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PAGE
Principles of Double Entry, The

153
Question of Inventory, A

395
Questions for Journal Contributors

152
Returnable Package in Accounts

. 233-399
Should Accountants Advertise ?

487
Treatment of Sinking Funds

80
Credit Granting. Charles E. Meek

427
Credits from the Viewpoint of the Certified Public Accountant.
Frederick H. Hurdman

435
Debits, Taxes as Deferred. Oscar B. Thayer

114
Determination of the Net Profit of the Panama Canal. Francis
Oakey

181
Dividends, May Premiums from Sales of Capital Stock be Used for?
H. Ivor Thomas

357
Dominion Association of Chartered Accountants, The

.82-151
Dominion Convention Postponed

238
Editorial :
Accountancy Defined

127
Accountants in War Time

464
Annual Convention of American Association

124
Burden of Prosperity

296
Causes of Business Failure

208
Certification of Borrowers' Statements

128-209
Certified Public Accountant Laws

375
Certified Statements

374
Commercial Credits

55-460
Convention Habit, The

298
Fit and the Unfit, The

54
Legitimate Publicity

206
Modern Methods of Instruction

52
Ohio Classification of Accounts for Electric Utilities

463
Professional Advertising

125
Spread of Reform, The

376
Tax Laws and their Administration

372
Valuation of Merchandise Inventories

461
Educational Problems of the Accountancy Profession, Some Scien-
tific and. John C. Duncan ...

260
English, Accountants and the Use of. A. L. Philbrick
Farm Accounting Methods, Income Tax Law and. W. B. Finlay 47
Finances, The National. Harvey S. Chase

276
Financial Plan or Budget for the National Government. Harvey
S. Chase

13
Getting the Office Work Done. Harold Dudley Greeley

342
Harvard Bureau of Business Research

156
Holding Companies, The Statement of Accounts of. Herbert C.
Freeman ...

157
Income Tax Department, Edited by John B. Niven 57-130-214-305-377-465

366

I 20

406
406
238

38

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Income Tax Law and Farm Accounting Methods. W. B. Finlay 47
Irrigation District, Bondholders' Reorganization Plans for an. John
B. Geijsbeek

30
Institute of Chartered Accountants of Manitoba

155
Interest Rates, Computation of. P. H. Skinner
Inventories, Relation of the Auditor to Valuation of. W. Ernest
Seatree

.196-333
Kansas City School of Accountancy, Law and Finance

405
Louisiana Certified Public Accountants, Society of

239
Louisiana State Board of Accountants

83
Massachusetts State Board of Examiners

406
Michigan State Board of Accountancy
Minnesota Society of Public Accountants
Minnesota State Board of Accountancy
Missouri Society of Certified Public Accountants

82
National Finances, The. Harvey S. Chase

276
New York C. P. A. Certificates Issued

405
New York C. P. A. Examinations

151
Office Work Done, Getting the. Harold Dudley Greeley

342
Oregon State Society of Certified Public Accountants

82
Panama Canal, Determination of the Net Profit of the. Francis
Oakey

181
Payroll Distribution on Construction Work. Leslie H. Allen
Premiums from Sales of Capital Stock be Used for Dividends, May?
H. Ivor Thomas

357
President, Report of. Robert H. Montgomery

241
Public Accountant and the Credit Man, The. Joel Hunter
Real Estate Accounting. H. Ivor Thomas

357
Relation of the Auditor to Valuation of Inventories. W. Ernest
Seatree

...196-333
Reorganization Plans for an Irrigation District, Bondholders'. John
B. Geijsbeek

30
Report of the President. Robert H. Montgomery

241
Reserves, Secret. J. Porter Joplin

407
Returnable Package in Accounts, Treatment of the. Wilhelm Jen-
son

118
Scientific and Educational Problems of the Accountancy Profession,
Some. John C. Duncan

260
School of Commerce at Tulane University

239
Secret Reserves. J. Porter Joplin

407
Should Accountants Advertise ? John A. Cooper
Should Accountants Advertise? Edward E. Gore

94
Should Accountants Advertise ? E. G. Shorrock
Statement of Accounts of Holding Companies, The. Herbert C.
Freeman

157
Students' Department, Edited by Seymour Walton 64-134-220-316-380-471
Sugar Mills and Their Accounts. Henry Daspit

109
Taxes as Deferred Debits. Oscar B. Thayer

114
Tennessee Society of Certified Public Accountants

238

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Treatment of the Returnable Package in Accounts. Wilhelm Jen-

118
Tulane University, School of Commerce at

239
Valuation of Inventories, Relation of the Auditor to. W. Ernest
Seatree

.196-333
Value of an Audited Statement, The. A. G. Moss

455
Washington Society of Certified Public Accountants

470

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The credit men of the United States constitute a large and important group of the business men of this country. The art of successfully extending credit is crystallizing into a profession. Public accountants believe that they can be of great service to credit men, and it is the purpose of this article to look into the matter informatively, to the end that the reader may perceive how best the public accountant may serve and generally assist credit men.

In order to get a correct understanding of how credit men view the public accountants, the writer of this paper communicated with the president and secretary of each credit men's association of the United States — at least with all those reported in the Bulletin, the organ of the National Association of Credit Men. About 175 letters were sent out, of which the following is a copy :

For the purpose of contributing to and probably creating additional sources of information for the credit man, THE JOURNAL OF ACCOUNTANCY of New York has requested the signer to write a paper on The Relation of the Public Accountant to the Credit Man. In order that the paper may be of much practical value, you are courteously requested to express your opinion briefly as to how best the accountant may assist and serve the credit man.

The number of answers received was surprising and the tenor of these answers most interesting. To the 175 letters sent out, sixty-two replies have been received. About ten courteously excused themselves from answering on the ground that they were not competent to do so. The remaining fifty-two replies were carefully diagrammed and a digest made of them. Each opinion was treated as a unit. For example, if the credit man replied that in his opinion the accountant could best serve him by getting out a correct balance sheet of the firm desiring credit, this opinion is treated as a unit in this digest and the results incorporated herein. It so happened, as might be expected, that the consensus of opinion was in favor of a certified balance sheet; but there are other thoughts outlined by the credit men, and if we accountants have considered them before, we might well be reminded of them again, because they are not only interesting, but useful.

The same general principles of business activities, business experience, or the lack of it, are applicable to all parts of the United States. Thus one man in South Dakota writes that, speaking from the experience of the firm with which he is associated, they have not found the services of a public accountant useful, because the individuals and firms with whom they do business are as a rule too small to need an accountant. Practically the same thing was written by a Tennessee credit man. It may be suggested, though, to both these gentlemen, that if some of our enterprising accountants had an opportunity to open up and examine this subject for such small merchants, they might view it differently. If, as has been well defined, "a public accountant is a person skilled in the affairs of commerce and finance and particularly in the accounts relating thereto," it would seem that he would be most helpful to the credit man.

Whatever accountants themselves may think about their scope of usefulness to the credit man and what part of their duties would be most useful to him, the following list illustrates what credit men think:

The representatives of twenty-four credit men's associations thought that the accountant's services could best be used by getting him to certify to the debtor's balance sheet.

Next, the representatives of twenty-one credit men's associations thought that the accountant could best serve the credit man by devising appropriate systems of account.

The others replied that the accountants would be of value for the following functions : Business advisor

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Ascertaining collectibility of notes and accounts

receivable and disclosing contingent liabilities 8

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