Accountancy

“ It assumes the possession of a wide knowledge of the principles upon which accountancy is based, which may be shortly described as constituting a science by means of which all mercantile and financial transactions, whether in money or in money’s worth, including operations completed and engagements undertaken to be fulfilled at once or in a future, however remote, may be recorded ”

“ An accountant's duties are interesting, varied and of real worth to his employers. He has standing!
Do you feel that such things aren't for you? Well, don't be too sure. Very possibly they can be!
Why not, like so many before you, investigate LaSalle's modern Problem Method of training for an accountancy position? ”

“ The origin of the profession of accountancy in Great Britain is difficult to trace; auditors of accounts were naturally of very early existence, being mentioned as officers of importance in the statutes of Westminster in the reign of Edward I. The art of accountancy on a scientific principle must certainly have been understood History.in Italy before 1495, when Friar Luca dal Borgo published at Venice his treatise on book-keeping; but the first known English book on the science was published in London by John Gouge or Gough in 1543. ”

“ That's the training you follow in principle under the LaSalle Problem Method.
You cover accountancy from the basic Principles right up through Accountancy Systems and Income Tax Procedure. Then you add C. P. A. Training and prepare for the C. P. A. examinations.
As you go along, you absorb the principles of Auditing, Cost Accounting, Business Law, Statistical Control, Organization, Management and Finance.
Your progress is as speedy as you care to make it—depending on your own eagerness to learn and the time you spend in study. ”

“ In this capacity he reorganised and simplified Indian accountancy work, reducing to codified form the numerous departmental circulars, over which rules for account and treasury officers were dispersed. ”

“ Relation of Accountancy to Law.—The determination of the rights of the several parties to the creation, exchange, and ultimate consumption of a product is the field of Law, more particularly Business Law. ”

“ And this discrepancy cannot be corrected, since the margin on which the previous adjustment was made has disappeared, and no corresponding margin on the other side emerges. Business accounts do not deal in negative quantities, except under stress of a necessity that violates the premises on which business accountancy proceeds. ”

“ He occupies the position of auditor and is the real systematizer of the business. He creates all systems of commercial accounting, cost accounting, departmental records, time keeping, and pay rolls, reports of superintendent, perpetual inventory, sales statistics, and, in fact, all records of the business. He prepares all balance sheets, comparative statements, trading, manufacturing, and profit and loss statements, and reports to the general manager or executive committee, or both, on the condition of finances, materials, and finished goods. ”

“ With such information to point the way to economies in the future, instead of records that show us merely the amount of an expense already incurred, accounting takes its rightful place as one of the most important functions of a business enterprise. ”

“ In everything, you must take care that the said treasurer records in his book and in that of said accountant, stating what is delivered to him, and the results of the bartering, it being entered in his book and in that of the said accountant—every one being present at the entries in said books, in order that each division of said entries may correspond with that of the other book, no more in one book than in the other. ”

“ CONSIDERATIONS— In defining the term ``financial expert ́ ́ for purposes of subsection (a) , the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions— (1) an understanding of generally accepted accounting principles and financial statements ”

“ The modern accountant must first know the kind of information that is desired and he then can classify the accounts so that the information may be obtained from the ledger or other records at any time, with the least possible effort. ”

“ An expert accountant sold himself into a fine position as the auditor of a great corporation by anticipating that the Company would need to have its system of book-keeping revolutionized in order to prepare for the Federal income tax. ”

“ The duties of practising accountants cover a very wide area: they act as trustees, liquidators, receivers and managers of businesses, the owners of which are in default or their affairs in liquidation, both under the direction of the courts and by appointment of creditors and others; they are largely engaged as arbitrators, umpires and referees Duties.in differences relating to matters of account or finance; they prepare the accounts of executors and trustees, and the necessary statements of affairs in cases of bankruptcy, both of firms and companies ”

“ But from the day in which the comptabilist system becomes legal to the exclusion of the monetary system, from the moment in which each individual has his personal account introduced into the registers of the accountant-general, his transactional life is henceforth, and for ever, represented on the one side by the mortgages and guarantees that he furnishes in order to obtain comptabilist unities, on the other hand by the balances of his account books that the accountant enters successively and indefinitely to his account. ”

“ The Companies Act 1879, which affected banking companies, made provision for the audit of their accounts, and it has been found desirable, in most cases, to appoint professional accountants to this duty. The experience and professional knowledge of trained accountants have, in fact, been utilized by their appointment as auditors in the majority of joint-stock companies, whether manufacturing, banking, trading or created for any other purpose. ”

“ The Auditor shall make an annual report on the regularity of the accounting operations and of the financial management of the various institutions. He shall make this report within six months following the end of the fiscal year to which the accounts pertain, and shall communicate it to the Commission of Presidents. ”

