BUSINESS PRACTICE AKD ACCOUNTS FOR COOPERATIVE STORES. 55 
in a busy store it is indispensable. Only the listing machine is really 
serviceable. The smaller types, however, answer quite as well as the 
larger ones. 
A typewriter is a great convenience. Duplicates of correspondence, 
orders, invoices, and other papers should be retained for reference, 
and this can be done best by means of the typewriter. 
SUMMARY. 
1. An adequate set of records is indispensable to any business. 
2. The records must be comprehensive enough to analyze every 
important phase of the business; must be accurate and capable of 
proof, and must be kept up at all times. 
3. An unsatisfactory system properly kept up is often more satis- 
factory than a perfect system improperly kept. 
4. Records of like businesses should be standardized so that one 
business may profit by the experience of the others. 
5. A system of accounts once adopted should not be changed with- 
out authority from the auditor and board of directors. 
6. The financial statement is the foundation of any system of 
accounts. 
7. Great care should be taken to decide on a correct classification 
of accounts before the system is adopted. 
8. Sales, expenses, salaries, and other important facts should be 
reduced to percentages and studied closely by the management. 
9. The cash should be checked daily from the cash register by the 
bookeeper and monthly by the auditors. 
10. Credit accounts, both for purchases and sales, should be avoided 
whenever possible. 
11. All bills should be discounted, even if it becomes necessary to 
borrow money. 
12. All cash receipts should be deposited. 
13. All except petty payments should be made by check. 
14. A good filing system is indispensable. 
15. All time sales should be recorded on triplicating sales slips. 
16. Dividends should be paid on cash business or accounts settled 
within 30 days either in cash or produce. 
17. The president, manager, and auditor should each be required 
to submit an annual written report. 
18. The audit should be regular, comprehensive, and thorough. 
19. The auditor should refuse to enter upon the audit until the 
balance sheet is submitted by the bookkeeper. 
20. Special diligence should be exercised by the auditor to discover 
resources and liabilities not properly included in the statement. 
21. Whenever possible a certified public accountant should be 
secured to make the annual audit. 
