The Logic Of Accounts: A New Exposition Of The Theory And Practice Of Double-Entry Bookkeeping, Based In Value (1873)

""The Logic of Accounts"" is a comprehensive guide to the theory and practice of double-entry bookkeeping, written by E.G. Folsom and originally published in 1873. The book provides a detailed explanation of the principles behind double-entry bookkeeping, which is a system of accounting that involves recording every financial transaction in two separate accounts to ensure accuracy and prevent errors. Folsom's approach to double-entry bookkeeping is based on the concept of value, which he argues is the fundamental basis of all accounting. He explains how to use this concept to create a logical and consistent system of accounts that accurately reflects the financial position of a business. The book is divided into two main parts. The first part provides a theoretical overview of double-entry bookkeeping, including an explanation of the fundamental principles and concepts involved. Folsom covers topics such as the nature of accounts, the use of debits and credits, and the importance of balance in accounting. The second part of the book focuses on the practical application of double-entry bookkeeping. Folsom provides detailed examples and exercises to help readers understand how to create and maintain accurate accounts. He covers topics such as journalizing transactions, posting to ledger accounts, preparing financial statements, and closing the books at the end of the accounting period. Overall, ""The Logic of Accounts"" is a valuable resource for anyone seeking to understand the theory and practice of double-entry bookkeeping. Folsom's clear and concise explanations make the book accessible to both beginners and experienced accountants, and his emphasis on the importance of value provides a unique perspective on this essential aspect of financial management.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.