Satisfactory Salaries 
 How to Get Them
 
 UCSB LIBRARY 
 Y-<3&04^ 
 
 Walton School of Accountancy 
 
 FACULTY 
 
 SEYMOUR WALTON, A.B., C.P.A. , Dean 
 
 Professor of Theory and Practice of Accounting in two of the well known 
 Universities in the Middle West; Member of firm of Walton. 
 Joplin, Langer A Co., Certified Public Accountants; 
 Fellow of the Illinois Society of Certified 
 Public Accountants, and Ameri- 
 can Association of Public 
 Accountants. 
 
 CHARLES H. LANCER, C.P.A. 
 
 Lecturer in Accounting in two of the well known Universities in the 
 Middle West; Member of firm of Walton. Joplin. Lancer 4 
 Co., Certified Public Accountants; Fellow of the 
 Illinois Society of Certified Public Account- 
 ants, and American Association of 
 Public Accountants. 
 
 ALFRED WILLIAM BAYS, B.S., LL.B. 
 
 Professor of Commercial Law and Lecturer in one of largest 
 
 Universities in the United States; Member of firm 
 
 of Thompson 4 Bays. Attorneys at Law; 
 
 Member Chicago Bar. 
 
 OFFICERS 
 
 J. PoRTBR JOPLIN, C. P. A., President 
 
 CHARLES H. LANGER. C. P. A.. Viet fret, and Treat. 
 
 DAVID J. LEVI, C. P. A.. Secretary 
 
 ADVISORY BOARD 
 
 JOHN ALEXANDER COOPER. C. P. A. 
 Of John Alexander Cooper 4 Co., Certified Public Accountants 
 
 J. PORTER JOPLIN. C. P. A. 
 
 Of Walton. Joplin, Langer 4 Co . Certified Public Accountants 
 
 HON. ROBERT McMuRDY, LL.B.. LL.M. 
 
 Of Church 4 McMurdy, Attorneys 
 
 H. G. PHILLIPPS, C. P. A. 
 
 Auditor American Bottle Co., Chicago 
 
 SBYMOVH WALTON, A. B., C. P. A., Dtan 
 
 122 So. Michigan Boulevard 
 Chicago
 
 Copyright 1911 
 By Walton School of Accountancy
 
 Foreword 
 
 The things discussed in this book are 
 of importance to every man in business. 
 
 Especially are they good for the clerk 
 who wants to rise to an office position, and 
 the office man who wants to make more 
 money and possibly to be taken into the 
 firm, or enter the accounting profession, 
 and the head of a business who wants to 
 know that his employees are giving him 
 the best service and that his business is 
 in good shape to run economically. 
 
 There's some part of this book that 
 fits your case. 
 
 You'll find it by looking and when 
 you find it, you'll be helped by acting 
 on what you see there.
 
 To the men on salaries 
 
 There are tens of thousands of 
 industrious, capable men, full of ambition 
 and energy, who are tied to positions far 
 beneath their real capacity. They do 
 not get away from these restricting and 
 poorly paid positions for several reasons; 
 first of these is usually the financial one; 
 they can't afford to take a chance; 
 another reason is that their very energy 
 and conscientious application to their 
 work absorbs their time and they see no 
 openings into larger fields. 
 
 To the ambitious and brave hearted, 
 an opportunity to reach independence 
 through one's own efforts without inter- 
 fering with daily tasks and to be sure 
 that this independence will come quickly 
 and surely is the most welcome of all 
 thoughts. 
 
 You have a chance to make good
 
 quietly and safely; to be sure of the one 
 thing before letting go the other, to rise 
 exactly in proportion to your energy 
 and intelligence; to rise as you work. 
 
 Read this book and see why and how 
 this is all true.
 
 DID you ever stop to consider the 
 difference between a bookkeeper 
 and an accountant? 
 
 There's about the same difference that 
 there is between a storekeeper and a 
 merchant. 
 
 Bookkeepers and accountants start at 
 about the same place; it's where they go 
 that makes the difference. 
 
 This is not merely playing on words, 
 it's a real, an important matter that 
 should be considered by the man at the 
 desk who wants to rise. 
 
 There are a great many bookkeepers 
 who will remain bookkeepers and noth- 
 ing more; but the majority of office men, 
 the men who are taken, more or less, 
 into the confidence of the heads of the 
 concern, have it in them to rise to part- 
 nerships or to businesses of their own. 
 
 It depends on the broadness of their 
 view.
 
 If you are keeping books and want 
 to rise beyond your present work and 
 salary, all you need is to broaden your 
 view; become an accountant; instead ot 
 merely doing a grind that is set before 
 you, qualify yourself to give opinions 
 that will carry weight with your 
 employers. 
 
 You may now be able to foot up a 
 column of figures in record time, or to 
 take off trial balances without an error, 
 month after month, or you may be 
 noted for the promptness with which 
 you get out your monthly statements 
 and make remittances. All of these are 
 good things, but they aren't the things 
 that make you indispensable. Such ab- 
 ility is skill, it isn't knowledge. 
 
 To be able to devise systems^ of keep- 
 ing^records, to suggest some valuable 
 check ^against waste, to advise against a 
 step^because of the law; sucjh things are 
 the things_that lead Jo_qujck advance- 
 ment.
 
 There are two ways to acquire the 
 knowledge that will enable you to do 
 these things. One is through the long 
 road of life's experience, where all that 
 you learn is sifted from great masses of 
 irrelevant and unimportant stuff this 
 method sometimes benefits the old man 
 but never the young one. The other 
 method is to learn accounting, com- 
 mercial law and business systems and 
 methods from men who make a business 
 of teaching such things. 
 
 With such an education your earning 
 power as an expert accountant is many 
 times greater than that of the ordinary 
 bookkeeper. 
 
 You can learn all of this while you 
 continue with your present work and at 
 a small expense. 
 
 You know, of course, that such insti- 
 tutions as the University of Chicago and 
 some other universities have proven that 
 correspondence methods in educational
 
 work are not only equal to, but in many 
 cases are far superior to oral methods. 
 You will find further on in this book a 
 summary of some of the things you 
 should know, not only should know but 
 should be very familiar with. 
 
 To know them means th a t _yp ur 
 opinion wj]l_be_^Qjight i _y^jjr^.idyice w T ill 
 bejieeded, yourJinpQrtance as a business 
 man will be increased and your services 
 will be jn demand at a decided^ increase 
 own house_or_with 
 
 another. 
 
 This is the inevitable result and it's 
 the result you are seeking; it's the thing 
 every wide awake, progressive money- 
 making employee wants. 
 
