Accounting, Principles and Practice, Vol. 1 (Classic Reprint)

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Excerpt from Accounting, Principles and Practice, Vol. 1 Whenever the author, as a teacher, has had the opportunity of digressing from the beaten path, he has experimented to find some method by means of which accounting principles could be taught within a minimum amount of time without sacrificing essentials. This desire was due in part to the authors dissatisfaction with the earlier teaching methods under which he chafed as a student, in part to the dissatisfaction expressed to him by mature students of accounting who were studying elementary principles and to whom the method of writing and rewriting sets of fictitious transactions did not appeal, and in part to the seemingly woeful lack on the part of many so-called accountancy course graduates, with whom the author has come into contact, of comprehending and recognizing fundamental principles when encountered upon a ledger under audit. Many of these latter were able to journalize correctly almost all types of transactions, but after a journal entry had been posted and the posted entry drawn to their attention under a different set of circumstances, they failed in interpreting it, in determining whether it had been made correctly, and in pointing. out its effect upon the balance sheet or upon the statement of profit and loss. The author has endeavored, therefore, to set forth a fundamental principle to the end that, if this principle was thoroughly understood, it could be recognized regardless of the circumstances under which it might be encountered. 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.