x PREFACE 



not have available any higher courses in accountancy in 

 which to study the philosophy or theory of accounts. For 

 that reason, the theory and philosophy are developed along 

 with the methods of analyzing, recording and interpreting 

 transactions. 



The logical arrangement of the subject matter in a tr\t 

 of this nature requires special consideration. A study of 

 bookkeeping and accounting is confined to four big 

 branches : 



1. The business transactions and adjustments. 



2. The accounts involved. 



3. The books and records used. 



4. The statements and analyses prepared. 



One might study the subject for years, but he would 

 not reach beyond the four branches mentioned. In a ijt- 

 tematic study, it is not possible to study, first, all about 

 the transactions, then all about the accounts, books and 

 statements in the order mentioned. The four must he 

 studied together, first the simple elements of end), and tl n 

 the more elaborate elements. The use of this process ac- 

 counts for some apparent repetitions in the subject matter 

 which are much more apparent than real. The develop- 

 ment has been along lines which seemed to be most natural 

 and logical. 



Although the four elements of study mentioned should 

 be coordinated to a considerable degree, each one of the 

 four is not considered of equal importance in farm ac- 

 counting. In these pages, more emphasis is placed on 

 how and why entries are made to interpret transactions 

 or to make adjustments, and not so much on the forms 



