Used Book Review; BOOKKEEPING By LOUIS W. FIELDS, B.S., C.P.A.
This a great used book for sale, below is a description of its rich practical
content:
ASSETS, CAPITAL, AND LIABILITIES .
Meaning and Function of Business Business Transaction.
The Ledger
Definition of Bookkeeping.
Assets
Definition of Assets.
Classification of Assets
Capital
Definition of Capital
The Fundamental Equation The Balance Sheet The Account
Need for the Account Correspondence of Position Changes in Assets .
Exchange of Assets Rules for Debiting and Crediting Asset Accounts
Double Entry Bookkeeping Finding the Balance of an Account Interpretation of the Account.
The Capital Account
Recording Increases and Decreases in Capital.
Rules for Debiting and Crediting the Capital
Account
Finding the Balance of the Capital Account Interpretation of the Capital Account.
The Trial Balance
Trial Balance of Totals Trial Balance of Balances.
The Sales Income Account Record of Sales
The Kind of Account.
Establishing Gross Profits on Sales The Proprietor's Personal Account
Recording Decreases in Capital Due to Withdrawals of Assets in Anticipation of Profit
Recording Increases Due to Advances by soleProprieror
Comparison of the Personal and Capital Accounts<
Interpretation of the Account.
Accounts Receivable
Credit as a Basis of Exchange Terms of Payment
Recording Increases and Decreases in Accounts Receivable.
Business Forms .
Sales Order Sales Invoice Monthly Statement of Account.
Interpretation of the Account. Treatment on the Balance Sheet.
Notes Receivable
Purpose, Use, Form and Content of the Promissory Note
Non-Interest Bearing and Interest Bearing Notes.
Indorsements The Note Register Comparison of Notes with Accounts Receivable
Recording Increases and Decreases Interpretation of the Account.
Treatment on the Balance Sheet Liabilities
Definition of Liabilities Effect of Liabilities Upon the Fundtrmental Equation
Creditor's Versur Proprietor's Interest in' the Assets .
Accounts Payable.
Recording Increases and Decreases.
Business Farms
Purchase Requisition.
Purchase Order .
Purchase Invoice Credit Memorandum .
Monthly Statement of Account Interpretation
Treatment on the Balance Sheet Notes Payable
Comparison with Accounts Payable.
Recording Increases and Decreases Treatment on the Balance Sheet
Bookkeeping Made Simple
CHAPTER TWO
SPECIAL JOURNALS General Journal Purpose.
Form, Content and Use Posting.
Special Journals Purpose The Sales Journal .
Purpose
Form, Content and Use Posting
The Purchase Journal .
Purpose
Form, Content and Use Posting
The Cash Receipts Journal Purpose
Form, Content and Use Posting
The Cash Disbursements Journal .
Purpose
Form, Content and Use Posting
Sales Returns and Allowances Journal .
Purpose
Form, Content and Use Posting
Purchase Returns and Allowances Journal Purpose
Form, Content and Use Posting
CHAPTER THREE
ACCOUNTS Subdivision of the Ledger-Its Purpose Controlling Accounts
InterrelatIonship Between the General Ledger and the Susidiary Ledgers
The Accounts Receivable Controlling Account
The Sales Journal and Its Posting
The Sales Returns and Allowances Journal and Its Posting
The Three Column Cash Book and Its Posting
Schedule of Accounts Receivable and Its Agreement 'With the Accounts Receivable
Controlling Account The Accounts Payable
Controlling Account The Purchase Journal and Its Posting
The Purchase Returns and Allowance Journal and Its Posting.
The Three Column Cash Disbursements Journal and Its Posting.
The Four Column General Journal and Its
Posting.
The Trial Balance of the General Ledger
The Schedule of Accounts Payable and Its Agreement 'With the Accounts Payable Controlling Account.
CHAPTER FOUR
Discounts AND interest.
Reasons for Offering Cash Discounts.
Distinction Between Cash and Trade Discounts.
Treatment of Cash and Trade Discounts Discount on Sales and Discount on Purchases.
Sales Discount Rule for Recording The Special Sales Discount Column in the Cash Receipts Journal.
Posting the Sales Discount Column Purchase Discount.
Rule for Recording.
The Special Purchase Discount Column in the Cash Disbursements Journal.
Posting the Purchase Discount Column Interest Expense.
Meaning of Interest .
Rule for Recording.
