Excerpt from Accounting Theory and Practice: A First Year Text There are many things, in the writing of a book, which can be said only in the foreword. First, the "raison d'etre" of the book may require an explanatory word. Second, it may not be out of place to discuss some of the many points of academic controversy; such as the difference between bookkeeping and accounting; as to whether accounting is an art or a science; the various theories of debit and credit, etc. Finally, consideration may be given to the need of a knowledge of accounting on the part not only of those preparing for business but also of those expecting to enter any of the professions. With regard to the first point, it may be said that although there are available excellent treatises on accounting; the author feels that the field is rather barren of textbooks for the use of college students. This book is an effort to supply this need for students of first-year accounting. As to the second point, suffice it to say that the author does not know the difference between bookkeeping and accounting and doubts whether there is any except in popular parlance. As to whether accounting is an art or a science, he believes that there is an art and also a science of accounting, the former resting upon the principles established by the latter. The necessary brevity of this introduction does not permit an adequate discussion of all the theories of debit and credit. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com 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.