Excerpt from Corporation Accounts and Voucher System: A Working Handbook of Approved Methods of Corporation Accounting
Corporations are a product of modern industrial conditions and are now almost universally recognized as the most advantageous forms of organization for the conduct of the many enterprises of the business world. The opportunities for securing capital by the sale of shares to the public, the perpetuity of the business, the limiting of the personal liability of those investing in the enterprise, and the protection afforded by the more stringent laws for the regulation of such enterprises are but a few of the considerations which have lead private trades and partnerships to incorporate.
In the corporation the relationship of the business to its owners assumes an added importance. The management - the real custodians of the business - have the dual responsibility of accounting to the owners for the capital invested and for the results of the use of that capital; and to this is added the responsibility of accounting to the State for their stewardship. This has introduced a new factor into the accounting problems of the business - the accounts which record transactions between the corporation and its own members as distinguished from those recording transactions with the public. The accounts of the corporate members and the accounting to them by the management are the subjects discussed in this book; the accounts with the public do not differ from those of private traders.
The aim of the author has been to present the principles of corporate organization and the accounting with its members in nontechnical language and yet with sufficient detailed illustrations to make the subject clear to the reader. Corporation bookkeeping (so-called) is supplemented by a complete exposition of the voucher system, the most satisfactory method of accounting for funds and other property disposed of.
In the preparation of this work it has been the aim of the publishers to lay especial stress on the practical side of the subject. The article is written by a well-known expert of acknowledged authority in his special line and is based upon the most careful study of the practical needs and up-to-date methods as developed under conditions of actual business practice.
This volume is especially adapted for purposes of self-instruction and home study. The utmost care has been used to bring the treatment within the range of common understanding so that the work will appeal not only to the technically trained expert but also to the beginner and to the self-taught practical man who wishes to keep abreast of modern progress.
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