 The way to get it is to take a course 
 in accounting and commercial law by 
 correspondence in the Walton School 
 of Accountancy. 
 
 The cost is small, the time required 
 10
 
 can easily be given by almost every 
 bookkeeper or clerk, and the returns are 
 tremendous. 
 
 Our methods with our students are 
 helpful methods. We do not require 
 the^full subscription to be made in 
 advance; we give a full equivalent for 
 every dollar^gaid us and if, through 
 sickness or other misfortune, a pupil 
 must discontinue his course of study, w<e 
 do not forfeit the unearned jjartjof his 
 tuiton^ but return it to him. 
 
 Our instructors are practical business 
 men, who know the affairs of the modern 
 business houses, of individuals, partner- 
 ships, corporations and everything 
 affecting them; they are men who are 
 recognized by the great universities as 
 experienced and expert teachers; in fact 
 they are a part of two of the great uni- 
 versities in the middle West. 
 
 The value of this c^mbinatiQii__Qf 
 talents can't be top strpnglyiemphasized; 
 n
 
 it is one of the rare things found in the 
 educational^world practicaj^business 
 Knowledge combined with jthc_import- 
 antthing JDI skill in transmitting_jhis 
 TEnowledge j)y_tcachmg. 
 
 There are plenty of highly expert 
 accountants and there are plenty of 
 capable teachers, but the two combined 
 is almost never found. 
 
 This is the thing that puts the school 
 in a class by itself away ahead of all 
 others. 
 
 The instructions are given you by 
 these men personally and not by some 
 subordinate, as is usually done in cor- 
 respondence schools; they personally do 
 the teaching, they do it with the deter- 
 mination to make a success for you and 
 through your success a still greater name 
 for their school, which is already recog- 
 nized as the best in the country. 
 
 This personal superintendence of your 
 
 12
 
 individual work makes it possible for 
 you to progress rapidly or slowly accord- 
 ing to your individual needs and ability. 
 You are practically in a class by yourself, 
 being taught by the best and most ex- 
 perienced teachers in the country; they 
 are aiming at your advancement and 
 with proper work on your part it is sure 
 to come. 
 
 Through the courses taught by the 
 Walton School of Accountancy, you can 
 reach a position where your services as 
 an expert a.ccountant will be soughtjand^ 
 well paid jbr. In such work it is not 
 infrequent that the accountant^ is recog- 
 nized by those forjwhorn he is working 
 as the very 
 
 lucrative position. 
 
 You can get the particulars of such 
 cases from us by asking for them. 
 
 The lessons^ of this school are pre- 
 pared on loose leaves, jwhich are easily 
 handled and which finally constitutes a 
 
 13
 
 text book far superior to any book now 
 published. We supply a binder to hold 
 the lessons. This loose leaf system 
 makes it easy for the instructors to make 
 changes in lessons where experience 
 shows that such changes are desirable; 
 this is not true of courses conducted by 
 the aid of regularly bound text books. 
 
 The following pages give you an out- 
 line of the various steps in the course. 
 Read them over and see how much 
 there is of great interest to you and to 
 your future business career. 
 
 14
 
 Course in General Accounting 
 
 PLAN OF In this course it is intended to 
 
 INSTRUCTION trace the operations of a business 
 through all its ramifications, be- 
 ginning with the example of one proprietor keeping 
 a single entry set of books. These will be de- 
 scribed and illustrated, and the advantages and 
 disadvantages of this method will be developed. 
 The student will then be shown how to change 
 single entry to double entry with one proprietor, 
 and will be given practical lessons in double entry 
 bookkeeping. A partner will then be taken in 
 and the changes in the accounts necessitated 
 thereby, and the different problems caused by the 
 carrying out of the partnership articles, in the 
 adjustment of the partners' accounts will be 
 illustrated. The partnership will then be changed 
 to an incorporated company, the partnership 
 books closed out and the company books opened. 
 The company will afterwards merge with another, 
 bringing in the problems in connection with good 
 will, and the issue of preferred and common stock. 
 
 The partnership accounts will be ended in 
 three ways: liquidation as solvent, liquidation as 
 insolvent, and the transfer to the corporation. 
 The company accounts will involve the questions 
 of the issue of stocks and bonds, the establishment 
 of a sinking fund, the payment of dividends, and 
 all the various problems that arise in the practical 
 management of a corporation. 
 
 The entire set will form one harmonious whole, 
 treating of actual business transactions arising in 
 various mercantile and manufacturing companies. 
 
 15
 
 The preparation of statements showing the 
 operating and financial conditions will be taken 
 up in all their details and the transactions to be 
 recorded will be sufficiently varied to bring out 
 the principles of accounting. Lectures given with 
 each lesson bear directly upon the work in hand 
 and explain the principles involved and their 
 application. 
 
 A number of problems and quiz questions will 
 be given throughout the course illustrating 
 accounting principles. To these the student is 
 required to send in answers, which will be crit- 
 icised and returned to him together with the 
 correct answers. 
 
 General Accounting Synopsis 
 of Chapters 
 
 The lectures furnished in this course are 
 designed to take the place of text books, and 
 cover fully the subjects outlined in the synopsis. 
 
 In this course the practical work will consist 
 of a graded set of practice books, commencing 
 with the single entry through to the corporation's 
 books. A diary of events showing the details of 
 the transactions to be recorded on the books will 
 be furnished the student, together with the nec- 
 essary loose leaf forms. The student is expected 
 to record the transactions contained in the diaries 
 on the books and send them to the School for 
 correction. They will be returned to the student 
 with a personal letter, if there are any correc- 
 tions to be made, explaining why his treatment 
 of the accounts is wrong. Any further inquiry 
 in regard to the lesson will be promptly answered. 
 
 16
 
 CHAPTER I. Single Entry Bookkeeping. Open- 
 ing of books. Books used: Day Book, Cash 
 Book, etc. Accounts usually kept, transactions 
 involving Cash and Credit Purchases and Sales. 
 Postings to the Ledger what items posted. 
 Inadequacy of Single Entry method. 
 
 CHAPTER 2. Method of determining Profits in 
 Single Entry books. Books and other sources to 
 be used in connection therewith. Inventories and 
 accounts not stated on the books. Drawings as a 
 factor in ascertaining profits. 
 
 CHAPTER 3. Transfer of Single Entry to 
 Double Entry. Opening Entries; items to be 
 posted. Principles of Double Entry Bookkeeping. 
 Rules for journalizing. Description and use of 
 Cash Book, Journal and Ledger. Practical sug- 
 gestions. 
 
