Paton studied at the University of Michigan, where he obtained his AB and PhD in economics in 1917.

In 1927, he obtained his Certified Public Accountant license for the State of Michigan.

Over the years Patton also participated in American Institute of Certified Public Accountants in several positions.

[2] Paton received the AICPA's Gold Medal Award in 1944 and was inducted into the Accounting Hall of Fame in its first year, 1950.

He was the recipient of the one-time "Outstanding Educator of the Century" prize by the American Institute of Certified Public Accountants, at the AICPA's 100th annual meeting in 1987.