The questions and issues that arise in thinking about the role played by accounting in business history are complex. While accounting policies and practices have economic consequences, they also are a product of decisions made by individuals and organizations in their own self-interest. Cause and effect relationships in accounting are, therefore, difficult to identify.Paradoxically, business and economic historians have not paid much attention to the details of accounting which is often seen as a technical craft. While it is not customary to regard accounting data as information in the sense that data can be translated into estimates of parameters of interest, a formal error concept is a useful one because it makes the case against viewing accounting as neutral and mechanistic quite compelling. Even if accounting is neutral and accounting choices do not reflect self-interest, accounting errors can influence behavior.The purpose of this paper is to reflect on the nature of error in accounting by using standard statistical concepts as a frame of reference. A statistical framework is a useful starting point for thinking about the meaning of ‘accounting error’ and how errors might affect behavior.