 CHAPTER 4. Classes of accounts necessitated 
 by Double Entry. Real and Nominal. Division 
 of Real and Nominal accounts into Personal and 
 Impersonal; Importance of distinction between 
 Real and Nominal accounts. Merchandise Ac- 
 count, how often used; correct method of treating 
 Purchases and Sales, and Return Goods in each. 
 
 CHAPTER 5. Expense Accounts, value of detail 
 classification. Investment or Capital Expendi- 
 ture defined. Revenue and Expense items defined. 
 Importance of distinction between these classes 
 of accounts. Effect of wrong classification upon 
 the revenue. 
 
 CHAPTER 6. Posting to Ledger from books of 
 original entry. Different forms of ledger rulings. 
 
 17 
 
 (General Accounting Continued)
 
 Closing of Cash Book. Trial Balance, definition 
 of; how to take off; double and balance method. 
 Locating errors. 
 
 CHAPTER 7. Admission of Partner; necessity 
 of ascertaining Present Worth by closing the 
 books. Necessity of taking Inventories. Pre- 
 paring simple Profit and Loss Account. Trans- 
 fer of Profits and Drawings to Capital Account. 
 Preparation of Balance Sheet. Definition. 
 
 CHAPTER 8. Entries necessary to open Part- 
 nership Books. Articles of Partnership. Divi- 
 sion of Profits. Interest on Partners' Capital. 
 Object of. Drawing Accounts. Interest on 
 Drawings. 
 
 CHAPTER 9. Introduction of Sales Book, Pur- 
 chase Register, Columnar Journal and Cash Book. 
 Opening Bank Account; different methods of 
 treatment in the accounts. Safeguarding the 
 receipts of cash. All receipts to be deposited; 
 all payments to be made by check. 
 
 CHAPTER 10. Trade and Cash Discounts, dis- 
 tinction between. Cash Discounts in the Cash 
 Book, different methods of handling. The Petty 
 Cash. The "Imprest System" described and 
 illustrated. The Working Fund. Distinction be- 
 tween it and Petty Cash. 
 
 CHAPTER n. Notes Receivable. Methods of 
 registering those received. Methods of keeping 
 the Ledger Account. Notes discounted or trans- 
 ferred to creditors. Contingent Liability on 
 Notes discounted. Treatment of dishonored 
 Notes. Notes Payable. 
 
 CHAPTER 12. Controlling Accounts, defined, 
 how constructed, advantages of keeping. Sub- 
 is 
 
 (General Accounting Continued)
 
 sidiary Ledgers, their relation to the General Led- 
 ger; Trial Balances of Subsidiary Ledger. The 
 Adjustment Account. 
 
 CHAPTER 13. Consignment Sales and Pur- 
 chases, how treated in the accounts and inven- 
 tories. Expenses in connection therewith. Ap- 
 proval Sales, how treated. Joint Ventures, method 
 of keeping account and determining Profit or 
 Loss. 
 
 CHAPTER 14. Loans from Partners; relation of 
 Interest on Partner's Loans to Operating Profits. 
 Relation of Interest on Partners' Capital to 
 Operating Profits. Partners' Loan in the Balance 
 Sheet. Status of Loan in Liquidation. 
 
 CHAPTER 15. Averaging accounts. Proper 
 method of calculating Interest on Partial Pay- 
 ments. Account Current, dealing with the treat- 
 ment of Interest, Advances, and Adjustments. 
 
 CHAPTER 16. Closing Partnership books. In- 
 ventories, correct valuation. Omission of pur- 
 chases not entered on books. Method of treating 
 Inventory on the books. Journal entries to close 
 books. Disposition of Profits. Closing of Draw- 
 ing Accounts. Preparation of Balance Sheet. 
 
 CHAPTER 17. Liquidating the Partnership by 
 agreement, when solvent. Order of distribution 
 of Assets, as to Creditors, Partners' Loans and 
 Capital. Expense and Losses of Liquidation, 
 how divided among Partners. 
 
 CHAPTER 18. Dissolution of Partnership by 
 assignment. Statement of Affairs and Deficiency 
 Account. Definition and preparation of, and 
 relationship between them. 
 
 19 
 
 (General Accounting Continued)
 
 CHAPTER 19. Realization and Liquidation ac- 
 count, definition of. Statement of Affairs as a 
 basis. Adjustment of Partner's Capital to Profit 
 sharing ratio in distribution of Assets. 
 
 CHAPTER 20. Change of Partnership to Cor- 
 poration. Entries to close Partnership Books. 
 Different methods. Advantages of incorporating. 
 
 CHAPTER 21. Opening Entries of Corporation 
 Books. The Balance Account method discussed. 
 Subscription to Capital Stock. Payment of 
 Subscriptions. The Stock Ledger. Transfer of 
 Shares. 
 
 CHAPTER 22. Acquisition of Land and Build- 
 ings; Part Cash and Mortgage. Donated Real 
 Estate. Purchase of Machinery, Tools and 
 Equipment. Expense of Installation as an Asset. 
 Repairs and Replacements, how treated. 
 
 CHAPTER 23. Introduction of Manufacturing 
 Department. Change of method of keeping books 
 by reason of additional activities. Additional 
 accounts necessitated. Voucher Record and 
 Voucher Check, form and use, relation between 
 them. 
 
 CHAPTER 24. Pay-roll. Productive or Direct 
 Labor. Non-productive or Indirect Labor; classes 
 of labor belonging under each heading. Manu- 
 facturing and Factory Expense; classes of accounts 
 under each heading. 
 
 CHAPTER 25. Opening a Branch. Treatment 
 of Branch accounts and inventories. Difference 
 between Branches and Selling Agencies. 
 
 CHAPTER 26. Acquiring a Patent. Cost of 
 defending it and of prosecuting infringements. 
 Treatment in the accounts. Elements diminish- 
 ing value. 
 
 20 
 (General A ccounling Continued)
 
 CHAPTER 27. Depreciation, causes of. Ne- 
 cessity for provision against. Different methods 
 of expressing. Basis of calculation. Sale of 
 Depreciated Asset, how treated. 
 
 CHAPTER 28. Closing Books of Corporation. 
 Deferred Charges; Accrued Income not due; 
 Deferred Credits; Accrued Liabilities not due; 
 definition and treatment of. Reserve for bad and 
 doubtful accounts. 
 
 CHAPTER 29. Revenue Account. Division in- 
 to tables. Manufacturing, Selling or Trading, 
 and Profit and Loss Account. Disposition of 
 Profit. Relation of Surplus to Capital Stock. 
 
