The opening of 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.