“ Annual publication of Accounts, which are audited by Public Accountants, who are in no way interested in the Society.
No advantage is taken of a Member’s temporary inability to pay the Premium, as the Society will, on application, advance the required amount as often as the value of the Policy will admit. ”

“ Of all the follies the greatest is that, which formerly was practised and is still continued in some great families, that of having some considerable lawyer or some eminent man of business at a considerable salary to audit your accounts. There is a family whose fortune was entirely made by the father's auditing the accounts of different estates, which many of the owners were infinitely more capable of auditing. ”

“ The representative of the General Accounting Office shall have access to all books, accounts, records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. All such books, accounts, records, reports, files, papers and property of the corporation shall remain in possession and custody of the Corporation. ”

“ An adroit system of accountability was established, by which no property return, abstract of issues, account current, or voucher, was understood to mean what it expressed upon its face, so that no accounting officer possessing a clew to the policy adopted could be deceived by the figures. ”

“ Where in the course of its inquiry a Complaints Committee receives any information or evidence relating to the conduct of the public accountant, accounting corporation or accounting firm concerned which may give rise to further proceedings under this Part, the Complaints Committee may, after giving notice to the public accountant, accounting corporation or accounting firm concerned, decide on its own motion to inquire into that matter and report its findings to the Oversight Committee. ”

“ That the Profession of Public Accountants in England and Wales is a numerous one and their functions are of great and increasing importance in respect of their employment in the capacities of Liquidators acting in the winding-up of companies and of Receivers under decrees and of Trustees in bankruptcies or arrangements with creditors and in various positions of trust under Courts of Justice as also in the auditing of the accounts of public companies and of partnerships and otherwise. ”

“ A corporation, joint-stock company or association, or insurance company, keeping accounts upon any basis other than that of actual receipts and disbursements, unless such other basis does not clearly reflect its income, may, subject to regulations made by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, make its return upon the basis upon which its accounts are kept, in which case the tax shall be computed upon its income as so returned. ”

“ To aid the assessor in fixing the value of such shares, the corporations shall furnish him a verified statement of all the matters provided in the preceding section, which shall also show, separately, the amount of capital stock, and the surplus and undivided earnings, and the assessor, from such statement and other information he can obtain, including any statement furnished to and information obtained by the auditor of state, which shall be furnished him on request, shall fix the value of such stock, taking into account the capital, surplus, and undivided earnings. ”

“ Under a complete system of state regulation not only are the forms and standards of uniform accounting established, but a staff of expert examiners is created to determine by periodical investigation, whether or not these standards are lived up to. ”

“ Five members of the Society are annually elected auditors, who are by their office to inspect every transaction of the Society, to examine all vouchers for receipts and payments, and upon oath to lay before the quarterly and annual general courts, the quarterly and annual accounts of the Society: and on the day before the holding each court of directors, the auditors are to state and enter in the directors minute book a balance of the cash of the Society. ”

“ Approved standard methods of accounting will ordinarily be regarded as clearly reflecting income. A method of accounting will not, however, be regarded as clearly reflecting income unless all items of gross income and all deductions are treated with reasonable consistency. See section 200 of the statute for definitions of 'paid,' 'paid or accrued,' and 'paid or incurred' * * * in any case in which it is necessary to use an inventory, no accounting in regard to purchases and sales will correctly reflect income except an accrual method. ”

“ Article 22
⁠An audit institution shall exercise auditing oversight over the assets, liabilities, profits, losses, and other revenue and expenditure of the state-owned enterprises, state-owned financial institutions, and the enterprises or financial institutions controlled or dominated by the state-owned capital. ”

“ If an engineer, or a commission of engineers, is directed to examine a certain property and report the true cost of reproduction, depreciation, or present value, taking into account all facts connected therewith, the final figures should not differ, whether the report is to be used as a basis for reorganization, sale to another corporation, or is to be used by a State legislature as a basis for formulating a rate bill, or as a basis for a value for taxation. ”

“ A properly appointed Board of Audit of Accounts, securing good value for moneys expended. A Government audit does not provide this. Money may not be actually misappropriated, but it may be grievously misspent. ”

“ It would be disruptive of an orderly collection of the revenue to rule that the accounting must be done over again to reflect events occurring after the year for which the accounting is made, and would violate the spirit of the annual accounting system. ”

“ To determine whether the useful lives as so computed are appropriate to use in computing depreciation for petitioners would require a reopening of the record to permit the accountant to give her opinion testimony and to afford respondent the opportunity to cross-examine with respect to her opinion, and, if appropriate, to offer the opinion of another accounting expert. ”

“ In the case of the accountant, we say that the processes which his mind goes through are so rapid and subtle as to elude his own power of observation as well as ours. We do not deny that his mind goes though processes of some kind ”