Entry in the Cash Disbursements Journal.
Posting.
Interest Income Interest Income as Opposed to Interest Expense.
Rule for Recording.
Entry in the Cash Receipts Journal Posting
CHAPTER FIVE
DOUBLE POSTING entries AND SPECIAL Columns
Special Columns In Journals .
Double Posting.
Cash Receipts Journal Cash Receipts Journal.
Cash Disbursements Journal Cash Disbursements Journal.
Purchase and Sales Journals-Posting.
General Journal.
Records for Social Security Tax-Its Purpose Withholding Tax-Its Purpose.
Computation of the Withholding Tax Other Deductions
CHAPTER SIX
Treatment of Withholdings on the Books.
Payment of Social Security Taxes and Other
Amounts Withheld from Employees' and
Employers' Payroll Taxes
CHAPTER SEVEN
petty Cash PROCEDURES .
Business Procedures Relating to Cash.
The Checking Account and Bank Practice Proof of Cash.
Cash Short and Over Account.
The Bank Reconciliation.
Entries in the Cash Journal and Check Book The Petty Cash System.
Purpose.
Petty Cash or Imprest Cash Fund
Establishing the Fund Petty Cash Disbursements-The Petty Cash Voucher.
Proving the Petty Cash Box Replenishing the Petty (Imprest) Cash Fund
The Petty Cash Journal .
Purpose
Form, Use and Content
CHAPTER EIGHT
NEGOTIABLE INSTRUMENTS .
The Sight Draft
Purpose, Use and Form Entry in the Cash Receipts Journal-The Collection
and Exchange Account.
Entry in the Cash Disbursements J oumal .
C.O.D. Freight Shipments.
The Order Bill of Lading 'With Sight Draft Attached.
Entries by the Shipper Entries by the Consignee.
Special Forms of the Sight Draft .
Certified Checks Cashier's Check.
Bank Draft .
Money Order The Time Draft.
Purpose, Use and Form Payable After Date; Payable After Time.
Bookkeeping Records .
Trade Acceptances .
Purpose, Use and Form Bookkeeping Records.
Bank Discount
Discounting of Notes Payable.
Discounting Customer's Non-Interest Bearing Notes and Drafts.
Discounting Customer's Interest Bearing
Notes.
Bookkeeping Records When the Discontinued Note Is Paid.
Bookkeeping Records When the Customers Discounted Note Is Dishonored
DEFERMENTS AND ACCRUALS The Balance Sheet-Its Purpose and Use The Profit and Loss Statement-Its Purpose and Use.
CHAPTER NINE
Adjustment Entries.
Deferred Expense.
Treatment of Deferred Expenses on the Statements
Bookkeeping Made Simple
The Adjustment Entry lit the End of the
Definition Period
Treatment of Accrual Income in the State
The Profit and Loss Account
Deferred Income
Adjustment Entry at the End of the Period
Definition
Accrued Expense
Treatment of Deferred Income on the Definition
Statements
Treatment of Accrued Expense on the Adjustment Entry lit the End of the Period
Statements
Accrued Income
Adjustment Entry at the End of the Period
CHAPTER TEN
DEPRECIATION AND BAD DEBTS Causes of Depreciation
Determining the Amount of Depreciation.
Adjusting Entry at the End of the Period Treatment on Financial Statements
The Reserve Account at the Time of Disposal of Equipment Reserve for Bad Debts .
Purpose Estimating the Amount of the Reserve Adjusting Entry at the End
of the Period Treatment on Statements.
Writing Off Bad Debts.
Recovery of Bad Debts Previously Written Off .
CHAPTER ELEVEN
Preparation Solution
TINANCIAL STATEMENTS Balance Sheet Purpose.
Preparation Interpretation
CHAPTER TWELVE
Profit and Loss Statement Purpose.
Preparation Interpretation
CHAPTER THIRTEEN
closing THE LEDGER .
Purpose Method
The Post Closing Trial Balance.
Reversal Entries
CHAPTER FOURTEEN
Sharing of Partnership Profits Salaries of Partners.
Drawing or Personal Account of Partner Distribution of Profit.
Computation of Interest on Partner's Capital.
Partners' Loans.
Interest on Partners' Loans.
Financial Statements of a Partnership.
Balance Sheet
Statement of Profit and Loss.
Closing the Ledger of a Partnership.
Partnerships
Purpose.
Formation.
