Excerpt from Public Accounting and Auditing, 1920, Vol. 2
This is the second volume of a two-volume series. A knowledge of the subject-matter discussed in Volume One is necessary in order to comprehend the discussion in Volume Two.
This volume relates to various phases of accountancy dealing principally with problems encountered by the practicing public accountant and auditor. As each topic is taken up, it is discussed as to accounting principles and practice.
Chapters One to Three relate to partnership accounting problems, the discussion covering transactions incident to organization, operation and dissolution.
Chapters Four to Seven relate to corporation accounting problems, the discussion covering transactions incident to organization; transactions incident to the handling of various classes of capital stock; transactions relating to dividends, and the accounting for mergers and consolidations.
Chapters Eight to Eleven relate to systematization in which appear a discussion of Mercantile Accounting, Departmentalization, Flour Mill Accounting and Cost Accounting. This discussion is, of necessity, of an elementary nature. No attempt has been made to exhaust the subject. It is felt that it is better to discuss the fundamental principles incident to systematization and apply them to a few particular concerns, thereby creating an interest on the part of the student to continue the study of this important phase of accounting by further investigation and research work.
Chapters Twelve to Fifteen relate to the Federal Income and Surtaxes on Individuals and to the Federal Income and Excess Profits Taxes on Corporations. Two chapters are devoted to individuals and two to corporations.
The questions for class discussion and the problems for practice work are selected from the C. P. A. and Institute examinations. The author has attempted to select and grade the problems so that they apply to the topics under discussion in each chapter and that the student may be led from the known to the unknown. In other words, it is believed that the student with the proper preliminary training, who has mastered the principles of accounting and auditing as presented in Volume One, should be able to take up Volume Two and complete the work without difficulty, provided he masters the additional principles and phases of accounting as they are developed in the discussion.
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