Synopses & Reviews
Synopsis
Excerpt from Higher Accountancy: Principles, Practice and Procedure, Elements of Accounting Practice the Starting Point in Accountancy
How Bookkeeping Started. As your business expanded you continued to buy, not only more tanned hides from your neighbor, but also more materials, such as pegs, nails, thread and the like. Some of these pur chases you paid for at the time, while the others you agree to pay for later. Then, too, some of the people you were making shoes for may not have paid you immediately upon delivery. And so in a very short time you found yourself entering into more business transactions than you could rely on your memory to keep an accurate record of.
What would be a more natural thing to do under such circumstances than to jot down somewhere, either on a piece of paper or on the Wall, a memorandum of these various transactions. As soon as you started making these memorandums you became a bookkeeper, altho you might not have thought yourself one.
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