NINETEENTH ANNUAL YEAR BOOK— PART III 147 



In early years accountancy as a profession was very little recognized. 

 As long as business was confined to simple retail transactions or minor 

 manufacturing operations, no uniform method of bookkeeping was em- 

 ployed. As the amount of capital invested became larger this condition 

 gradually changed. The corporation took the place of partnerships and 

 individuals and distinction was made between government and private 

 interests. With ihese changes bookkeeping became more complex, and 

 the demand for better accountancy methods was the natural result. 



It is surprising even now the number of individuals and small concerns 

 that have practically no adequate system of recording their business 

 transactions. 



Statistics furnished by the Federal Trade Commission and obtained 

 from other reliable sources show that by far the larger per cent of fail- 

 ures can be attributed to the lack of adequate systems of accounts. It 

 is known that many of these failures could have been averted had the 

 owner or manager kept in complete touch with the business through the 

 right accounting methods. 



Methods- of doing business have been completely revolutionized in re- 

 cent years until what was once considered of little importance is now be- 

 ing recognized as a most important factor to the success of every busi- 

 ness and a complete and comprehensive system of accounting is now con- 

 sidered the first essential in the organization of a business. This has 

 been brought about in several ways. 



First: By the advance made by the profession in the building up of 

 the standards of accountancy and admitting to the ranks of Certified 

 Public Accountants only such as meet the requirements as prescribed 

 by law. 



Second. By the education of the business interests as to the value 

 of proper accounting methods and the benefits to be derived from the 

 employment of competent accountants to devise and install the same. 



Third: By the changes in methods of doing business which require 

 complete knowledge of the details of the business at all times, and 



Fourth: The passage of laws requiring accurate data and informa- 

 tion by the Federal Government and for the purpose of the correct prep- 

 aration of income and excess profit tax returns. 



Concerns who have installed an up to date accounting system suited 

 to their needs and properly kept consider it one of their best investments. 



With the above brief history of accountancy, its development and 

 growth of recognition, let us proceed to the consideration of the topic 

 assigned. 



Should the county fairs have a uniform system of blank books and 

 bookkeeping? My answer is emphatically yes. 



You have assembled each year for the past ten years to exchange 

 ideas and to discuss topics of mutual interest in order that you might 

 improve your fairs the better to entertain and educate the public. In 

 your efforts to improve the quality of your attractions and entertain- 

 ments and to encourage better exhibits, you have almost, if not entirely, 

 overlooked the matter of proper accounting methods which if installed 



