Book Description

Excerpt from Elementary Accounting In Elementary Accounting we endeavored to show and illus trate the creation and contents of accounts, the reason for their use, and their summarization in the Balance Sheet and Profit and Loss Accounts for the purpose of showing the ultimate results. We look upon accounts as but the foundation of certain financial statements that are to be ultimately prepared therewith just like so many terra cotta blocks that are being designed and moulded into shapes so they can ultimately be assembled into a building front, a triumphal arch, or something of that sort. The size, shape, contents and design must be determined upon before the work starts, so each one will illustrate its particular idea and so that when it is combined with the other it will fit and harmonize and carry out the idea that its makers intended. This, of course, required the illustrating of trial balances and procedure incidental thereto, which we believe we have covered thoroughly. We have continued the use of the trial balance beyond the balance sheet and Profit and Loss Account stage by showing a set of branch office reports in detail. They illustrate the use of the six column trial balance as a means of controlling property and simplifying branch office control by the aid of detailed reports which connect up therewith and explain to the executives all items therein. This method of branch office control is used extensively by us wherever our clients conduct more than one office under a single executive. Graphs have been given considerable space, but we have not attempted to include anything of a purely theoretical nature. Those that we have shown are actually used in our audit reports whenever occasion warrants. We believe a valuable feature of the book will be found in the chapter on Proprietorship, where we have illustrated all the simple types of proprietorship entries, including those affecting individuals, partnerships and corporations. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.