ABSTRACT
Accountics aims to advance steadily and surely and the publishers desire it to deserve every inch that it gains. One of the greatest difficulties to be met in considering cost accounts, and for that matter in considering any other special division of the accounts of a business, is to comprehend the relative position of the group in the collective accounts of the business. The merchandise account is debited with the goods as they are turned over by the factory, taken at actual cost. It is also debited with goods as they are bought in the market. Every business has Active Liabilities, which may be subdivided into Accounts Payable, including both Purchase Accounts and Accounts with Sundry Creditors, and Notes Payable. Many enterprises have Funded Liabilities, in the form of mortgage bonds or debentures, or both. Every business should also have Reserve Liabilities.