 CHAPTER 30. Declaration of Dividend; treat- 
 ment in the accounts and method of payment. 
 Fire Loss; treatment in the accounts, settlement 
 with the Insurance Companies, disposition of 
 Loss. 
 
 CHAPTER 31. Treasury Stock, definition of, 
 how acquired, treatment in the accounts. Do- 
 nated Working Capital, treatment and final 
 disposition of. 
 
 CHAPTER 32. Preferred Stock, various classes 
 discussed. Treatment in the accounts. Accom- 
 modation Paper. 
 
 CHAPTER 33. Purchase of additional plant. 
 Option to purchase for Cash or Bonds. Issue of 
 Bonds in payment. Discount on Bonds, treat- 
 ment of. 
 
 CHAPTER 34. Sinking Fund. Method of es- 
 tablishing. Accounts with the Trustee in con- 
 nection therewith. Treatment of Interest on 
 Sinking Fund Securities. 
 
 21 
 
 (General Accounting Continued)
 
 CHAPTER 35. Complications arising in closing 
 Corporation Books. Their effect on the Revenue 
 Account and Balance Sheet. Correcting errors in 
 previous closings, proper methods of taking In- 
 ventory. Perpetual Inventory. 
 
 CHAPTER 36. Real Estate Income and Ex- 
 pense. Earnings from Outside Investments. 
 Nature of Interest. Extraneous or extraordinary 
 Profits and Losses. Wasting Assets. Valuation 
 of Machinery manufactured by a Factory for its 
 Own Use. 
 
 CHAPTER 37. Private Ledger and Journal. 
 Object and Method of Keeping Suspense Ac- 
 counts, their treatment. Suspense Ledger. For- 
 eign Exchange Accounts, methods of keeping. 
 
 CHAPTER 38. Statement of Receipts and Dis- 
 bursements; of Income and Expense, difference 
 between. Vouchers, what constitute. Numbered 
 Accounts. 
 
 CHAPTER 39. Difference between liquidating 
 Corporations and Partnerships, whether Solvent 
 or Insolvent. Status of debts due to Officers and 
 Stockholders. Liquidating Dividends. Disposi- 
 tion of eventual Surplus or Deficit. 
 
 CHAPTER 40. Consolidation with two other 
 companies. Distribution of Preferred and Com- 
 mon Stock of merger company on the basis of 
 Net Assets and Goodwill. Closing Books of 
 Corporation. 
 
 22 
 (General Accounting Continued)
 
 Course in Advanced Accounting 
 
 PLAN OF The students in this course are ex- 
 
 INSTRUCTION pected to be familiar with general 
 
 bookkeeping methods. 
 
 The topics will be treated in detail in all their 
 bearings pertaining to Practical Accounting, 
 Theory and Auditing, as an exhaustive treatment 
 of any accounting topic must of necessity include 
 the different phases of it. 
 
 There will be sent to the student, with each 
 lesson, two practical problems and five questions 
 in Theory and Auditing involving the principles 
 treated of in the lesson. The answers will be 
 personally examined and corrected by the dean 
 and returned together with an individual letter 
 when necessary, giving the reasons for the criti- 
 cisms. 
 
 This individual treatment makes this course 
 of great value, and it solves all questions that 
 come up in practical work of Certified Public Ac- 
 countants. 
 
 Advanced Accounting Synopsis 
 of Lessons 
 
 CHAPTER I. The C. P. A. Certificate and the 
 advantages of possessing it. Accounting educa- 
 tion and mental qualities necessary to obtain it. 
 Importance of the analytical faculty and imagi- 
 nation. The Bookkeeper and the Accountant. 
 Single Entry, its principles and methods, includ- 
 ing ascertainment of profits. Advantageous use 
 by Executors, Assignees, Receivers and Real 
 Estate Agents. 
 
 23
 
 CHAPTER 2. Double Entry, its principles and 
 methods. The Journal as the fundamental idea. 
 Every entry a Journal entry. Usual rules given 
 for journalizing. Analysis of Debit and Credit 
 with simple rule for journalizing. Changing 
 Single to Double Entry and opening Double 
 Entry Books. The Ledger and its position in the 
 accounts. The Controlling Account, its advan- 
 tages and treatment. 
 
 CHAPTER 3. Individual Proprietorship. For- 
 mation of Partnership. Principles involved in 
 the division of Profits between Partners. Ad- 
 mitting a new Partner . Buying out a Partner . 
 Liquidating a Partnership as Solvent and as Insol- 
 vent. The Statement of Affairs. Status of loans 
 from Partners in liquidation. Transfer of a Part- 
 nership to a Corporation. Closing the Partnership 
 books. 
 
 CHAPTER 4. The Incorporated Company. Ad- 
 vantages and disadvantages of incorporating. 
 Various methods of opening Corporation Books. 
 Capital Stock, Subscription and Issue. Classes 
 of Stock. The Stock Ledger and method of 
 keeping it. 
 
 CHAPTER 5. Treasury Stock. Definition. 
 Wrong uses of the term. Donated Stock and 
 what credit account should offset it. Donated 
 Working Capital, treatment and final disposition. 
 Stock issued for Property, when full-paid and 
 when not. Treatment of Premium or Discount 
 on Stock sold. 
 
 CHAPTER 6. Revenue Account, necessity of 
 understanding it as being objective point of all 
 operations. Its object and form. Reasons for 
 dividing it into tables. Statements preceding 
 
 24 
 (Advanced Accounting Continued)
 
 and following it; the Trial Balance, Balance Sheet 
 and other statements defined and distinguished. 
 Form of the Balance Sheet. Fixed and Floating 
 Assets and Liabilities analyzed and defined. 
 
 CHAPTER 7. Assets. Real Estate, treatment 
 of increase in market value. Donated Real Es- 
 tate. Buildings, what constitutes cost. Build- 
 ing Maintenance and Expense, how treated. 
 Machinery and Tools. Elements of cost, when 
 bought outside and when made in the factory 
 itself. 
 
 CHAPTER 8. Depreciation. General princi- 
 ples governing it. Distinction between Depre- 
 ciation and Fluctuation. Causes of Deprecia- 
 tion. Factors determining the amount. Methods 
 of charging. Treatment in the accounts. 
 
 CHAPTER 9. Raw Material. Elements of 
 Cost. Valuation in Inventory at cost or market 
 value. The Purchase Register. Different meth- 
 ods of recording purchases and keeping 
 accounts with creditors. Product in Process and 
 Finished, how valued in Inventory. 
 
