Accounting Theory and Practice, Vol. 3 (Classic Reprint) - Tapa blanda

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Excerpt from Accounting Theory and Practice, Vol. 3

The present volume completes the series of texts covering the general field of accounting which the author planned at the time of the appearance of his first volume. The special subjects of cost accounting and auditing, although essential links in the training for professional accounting, have not been given a place in this series, which is limited to the general field. Volumes I and II present the fundamental principles on which the science rests and give a thorough treatment of its larger problems, particularly those closely related to the fields of finance, business organization and management, and law. As the author views the problem of accountancy education, there remains for sound training in this general field, a need for the student to see how the principles which he has been studying as related to ideal abstract situations, are applied to actual conditions.

Business organizations may be divided into several large groups or types, the chief of which are: (1) financial institutions, (2) manufacturing businesses, (3) trading businesses, (4) those dealing in or concerned with services, professional and other, and (5) the organizations for carrying on the business functions of governmental bodies, state, county, municipal, etc. For the proper rounding out of his training in accounting, the student needs an understanding of the application of general accounting principles, not only to these main groups or types of business, but at least to a few of the individual units comprising each type.

Throughout the volumes of the series the view has been emphasized that merely theoretic principles held in abstraction and not submitted to the testing of use in practice have little or no place in the scheme of education for a calling as intensely practical as accounting.

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