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CORPORATION ACCOUNTING

AND AUDITING.

A PRACTICAL TREATISE

ON HIGHER ACCOUNTING.

DESIGNED FOR THE USE OF

ACCOUNTANTS, AUDITORS, BOOK-KEEPERS, FINANCIAL EXPERTS,
BUSINESS MEN, INVESTORS, STOCKHOLDERS, COR-

PORATION OFFICERS AND LAWYERS.

BY.

D. A. KEISTER,

1
CONSULTING ACCOUNTANT, CORPORATION AUDITOR AND FINANCIAL

AND INDUSTRIAL EXPERT.
CLEVELAND, NEW YORK AND CHICAGO.

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COPYRIGHTED 1905

BY
D. A. KEISTER.

UNIVERSITY

OF

CALIFORNIA

INTRODUCTION.

1

A text book, to be valuable, must be written by one who has been a conscientious student of the subject treated, and who has, himself, had a long, varied and practical experience,

Mr. D A. Keister, the author of this book, commenced the study and practice of the Science of Accounts in 1875, and has had practical I experience in every subject mentioned in his book, and that with many

of the largest wholesale, retail, manufacturing and financial establishments in the United States.

He had considerable experience in professional work while in tue employ of others; but since 1888 he has been engaged excusively in that line; examining banks, railroads, building associations and general corporation auditiog; settling estates, assignments and receiver. ships and preparing statements for courts; reviewing the work of defaulters, making special investigations of corporate accounts and property for banks, syndicates, trust companies and prospective investors.

The business of public accounting has long since been demonstrated to be a necessary profession. The profession of accountant has held an honorable place for many years; so many, in fact, that we find it upon a firm footing in England and Scotland two centuries ago. The auditing of accounts, public and private, was intrusted to men who made a specialty of the business.

In Great Britain, public accountants are authorized by, and practice under act of Parliament. A law recently passed by the Legislature of the State of New York has a similar import. It is a general practice in the United States and England, with companies and various important corporations to regularly employ public accountants to make examination of their affairs, and when publishing their periodical statements of financial standing and business progress, to append the signatures of such public officials. Such a practice not only puts the question of solvency and standing beyond doubt, but must strengthen

and popularize their names in their respective fields of operation. The duty and service of the public accountant are by no means limited to the matter of searching out and reporting upon the possible shortages in the cash and the loss or gain in business, but the proper departmenting of accounts, the planning of books and formulæ, assisting and advising in the general organization and duties of office, so that proper safeguards and methods may be adopted to insure accuracy with dispatch, and proper classification of articles for obtaining results, is a part of the duty and service of the professional.

A well-devised system, showing at all times, with the least labor and greatest accuracy, the true condition of the business, is of paramount importance. Such a system enables those most interested to follow the minutest fluctuations of the business and successfully weather the fiercest financial storms, that cause the soundest institutions to tremble, and send many that have been fairly well managed, tottering down to irretrievable ruin.

Andrew Carnegie, the Iron King, has said in one of his able addresses:—“There is not a science or class of men on whom the business world is more dependent than the Science of Accounts and Accountants."

Bookkeepers, accountants or business men, occupying or aspiring to the highest positions in their profession, or to commercial supremacy, will find this volume, not a compilation, but to contain all the subjects of higher accounting and advanced business methods, treated in a thoroughly practical and masterly manner.

Having known the author for a long time, and had occasion to critically examine this volume, I unhesitatingly recommend him and his book as the highest authority on accounts.

HENRY C. WHITE,
Judge of the Probate Court

at Cleveland. Nov. 10, 1896.

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