This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...of organization to make very significant use of the proprietorship concept. But even if it be admitted that the conventional proprietary equity is of fundamental importance in accounting no consistent scheme of debit and credit rules can be worked out from this standpoint. In terms of effect upon the ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...of organization to make very significant use of the proprietorship concept. But even if it be admitted that the conventional proprietary equity is of fundamental importance in accounting no consistent scheme of debit and credit rules can be worked out from this standpoint. In terms of effect upon the proprietor's position there is no possibility of attaching uniform significance to the expressions, debit and credit. In the case of asset and liability accounts debits (indicating additions to assets and subtractions from liabilities) might be said to represent facts favorable to the proprietor, and credits (indicating subtractions from assets and additions to liabilities) in a sense represent data unfavorable to proprietorship. In the case of the proprietary accounts and supplementary divisions such as the expense and revenue accounts on the other hand, debits indicate unfavorable changes and credits favorable changes. As a matter of fact most of these happenings have no real or direct effect whatever upon proprietorship. The exchange of assets, the incurring of a liability, the retirement of a liability, and the exchange of liabilities are all cases which give rise to no disturbance in the proprietary interest. Just as it is the entries in the cash account which show the changes in the cash balance, so it is the entries in the proprietary accounts--and not in other accounts--that specifically reflect the course of this equity. An ingenious attempt has been made by C. M. Van Cleave1 to write the language of debit and credit in terms of all these devices--debtor and creditor relationships, personification and responsibility, and effect upon and relation to proprietorship. This book is interesting primarily as an illustration of the extremes...
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