) studied this question.
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