The New Inductive Bookkeeping (Classic Reprint)

Samuel Horatio Goodyear

Excerpt from The New Inductive Bookkeeping In a commercial sense, business consists of the exchange of values, either in material, money, or service. A farmer may raise more farm produce than he can use. A mechanic may manufacture more products than he needs for personal use. A laboring man may be. Able to do more work than is required in his own home. Each of these persons we have named has a sur plus of products, skill or labor, and other persons in every community have need of their sur plus, and they in turn have something else of value to give in exchange for what they want. Necessity for Business Records. Many thousands of years ago men who were engaged in trade learned that it is not safe to carry on business without keeping written records of all transactions. The process of keeping such records is called Accounting or Bookkeeping. In Bookkeeping, the records of business transactions are kept in various kinds of blank books, each conveniently ruled to show the dates. Amounts, and character of the transactions. And their results as they relate to the person for whom the books are kept. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully any imperfections that remain are intentionally left to preserve the state of such historical works.