 CHAPTER 10. Accounts Receivable. Abuse of 
 the term. Auditing as to valuation, proof of 
 amounts and establishment of Suspense accounts 
 and Reserve. Notes Receivable. How regis- 
 tered. Notes Discounted. Difference between 
 British and American business methods. 
 
 CHAPTER ii. Cash. Safeguarding receipts by 
 internal checks. Futility of methods usually re- 
 lied on. Petty Cash Fund, how established and 
 treated. Vouchers for credits and payments. 
 Pay-rolls. Auditing vouchers and pay-rolls. 
 The Cash Book. Columnar Books. Cash Jour- 
 nals. 
 
 25 
 (Advanced Accounting Continued)
 
 CHAPTER 12. Patents, how valued originally 
 and from year to year. Patterns, their valuation 
 and depreciation. Deferred Charges and Credits, 
 how carried on books at closing period. 
 
 CHAPTER 13. Goodwill; definition; basis of 
 valuation; who can transfer it; when admissible in 
 the accounts; legitimate and illegitimate uses of 
 the term. 
 
 CHAPTER 14. Liabilities. Accounts Payable- 
 Methods of registering them. Voucher Systems- 
 Notes Payable. Auditor's responsibility for lia- 
 bilities not on the books. 
 
 CHAPTER 15. Sales. Not to be credited to 
 Merchandise Account. Methods of recording 
 and verifying. Treatment of Consignment Sales, 
 Installment Sales and Branch Sales, avoiding 
 danger of making false profits. Department 
 Store Sales. Keeping account of Salesmen's 
 Commissions and "P. M's." 
 
 CHAPTER 16. Discounts. Distinction between 
 Trade and Cash Discounts. Discussion of Cash 
 Discount as to whether it is a reduction of price 
 or an earning or expense of Capital. Cash Dis- 
 count in the Inventory. 
 
 CHAPTER 17. Bonds. Advantage of issuing 
 them instead of increasing Capital Stock. Classes 
 of Bonds described. Accrued Interest as an 
 asset or liability. Analysis of Premium or Dis- 
 count of Bonds, whether issued or owned, and 
 treatment in the accounts. 
 
 CHAPTER 18. Sinking Funds and Reserve Ac- 
 counts. Analysis of underlying principles. Right 
 and wrong uses of terms in connection with the 
 Surplus. Proper treatment in the accounts. 
 
 26 
 (Advanced Accounting Continued)
 
 CHAPTER 19. Secret Reserves. Definition 
 and methods of formation. Arguments for and 
 against them. Duty of the auditor in respect to 
 the officers, the directors and the stockholders. 
 
 CHAPTER 20. Closing the Books. Original 
 and present methods. The Balance Account. 
 The Revenue Account and its division into Manu- 
 facturing, Trading or Selling and Profit and Loss. 
 What should determine the distribution of the 
 items. The Profit or Loss. How treated by 
 individual proprietor, firm or corporation. The 
 Surplus Account, elements constituting it. 
 
 CHAPTER 21. What Constitutes a Profit. Ele- 
 ments of a real profit. Apparent profits made by 
 writing up assets. Unscientific use of the terms 
 "Special Reserve" and "Special Surplus." 
 
 CHAPTER 22. Capital Expenditures and Reve- 
 nue Expenditures. Principles involved in the 
 distinction between them. Basis of charges must 
 be at cost. Partial and entire Replacements in 
 connection with Depreciation Reserves. Treat- 
 ment of Fire Losses, and the profit or loss on set- 
 tlements. 
 
 CHAPTER 23. Inventories and other assets in 
 relation to the Revenue Account. Dividends, 
 Preferred and Common; who have the right to 
 declare. Liability for illegal dividends. Accrued 
 Preferred Dividends, when a liability. Scrip and 
 Stock Dividends. Legal and accounting princi- 
 ples involved in apportionment of dividends be- 
 tween Principal and Income. 
 
 CHAPTER 24. Auditing. Definitions and Ob- 
 jects. Includes Investigations. Duty and Re- 
 sponsibility of Auditor in; Periodical Audits; 
 
 27 
 (Advanced Accounting Continued)
 
 Investigations for client investing his own money 
 for promoters or brokers offering stock for sale, 
 and for company directors selling stock on the open 
 market. Continuous Audits, mode of conducting; 
 advantages and disadvantages. 
 
 CHAPTER 25. Conduct of an Audit. Instruc- 
 tions to assistants. Verification of Postings. Two 
 methods in vogue, checking the accounts or mak- 
 ing an independent abstract. Verification of the 
 assets. 
 
 CHAPTER 26. Verifying the Receipts and Dis- 
 bursements. Appraisals and the auditor's duty 
 in regard to them. The auditor's Report and 
 what it should cover. His fo mal Certificate. 
 Attitude of the auditor to the client and his office 
 force. 
 
 CHAPTER 27. The Stock Exchange and Board 
 of Trade. Cash trades and how they are treated. 
 Future sales analyzed and discussed. Methods 
 of keeping the accounts of brokers. Settling 
 Clerks on the Board of Trade and the use of the 
 Settling Price. 
 
 CHAPTER 28. Insurance Companies and 
 Agents. Basis of Life Insurance. Premiums and 
 so-called Dividends. Different classes of Life 
 Insurance. Fire Insurance. Accounts necessary 
 for the company to keep explained. Different 
 classes of Agents, their accounts and reports to 
 the company. Unearned Premiums, Legal Re- 
 serve, and other elements of reports to State 
 Commissioners. 
 
 CHAPTER 29. Trustees and Executors. Meth- 
 ods of keeping their accounts. Preparation of 
 reports to be submitted to the Court. Mines and 
 
 28 
 (Advanced Accounting Continued)
 
 Mining. What constitutes cost of Development. 
 Donated Stock. Reciprocal accounts between 
 the mine and the main office. 
 
 CHAPTER 30. Consignments. Their nature. 
 Accounts as kept by consignor and consignee. 
 Consigned goods in the Inventory. Adventures. 
 Joint, Single and Reciprocal Venture Accounts. 
 Simple method of treating them. Agencies and 
 Branches. Distinction between them. Impor- 
 tant points to be observed in their treatment. 
 
 CHAPTER 31. Municipal Accounts. Faults of 
 the Receipt and Disbursement method. Busi- 
 nesslike methods described. The Budget as the 
 foundation of the accounts. 
 
 CHAPTER 32. Breweries. Peculiarity of some 
 of the accounts. Necessity of keeping track of 
 output, packages and drivers' expenses. Hotels 
 and Restaurants. Necessity for quickly posting 
 individual accounts, causing peculiar treatment. 
 
