Accounting Theory and Practice, Volume 1

Front Cover
McGraw-Hill book Company, Incorporated, 1918 - Accounting
0 Reviews

What people are saying - Write a review

We haven't found any reviews in the usual places.

Other editions - View all

Common terms and phrases

Popular passages

Page 39 - Following the preparation of the Profit and Loss Statement and the Balance Sheet...
Page 21 - The journal is a book of original entry in which transactions are recorded in such a way as to show the accounts which are debited and credited in a business transaction.
Page 9 - The person, firm, or corporation which issues the note is called the drawer or maker; the one in whose favor it is issued, the payee. A negotiable note is one so drawn that it may be transferred by the payee to...
Page 54 - Cashier's Check. — A cashier's check is a check drawn by the cashier of a bank upon the bank's own funds.
Page 52 - The purposes served by the trade acceptance are that open book accounts are converted into a liquid asset; the correctness of the account is acknowledged by the debtor; it reduces the expense of collecting and of loss from uncollectible accounts; it prevents the taking of a cash discount after the discount period has expired; it fixes dates of maturity; it helps the creditor to complete his contract, and thus improves his financial standing ; it relieves the seller of the possible necessity...
Page 115 - The balances may be struck daily or may be taken only at the end of the month.
Page 41 - ... a bill of lading. A bill of lading is a document issued by the carrier indicating to whom (or on whose order) the goods are to be delivered.
Page 54 - A. bank draft is a draft drawn by one bank upon another and made payable to a private individual or firm.
Page 19 - To obtain this proof a Trial Balance is taken, usually at the end of each month.
Page 44 - The instrument sued on is a promise to pay a definite sum of money at a...

Bibliographic information