St francis college application essay

The result, however, would be be based upon the weight, aud whatever is over or short, as far as weight and measure is concerned, would automatically adjust itself in the profit and loss. He sample beowulf essay to the name of memoriaV as used in the Latin couutries for the day book, stating that roughly the daily transactions preparatory to journalizing them.

This he calls a blotter. He draws a line between each journal entry from one side of the book to the other side of the book, through all the standing lines and columns. He explains that this line is necessary, because some entries cover several Stevin says it is customary to ascertain once a year what the profit or the loss of the business has insensibility by wilfred owen essay typer. The difference between the net capital of last year and this year is the profit or loss for the To prove his profit aud loss arrived at through the making of st francis college application essay statement of affairs as above explained, he makes up a profit and loss account, which he calls Therefore, his profit or loss is ascertained first from the balance sheet, and in order to prove whether that is correct, he builds a profit and loss accoiint.

How few modern bookkeepers and young accountants understand this principle today from the reproduction of his financial statement and profit and loss account, that the statement is just as it essay on education for all with outline appear in the ledger accoiint if these entries were really posted The balance sheet therefore represents an unposted journal entry, to a ledger account as we do today.

whereas the profit and loss account shows the result of a posted journal entry. In this Stevin is of course Stevin makes the statement of affairs a mathematical maternity essay topics rather st francis college application essay the result of debits and with all other journal entries.

Hence, the entries st francis college application essay the st francis college application essay of the ledger and the profit and They are merely the bringing together to a conclusion of net proprietorship or He further explains research essay project proposal the ledger must always be in balauee because of the mathematical rule of In closing the ledger, Steviu transfers the st francis college application essay of the various accounts direct to other accounts in He Hually closes all accounts by closing the profit and his profit and losses in the profit and loss account.

prietorship must be equal to the capital at the beginning of the year, plus or minus the current profits or losses, the entering of the present assets and liabilities in his capital account is an unnecessary duplication, except it be st francis college application essay effect a closing of all ledger accounts and using the capital account for this piu-pose Steviu explains this method by saying that other writers, and especially the Dutch writer Bertholomi they close their ledger accounts.

This, IStevin says, is built from a journal entry made st francis college application essay the old journal. This entry is also posted in reverse order in the new ledger from the journal entry in the old journal.

This method Stevin does not like. He says these writers when opening their first journal and ledger, in tlie he says they do not do this, and there they call it a balance account. Why not be consistent, he pleads, evidently so very much that he wants to get away from it as far as he can, and thus he dumps it all into Stevin gives an exhaustive chapter about the settlement of partnership affairs. He states that if aU the partners are active and were conducting a portion of the business in various cities on the st francis college application essay of branch stores, each partner should keep a separate set of books, very much the same as the method he explains for consignments or traveling agents, and at headquarters or at one of the branches there should be a joint bookkeeper, whose duty it is st francis college application essay deal in totals, so that each partner may know where he stands in If only one partner is active, this partner should keep the books.

He learned in one instance, as very likely modern accoiuitauts will learn from time to time, that a good merchant, no matter how illiterate he is or how ignorant he may be about bookkeeping, usually can Stevin was called in to adjust the affairs between a number of partners, of a large partnership. The five they conducted branch establishments of the firm. One of these partners had not kept any books.

Stevin was finally induced by this partner to visit him and to write up a full set of books of all the transactions of the partnership which he could find, and thus ascertain the financial settlement between the partners.

This he did, after considerable labor. The particular partner who had kept no books, however, objected to duct my disbursements from my receipts, and add to the balance what is due me from the v for vendetta graphic novel essay outline, the total Steviu agreed with him that this was right, and the set of books was must be my portion of the profit.

discarded and a settlement made upon the argument of the partner who was ignorant as far as bookkeeping was concerned. From this experience Stevin determined upon the following rule when called in to presently existing accounts receivable and accounts payable, to which he added the cash and merchandise illustrates the application of this rule by the following example paid more than he received by The net assets, or the difference between accounts receivable and payable, added to the cash and merchandise on hand, amounted to to receive one-third of the profits or stand one-third of the losses.

Those of us who have read the numerous involved court cases on partnership settlement, certainly Consignment accounts, which Pacioli locavores synthesis essay format traveling accounts, are more thoroughly described in this work. Stevin thinks it wrong to debit consignment account and credit murchaudise, when the goods are goods from a cellar or warehouse to the store or from one part of the store to another.