 CHAPTER 33. Clubs. Necessity for the pay- 
 ment of dues explained. Various methods of 
 carrying charges against members. Form of 
 annual statement. Building and Loan Associa- 
 tions. Theory on which founded. Serial and 
 Individual Associations. Failure of the indefinite 
 loan plan and advantages of the definite plan. 
 
 CHAPTER 34. Public Service Corporations. 
 Private and Public Ownership. Gas Works. Class- 
 ification of accounts. Treatment of by-products 
 in the accounts. Waterworks. Different classes 
 of works require different accounts. 
 
 CHAPTER 35. Electric Light and Power Com- 
 panies. Construction and Maintenance Accounts. 
 Method of allocating power house expense when an 
 
 29 
 (Advanced Accounting Continued)
 
 electric railroad is also run. Telephone Com- 
 panies. Flat-rate and measured service custom- 
 ers. Reason for large Depreciation Reserves. 
 
 CHAPTER 36. Street and Interurban railroads. 
 Classification of Construction accounts and of 
 Operating Expense. The Interstate Commerce 
 Commission regulations. Treatment of Ticket 
 Discount and Outstanding Tickets. Operating 
 Statistics. 
 
 CHAPTER 37. Steam Railroads. Divisions of 
 Construction and Operating Accounts. Compli- 
 cations caused by Union Terminals, through 
 passengers and freight transferred to other roads, 
 cars of a special character, leased lines and other 
 deviations from conditions on a single road with- 
 out connections. 
 
 CHAPTER 38. Banks and Trust Companies. 
 Classes of banks. Limitation in character of 
 assets. Method of calculating National Bank 
 reserves. Bank bookkeeping. Official examina- 
 tions and proper audits. Additional elements in 
 a Trust Company. 
 
 CHAPTER 39. Contractors. Accounts with the 
 Contract, the Owner and the Cost of Contract. 
 Valuation of Unfinished Contracts. Real Estate 
 Brokers and Agents. Accounts of Renting Agents 
 and of Sellers of lots on partial payments. 
 
 CHAPTER 40. Mergers and Consolidations. 
 Bringing all the constituent concerns to the same 
 basis. Principles involved in allotting stock for 
 Assets and for Goodwill. Distinction between a 
 Merger and a Holding Company. 
 
 30 
 (Advanced Accounting Continued)
 
 Course in Commercial Law 
 
 This School recognizes the neces- 
 PLAN OF sity and importance of a thorough 
 
 INSTRUCTION knowledge of the law pertaining 
 
 to business. 
 
 Special lectures have been prepared for the 
 students' use and cover fully the subjects outlined. 
 The general law is stated, conflicting decisions by 
 dissenting authorities are referred to, a full dis- 
 cussion of the law follows the general state- 
 ments, treating of the principles involved and 
 their application. The reasons by which the law 
 has come to be so established are also given and 
 actual cases are quoted which have been litigated 
 in the Courts, together with the decisions. These 
 cases are to be studied in connection with the 
 lectures. 
 
 The law of the state in which the student re- 
 sides is always taken into consideration. 
 
 Examinations will be conducted throughout the 
 course in the nature of quiz questions. The 
 papers sent in are carefully examined and criti- 
 cisms noted thereon and returned to the student, 
 together with the correct answers. 
 
 Commercial Law Synopsis of Lessons 
 
 GENERAL SURVEY OF THE LAW 
 
 CHAPTER i. Law defined. International and 
 municipal law; the criminal and civil law; the 
 law of contracts and of torts. The sources of 
 our law; the common law; statutory law; the 
 federal and state constitutions. Courts; those of 
 original and appellate jurisdiction; the federal 
 and state courts. 
 
 31
 
 CONTRACTS 
 
 CHAPTER 2. Definitions and Divisions. For- 
 mal and simple contracts; unilateral, bilateral, 
 executory, executed, express, implied contracts; 
 how contract differs from mere agreement or moral 
 obligation. 
 
 CHAPTER 3. Capacity of Parties to Contract. 
 Minors, who are; their contracts for necessaries; 
 what are necessaries; who judges; contracts other 
 than for necessaries; ratification or disaffirmance 
 after age; deeds of minors; married women, their 
 incapacities by the common law, how far removed 
 by statutes; insane persons, drunkards, corpora- 
 tions. 
 
 CHAPTER 4. The Form and Evidences of the 
 Contract. Oral contracts; written contracts; 
 what contracts law requires to be in writing; 
 statute of frauds; contracts of guaranty and surety- 
 ship; contracts in consideration of marriage; con- 
 tracts for sale of lands or interests therein; con- 
 tracts not to be performed within a year; sales of 
 personal property; sealed contracts; what is a 
 seal; its effect; what contracts must be under 
 seal; implied contracts. 
 
 CHAPTER 5. Offer and Acceptance. What 
 constitutes; how long offer remains open; when 
 acceptance complete; who may accept offer; con- 
 tracts made by mail or telegraph; withdrawal of 
 offer; effect of death, insanity, destruction of 
 subject matter. 
 
 CHAPTER 6. Consideration. Defined; its 
 necessity and adequacy; what constitutes consid- 
 eration; moral obligation, past mutual promises, 
 compromises, etc.; illegal contracts; when illegality 
 contemplated by one party only; various sorts of 
 illegal contracts. 
 
 32 
 (Commercial Law Continued)
 
 CHAPTER 7. Construction and Operation of 
 Contracts. Rules of construction; parole evi- 
 dence rule; time of performance; liquidated 
 damages and penalties; assignment of contract; 
 right of beneficiaries who are not parties to con- 
 tract. 
 
 CHAPTER 8. Discharge of Contracts. By per- 
 formance, by breach, by waiver, by impossibility 
 of performance, etc.; literal performance; rights of 
 one who has only partially performed; rescission 
 and cancellation of contracts; effect of fraud, 
 mistake or duress; fraud presumed in certain 
 cases; effect of delay in asserting right of recission. 
 
 NEGOTIABLE INSTRUMENTS 
 
 CHAPTER 9. Nature and Source of Law of 
 Negotiable Instruments. Technical meaning of 
 term "negotiable;" history; the Uniform Negoti- 
 able Instruments Act. Negotiability of various 
 instruments considered: notes, bills and checks, 
 certificates of deposit, bonds, mortgages, ware- 
 house receipts, bills of lading, stock certificates. 
 