Legal Characteristics.
Duration
Duties and Rights Distribution of Profit.
Kinds of Partners.
Opening Records of a Partnership.
Special Partnership Records.
Opening the Partnership Books.
Admission of a Partner Goodwill
CHAPTER Fifteen
CORPORATIONS.
Purpose
Formation
Stock and Stockholders
Rights of Stockholders
Value of Stock
Advantages and Disadvantages of a Corporation.
Opening Entries of a Corporation
The Pro-Forma Entry
Sale of All the Capital Stock for Cash
Sale of All the Capital Stock for Cash and Other Assets and Assumption of Liabilities
Sale of Part of the Authorized Capital Stock and Payment In Full
Sale of Part of the Authorized Capital Stock and Payment In Part
Sale of No-Par Value Capital Stock.
Incorporating a Going Business
Closing the Books of the Partnership or Vendor
Opening the Books of the Vendee Corporation
Profits of a Corporation
The Surplus Account (Deficit)
Dividends, Cash or Stock
Surplus Reserves
Treasury Stock
Purchase
Donation
Organization Expense
Bonds
Definition and Purpose
Kinds of Bonds
Comparison of Bonds 'With Promissory Notes
Comparison of Bonds with Capital Stock
Sale of Bonds at Par Value
Sale of Bonds below Par Value or at a Discount
Sale of Bonds over Par Value or at a Premium
Payment of Interest
Redemption of Bonds
Corporate Records
CHAPTER SIXTEEN
MANuFACTURING ACCOUNTS.
Difference between Manufacturing and Trading
Special Manufacturing Accounts Financial Statements.
CHAPTER SEVENTEEN
CONSIGNMENTS Definition Purpose
Parties-Kinds of Consignments.
A Consignment In
The Consignment Invoice.
Account Sales
Bookkeeping Records
Treatment of Consignments Inward when taking Inventory
B Consignments Out
Bookkeeping Records
CHAPTER EIGHTEEN
FEDERAL INCOME TAX FETUIUIS
Sole Proprietor
Partnership Corporation
CHAPTER NINETEEN
ACCOUNTING SYSTEM FOR A PROFESSIONAL PRACTICE
Cash Disbursements Journal
Cash Receipts Journal
General Journal
SOLUTIONS.
GLOSSARY.
General Ledger . Billing Record. Petty Cash Fund Clients Ledger .
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BOOKKEEPING
By LOUIS W. FIELDS, B.S., C.P.A.
CADILLAC PUBLISHING CO., INC.
1956,
BY DOUBLEDAY & CoMPANY, INc.
Bookkeeping is one of the basic operations of our enormously complex
economic system; it is, in fact, that operation which describes and records business transactions, which brings order where there had been chaos.
Without it, no business enterprise could function efficiently or, in all likelihood, even long survive.
Since this is so, there is naturally the best interest among those who are in some way part of the business community in its methods and techniques.
But these are themselves complex, although they need not be.
It is the author's belief that this is ok presents the subject matter of Bookkeeping and Basic Accounting in such a way as to cut through its complexities and to make it available to anyone who has the simple will to learn, the dedication to absorb its contents.
Although there is perhaps no true substitute for an extended,
rigorous (and expensive) course of study,
not many people are in a position to expend the necessary time and effort that such a course of study demands.
It is principally for those persons that the author has prepared this book,
with the conviction that it will thoroughly ground its readers in the understanding and knowledge which will make for expertness.
With that end in view, each part of the book has been conceived and executed.
The author has borne in mind the varied needs and interests of several groups:
those who plan to enter the field of Bookkeeping as a profession;
businessmen who wish to keep their own books;
those-businessmen and others associated with business-who have occasion to review and inter~ bookkeeping records;
and those who for diverse reasons seek better to understand the significance of business transactions.
It is our hope and belief that no one will find his or ~ interests scanted.
Assuming no prior knowledge of the subject on the part of the reader,
this book begins at the beginning and, omitting nothing,
methodically develops its material so that complete command of theory,
methods and techniques may be gained.
Where words alone do not suffice,
graphic are used, and text and picture are further augmented by numerous examples.
Finally, Bookkeeping and Basic Accounting cannot be absorbed thoroughly without testing the theory in practice, without learning by doing.
To this end, he has devised exercises and problems (the solutions are,
of course, provided) ~ed to reinforce what has already been learned so that it will remain with the reader.
