Accounts: Their Construction and Interpretation for Business Men and Students of Affairs

By William Morse Cole | Go to book overview

sorts may be counted or valued, as cash, notes, merchandise, etc. The difference between net resources and net liabilities is the present worth of the business--exactly as in the balance sheet by double entry. A comparison of this year's present worth with last year's present worth (allowing for any supposed profits withdrawn by proprietors or as dividends) shows profit for the year,--just as a comparison of two balance sheets (with allowance for supposed profits withdrawn) shows profits under double entry.

So far as single entry goes, therefore, it attains the same result as double entry. We must note, however, what is missing. In Chapter V we saw that by a six-column statement we derive profits by two methods, and that the two methods must show the same result. On such a statement we compare not only resources and liabilities, but also losses and gains. We know not only how much we have made and what it cost, but also from what sources we made it and how the cost was incurred. Single entry can do this, to be sure, by keeping extra accounts; but so far as it does so by single-entry methods double labor is involved. In double entry, as was shown in Chapter VI, the labor is not only not double, but practically single. Indeed, full double entry by double-entry methods is far less laborious than partial double entry by single-entry methods.

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