 CHAPTER 10. The Requisites and Validity of 
 Negotiable Instruments. Promise or order must 
 be unconditional, must be promise to pay at time 
 certain to occur, and not upon contingency. 
 
 CHAPTER u. The Requisites and Validity of 
 Negotiable Instruments (continued). Certainty 
 of parties; instruments payable to bearer; when 
 instruments considered payable to bearer; words 
 of negotiability, whether necessary, what consti- 
 tute. Recital of value, whether necessary; refer- 
 ence to collateral; waiver of rights; the signature; 
 the delivery; instruments signed in blank. 
 
 33 
 
 (Commercial Law Continued)
 
 CHAPTER 12. Transfer and Rights of Trans- 
 feree. Negotiation by delivery, when may be; 
 negotiation by endorsement; kinds of endorse- 
 ment: blank, special, restricted, qualified, condi- 
 tional, anomalous; effect of negotiation and rights 
 of holder; right to collateral; provisions in instru- 
 ment regarding waiver; confession of judgment 
 clause, etc.; who is holder in due course; when one 
 must be such. 
 
 CHAPTER 13. Transfer and Rights of Trans- 
 feree (continued). Defenses to which holder in 
 due course does not take subject, and those to 
 which he does: payment before maturity, want or 
 failure of consideration, set-off, illegality of con- 
 sideration, collateral agreements, lack of authority 
 in partner or corporate officer, infancy, forgery, 
 fraud in execution, fraud in consideration, duress, 
 alteration. 
 
 CHAPTER 14. Liability of Parties. Maker, 
 drawer, acceptor, endorser, surety, guarantor; 
 procedure necessary to fix liability of parties, to 
 charge parties primarily liable, those secondarily 
 liable; presentment for payment, notice of dis- 
 honor; protest; when steps excused, when waived. 
 
 CHAPTER 15. Accommodation Parties. Defi- 
 nition; purpose of accommodation paper; rights 
 and liabilities of accommodation parties; accept- 
 ance and payment for honor or supra-protest; 
 rights and liabilities. Discharge of negotiable 
 instruments; the various ways of discharging the 
 obligation; force and effect of discharged paper. 
 
 SALES OF PERSONAL PROPERTY 
 
 CHAPTER 16. Definitions; Subject Matter of 
 Sale. Subject matter not yet in existence; crops 
 
 34 
 (.Commercial Law Continued)
 
 yet to be raised, young to be born; mistake con- 
 cerning or destruction of subject matter; formali- 
 ties of contract, what sales must be in writing. 
 
 CHAPTER 17. Conditions and Warranties. 
 Defined; express warranties, what constitutes; 
 effect thereof. 
 
 CHAPTER 18. Conditions and Warranties (con- 
 tinued). Implied warranties: those of title, those 
 of quality and fitness, those contained in a sale 
 by sample, those contained in a sale by descrip- 
 tion. 
 
 CHAPTER 19. Transfer of Title as Between 
 Parties. When title passes; tests and rules; 
 results of the transition of title; transfer of title as 
 to third parties; attempted sale by one not owner; 
 when real owner is estopped to assert his title; 
 when not; effect where after sale seller remains in 
 possession; what constitutes change of possession. 
 
 CHAPTER 20. Contractual Obligations of Par- 
 ties. In respect to time, place, quantity, etc.; 
 acceptance as waiver of rights. 
 
 CHAPTER 21. Rights and Remedies upon 
 Breach. Rights of seller against the goods; un- 
 paid seller's lien; right of stoppage in transit; resale 
 and rescission by seller; remedies of buyer, when 
 he may demand goods, when confined to damages. 
 
 PRINCIPAL AND AGENT 
 
 CHAPTER 22. Nature of Relation. Kinds of 
 agents, general, special; particular classes of 
 agents: factors, brokers, auctioneers, insurance 
 agents, traveling salesmen, agents del credere and 
 not del credere. Formation of relationship, the 
 contract or appointment, whether consideration 
 necessary, agency by ratification and estoppel. 
 
 35 
 
 (Commercial Law Continued)
 
 CHAPTER 23. Rights and Duties Between 
 Principal and Agent. Implied powers of agent; 
 duties of agent; good faith required; application of 
 rule; representing both parties at once; right to 
 double commissions; right of agent to buy of or 
 sell to self; duty of principal to agent. 
 
 CHAPTER 24. Rights and Duties Between 
 Principal and Third Persons. Principal bound 
 where agent does not exceed apparent authority; 
 what constitutes apparent authority; undisclosed 
 principal, his rights and liabilities; when admis- 
 sions of agent binding on principal; when notice 
 to agent is notice to principal. 
 
 CHAPTER 25. Rights and Duties Between Agent 
 and Third Persons. When agent liable to third 
 person; when he warrants his authority; torts of 
 agent; termination of relation, by agreement, 
 revocation, renunciation, death, insanity; when 
 agency irrevocable. 
 
 PARTNERSHIPS 
 
 CHAPTER 26. Definitions, Essential Elements. 
 The assent; profit-sharing; mutual ownership and 
 agency; the intent and how evidenced. Status 
 of partnership before the law; kinds of partner- 
 ships and partners; who may be partners; minors, 
 married women, corporations. 
 
 CHAPTER 27. The form of the Agreement. 
 Whether writing necessary; articles of partner- 
 ship, what they should contain, their effect; the 
 consideration; the firm property, firm name, 
 firm property in general, firm real estate; rights 
 and duties of partners as between themselves; 
 duty of good faith, duty not to compete or make 
 secret profits, duty to keep accounts; salary, 
 interest. 
 
 36 
 (Commercial Law Continued)
 
 CHAPTER 28. Rights and Liabilities as to 
 Third Persons. Liability of incoming partner as 
 to past indebtedness; liability of outgoing partner 
 as to past and future indebtedness; notice of 
 withdrawal; assumption of debts by firm or 
 certain partner; the power (real or apparent) of 
 each partner to bind the firm; particular powers, 
 to purchase, to assign, to sell, to release, to 
 compromise, to issue negotiable paper, etc. 
 
 CHAPTER 29. Rights of Firm Creditors Against 
 the Firm and its Members. Nature of partner- 
 ship liability; rights of firm creditors against firm 
 property, against individual property; rights of 
 separate creditors against firm property; dissolu- 
 tion, settlement and accounting, by operation of 
 law, death of partner, bankruptcy of partner; 
 dissolution by judicial decree, because of parties' 
 incapacity, dissensions, or failure of enterprise; 
 dissolution by sale or transfer of partner's interest, 
 by expiration of time and agreement; settlement 
 and accounting after dissolution and rights, 
 duties and powers incident thereto. 
 
