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

[2] In 1916, Paton co-founded the American Accounting Association, and served as its president from 1922 to 1923.

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.