Modern Accountant; Revised

Modern Accountant; Revised

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ...a discount. If the note is interest-bearing, the full amount of the note (face plus interest for the full time of the note) should be discounted. The interest may be computed at one rate and the discount at another. Whether interest is due or not is a matter of agreement and of law; that is, interest accrues whenever there is an agreement, or a custom, or a law that demands it. Sometimes interest is due on accounts that are not paid on a certain date. When the rate of interest is not agreed upon, the legal rate will apply. This rate varies in different states. Interest at higher than a certain rate (which rate varies in different states) is called usury and a penalty for usury is usually provided by the law which defines it., Do not confuse interest and discount with cash discount, which is an allowance for the prepayment of trading bills and is usually an arbitrary percentage deducted from the amount of the bill for payment before a given date. Cash discount is allowed not only that the seller may have the use of the money, This is not a correct use of the word interest, in a bookkeeping sense, for interest is the use of money, not the money paid for the use of money. Interest is a privilege for which money is paid. Thus, money is paid for interest, or money is reserved for interest, just as money is paid for rent, money is paid for insurance. We commonly say that we pay rent, pay insurance, or pay interest, but none of these expressions is correct. We pay cash (or something else of value) for rent, for insurance, or for interest. but in order to reduce his risk in carrying accounts, and is comparatively liberal. Ordinary interest and discount is a small allowance based on use of money only, and time is an essential in computing it, whereas cash...
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Product details

  • Paperback | 70 pages
  • 189 x 246 x 4mm | 141g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236629205
  • 9781236629203