Excerpt from Railroad Accounting
Since railroad companies engaged in interstate commerce are required by law to keep their accounts in accordance with the rules prescribed by the Interstate Commerce Commission, these rules must necessarily form the basis of any treatise on railroad accounting. I have not made any attempt to discuss the question of whether or not these rules are the best that might be devised. It is not of so much importance to the investor who desires to make an intelligent study of a railroad company's annual report that the system of accounts used be theoretically perfect as it is that there should be a uniform system. My object has been to outline in a general way the information that may be derived from a study of railroad accounts compiled in the manner prescribed by the Interstate Commerce Commission. Above all, I have attempted to show the "why" of the accounts.
The author is under special obligation to William J. Cunningham, Professor of Transportation of the Harvard Graduate School of Business Administration, and assistant to the President of the Boston Maine Railroad, who read all of the proofs of the book and made many very valuable suggestions. I am very deeply indebted to Mr. William Mahl, until recently Vice-President and Comptroller of the Southern Pacific, for constructive criticism and assistance throughout the book.
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