Elementary Accounting Problems (Classic Reprint) - Softcover

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Excerpt from Elementary Accounting Problems

The added purpose, and perhaps the more important, is to show the application of accounting principles.

With this in view the problems have been developed logically following in the main the four prominent types of organization. An effort has been made in the first eight or ten problems to show what the writer believes to be the evolution of the modern statement of income and profit and loss. The text and comments will show the reasons which are believed to be responsible for its development.

The first group of the series deals principally with sole proprietorship. The second covers copartnership and shows the conversion of the sole proprietorship into the copartnership. The third group brings out the transition from copartnership to incorporation and the accounts and transactions which are common to corporations. Consolidations, mergers, holding companies or trusts, form the subject matter of the fourth group.

Because of the fact that the early problems appear very simple, the impression should not be gained that they are all the same. Some of the subsequent problems will probably be found sufficiently difficult to interest the keenest mind.

The comments have in places been left somewhat incomplete in order to stimulate original thought on the part of students and to offer an opportunity to instructors to bring out in demonstration the points passed over.

The form and arrangement of the financial statements used in the solutions of certain problems may be something of an innovation. Some of the statements will no doubt be startling. No claim is made by the writer for their originality. They are presented with full credit to every one with whom he has ever come in contact, or received a thought or idea from, and most especially the well-known accounting firm with which he served his apprenticeship. If the statements provoke discussion they will have served a purpose. If the book s…

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