20th Century Bookkeeping and Accounting

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Excerpt from 20th Century Bookkeeping and Accounting: A Treatise on Modern Bookkeeping, Accounting, and Business Customs, as Illustrated in the "Business Transactions" Which Accompany This Text, Ninth Edition, for Use in All Schools That Teach Bookkeeping and AccountingThe successful business man should know that a profit will result from the transactions in connection with his business before they are completed. To deter mine this he should have such information as will show the detailed operating cost, the profit from trading or other operations, the net profit for each fiscal period, its source, and the increase or decrease over previous periods.A report concerning the failure or suspension of a business, accompanied with the statement that the creditors will not know what percentage of their claim may be collected until the experts have audited the books, indicates that the manage ment did not have all the facts available in connection with the business. Such a statement is so common in the newspaper announcement of failures that it sug gests a connection between accounting and success.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.