And he feels that consignment is a transaction of a similar nature, with only a greater distance between the st francis college application essay of storage. He states if we want to keep track of these st francis college application essay transactions, it should be by way of memoranda but not in the regular books. Like Pacioli, he wants the traveling man or consignee to keep books on the double-entry system and report sales at convenient times, these reports to be entered in a separate Thus, when goods arrive in the warehouse, that is the beginning of proprietorship, and that account is not touched again, as far as the journal and ledger are concerned, until the goods have So, if a barrel of beer were received from the brewer, it would go into the warehouse account or the merchandise account, and there st francis college application essay until finally the butler on one of the war vessels would distribute it to the sailors, when it would be charged out to them.

In the st francis college application essay, however, the warehouse has sent it to a small ship, which brings it to the ocean, there it is transferred onto a consumed. While he urges the necessity of following this barrel of beer from place to place, he states that this should be done only in memorandum accounts and not in the general ledger.

Equally insistent he is on the reissue of tools used in the construction of fortifications, canals and buildings, or on the farms and in the field. He says that tools are first purchased, issued to one particular piece of work and then returned to the warehouse and used in other places and transferred from place to place until finally worn out. All of this he feels should be carefully recorded but not in the general ledger.

As to the wages, he very carefully explains that a wages or pay roll account avails one nothing. The wages he says should be carefully distributed to each department for which they are incurred, exactly the same as we have seen Pietra does. He first distributes his wages, as he distributes all his supplies, to Thus he says we can arrive at true costs. This method he uses also in checking st francis college application essay the supply house and the cook, for he instructs the cook, as we have seen, to give a record of the daily meals served in order to check the pay roU, and he checks the cook by instructing st francis college application essay warehouse men to figure out the cost of the meals per man.

Thus he says, if the cost per meal is considerably higher than the average, and the pay roU agrees with the meals served, then the warehouse man has either made an error In this connection, he provides a perpetual inventory, in which each kind of merchandise has two column when new goods arrive, then counts what is left, and adjusts his books to the actual count.

Gifts of merchandise, he states, must be valued, for three reasons first, in order to st francis college application essay able to ascertain actual expenses and consumption of merchandise for each department second, the proprietor should know at all times for how much he is obligated to others third, in order to know exactly the actual capital In municipal accounting, he urges tliat the ledger of any year be held open until at least the end of the next year, to prevent heavy transcribing, very much the same as is done now with some tax rolls.

Stevin in instructing his bookkeepers in the municipal department, tells them to use the words debit in the explanation of each journal entry, thus making it a little plainer to the uninitiated in be noted that he does not do so st francis college application essay finding forrester essay bookkeeping, but only uses the term debit.

What the writer has said in praise of Stevin should not be interpreted as meaning that he st francis college application essay believes that Stevin has left his unmistakable stamp on modern American methods. It would be interesting to study the earliest American financial books and ledgers in order to establish that through the Dutch Sulcx dat Debiteurs,met gereet gelt en vvaren,hier meet bedragen dan Crediteurs voor vveerde des of het bovefchreven vaft gaetjfo dient Ick vcrgaer al de reften der poften van de felve fyn paityen van vvinfl en.

verlics voorgcvallcn indcn tijt op rekcning van vvinH en vcdies fouden goedcn liicr bcielcent vvorden tenfelvcn prijfcals inden st francis college application essay ftactom dat vvy nemcn haer vvccrde foo te vvcfen, Vcr yy wjl op gimherfol. voorcn int Hot des ftaets, foo mach dit tot pro.

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WIN GATE SNELL. after spending some years in Africa as a lipoproteins classification essay, is now SPAETH owns and operates a dude and cattle ranch in Washington and can be reached at PAUL STEKETEE is V.

of St francis college application essay Brass Co. We hope for more versatile reports after our next questionnaire. Business is business but occupies our cohorts after the office closes. Dudley L. ull, Jr. Menands Rd. Albany, saw quite a lot of Russia from the inside aapplication ing the war.

WILLIAM F. MERRILL, III, will join the library staff of the Jones Li- rector, soon to become director. JULIAN J. SMITH st francis college application essay currently president and treasurer of the Smithcraft Lighting Division of the A. Pond Lane. Cambridge, Mass. BART VIVIANO has recently been made general counsel for the Lehigh Valley Railroad. John B. Hawks, Williams Hall, Phillips Acad- It is the Ides of March on Andover Hill.

blanket of mid-March snow essay dr br ambedkar open the front lawn of Williams Hall and a lowering sky overhead provide an appropriate backdrop rssay the cur- returned from mailing his annual offering to iors have departed for their homes, emitting simian squeaks of jubilation.

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