ABSTRACT
The passage of the Bankruptcy Act brings into use new legal provisions affecting business, with which, of necessity, accountants, and bookkeepers as well, must be familiar in order to intelligently discharge their duties. An accountant of wide experience and connected with prominent organizations in New York, discussing the same point some time since, advised in the matter of partnerships that capital account on the books be treated the same as capital account in the case of a corporation. While discussing the general subject of Cost Accounts in Manufactures, it is pleasant to turn to the use of cost records in other branches and divisions of business activity. The principle involved in problems of the nature is that the firm is credited or charged with any interest paid by or credited to the partners’ accounts. A man may be an expert bookkeeper and yet fail signally as an accountant.
