THE RONALD PRESS COMPANY
1922
Copyright, 1918, by
The Ronald Press Company
To Nancy
As a Tribute of Love and Tender
Memory to Her Mother
PREFACE
A knowledge of the subject matter of Volume I is a prerequisite to the profitable study of the present work. Therefore, it may be well to review briefly the contents of the latter as an introduction to this book. In Volume I the attempt was made to formulate and illustrate the basic principles upon which the practice of accounting is founded. The principles of debit and credit were developed and their application explained—as related ultimately to the balance sheet and statement of profit and loss. The chief books of original entry (the voucher register excepted) and the various ledgers were described and illustrated. Columnar books, controlling accounts, methods and devices for preventing and detecting errors, methods for the proper handling of purchases, sales, cash, and trade discounts, and some phases of proportion and interest were discussed in detail.
Some special applications of accounting principles, as viewed in relation to the accounting problems involved therein, were also explained and illustrated under such heads as: notes receivable discounted and dishonored; consignments and approval sales; single and joint venture accounts; accounts current, their reconciliation and adjustment; instalment sales; sales for future delivery; single entry, its methods and the results attainable under it; etc.