 CORPORATIONS 
 
 CHAPTER 30. Nature and Theory of Incor- 
 poration. Definitions, kinds and classes; creation 
 and organization; the source of corporate existence; 
 organization under special acts; under general 
 laws; the charter; by-laws; defective and incom- 
 plete organization; promoters and their relation 
 to the company. 
 
 CHAPTER 31. Stock and Stockholders. Kinds 
 of stock and the nature thereof; subscription 
 to stock; payment for stock, how it may be made; 
 stock issued at discount as "full paid and non- 
 assessable;" certificates; rights of stockholders 
 to inspect books, to bring suit for or against 
 
 37 
 
 (Commercial La^ Continued)
 
 corporation, to deal with corporation; rights 
 upon dissolution; transfer of stock, right to and 
 effect of transfer, how transfer affected; right of 
 transferree against company, his liabilities to 
 company and to creditors of corporation; forged 
 certificates; stolen certificates. 
 
 CHAPTER 32. Directors. Qualifications; how 
 elected; acceptance and term of office; right of 
 directors to deal with corporation; when director 
 liable to corporation, when to third persons. 
 Agents and officers; president, vice president, 
 secretary, treasurer, general manager. 
 
 CHAPTER 33. The Powers of Corporations. 
 The powers inherent in corporate existence; the 
 express powers found in the charter; what powers 
 to be implied therefrom; liberal or strict con- 
 struction of charter powers; attempted exercise 
 of powers which it does not possess; meaning 
 of term "ultra vires," statement of the doctrine 
 of ultra vires with its various applications; power 
 of corporation to commit torts and crimes. 
 
 CHAPTER 34. The Powers of Corporations 
 (continued). Various particular powers con- 
 sidered: to borrow, to mortgage, to issue notes, 
 bonds, to alienate property, to purchase shares 
 of other corporations or its own shares, to acquire 
 real estate; effect of ultra vires acts. 
 
 CHAPTER 35. Foreign Corporations. Right of 
 state to exclude corporations of other states and 
 countries from doing business within its borders; 
 limitations thereupon; what constitutes doing 
 business; penalties for violation of foreign cor- 
 poration law. 
 
 CHAPTER 36. Combination, Consolidation and 
 Dissolution of Corporations. Right of corpora- 
 
 38 
 (Commercial Law Continued)
 
 tions to combine; definition of trusts, their legal 
 status. Right to consolidate; statutory pro- 
 visions; effect of consolidation. How corpora- 
 tions dissolved; voluntary and involuntary dis- 
 solution; effect of dissolution; distribution of 
 assets. 
 
 GUARANTY AND SURETYSHIP 
 
 CHAPTER 37. Nature and Definition of Con- 
 tract of Guaranty and of Suretyship. Their 
 similarities and differences; formation of the con- 
 tract, notices to be given, what consideration 
 sufficient. 
 
 CHAPTER 38. Rights of Creditors ag a i n s t 
 Surety. When suit must be brought; when rights 
 waived and surety released; right of surety to 
 make use of defenses of principal debtor. 
 
 CHAPTER 39. Rights of Surety against Prin- 
 cipal Debtor. Subrogation of surety rights of 
 creditor when he pays debt; exoneration. 
 
 CHAPTER 40. Rights of Surety against Sureties. 
 Contribution of co-sureties upon payment by 
 surety of more than his share; right to have con- 
 tribution; when it accrues, how lost; rights of co- 
 sureties to collateral held by one or more of their 
 number. Termination of relationship, by ex- 
 piration of time, by agreement, by giving notice; 
 effect of death and insanity. 
 
 39 
 
 (.Commercial Law Continued]
 
 Tuition 
 
 Single Courses 
 
 General Accounting Course 
 Consisting of forty lessons. 
 
 FEE 
 Including three practice sets of books 
 
 $54.00, payable $9.00 with enrollment and $5.00 each 
 
 month thereafter until fully paid. 
 $49.00, payable $19.00 with enrollment and two consecutive 
 
 monthly installments of $15.00 each. 
 $45.00, payable in one cash payment with enrollment. 
 
 Advanced Accounting Course 
 
 Including THEORY OF ACCOUNTS, AUDITING and PRAC- 
 TICAL ACCOUNTING. Consisting of forty lessons. 
 
 FEE 
 
 $64.00, payable $10.00 with enrollment and $6.00 each 
 
 month thereafter until fully paid. 
 $58.00, payable $20.00 with enrollment and two consecutive 
 
 monthly payments of $19.00 each. 
 $54.00, payable in one cash payment with enrollment. 
 
 Commercial Law Course 
 Consisting of forty lessons. 
 
 FEE 
 
 $54.00, payable $9.00 with enrollment and $5.00 each month 
 
 thereafter until fully paid. 
 $49.00, payable $19.00 with enrollment and two consecutive 
 
 monthly installments of $15.00 each. 
 $45.00, payable in one cash payment with enrollment.
 
 Combined Courses 
 
 General Accounting and Commercial Law Courses 
 
 Consisting of forty lessons in each course. 
 
 FEE 
 Including three practice sets of books 
 
 $96.00, payable $16.00 with enrollment and $8.00 each 
 
 month thereafter until fully paid. 
 $90.00, payable $30.00 with enrollment and two consecutive 
 
 monthly installments of $30.00 each. 
 $S4 00, payable in one cash payment with enrollment. 
 
 Advanced Accounting and Commercial Law Courses 
 
 Consisting of forty lessons in each course. 
 
 FEE 
 $106.00, payable $16.00 with enrollment and $9.00 each 
 
 month until fully paid. 
 $100.00, payable $35.00 with enrollment and two consecutive 
 
 monthly installments of $32.50 each. 
 $94.00, payable in one cash payment with enrollment. 
 
 General Accounting, Advanced Accounting and 
 
 Commercial Law Courses 
 Consisting of forty lessons in each course. 
 
 FEE 
 Including three practice sets of books 
 
 $150.00, payable $20.00 with enrollment and $10.00 each 
 month thereafter until fully paid. 
 
 $140.00, payable $35.00 with enrollment and three consecu- 
 tive monthly installments of $35.00 each. 
 
 $130.00, payable in one cash payment with enrollment. 
 
 Tuition for General and Advanced Accounting Courses 
 combined is the same as for the combined Advanced Ac- 
 counting and Commercial Law Courses.
 
 Read these four letters from Mr. J. E. Malm, 
 of Johnson & Carey Co., St. Paul, Minn. 
 
 April 15, 1911. I am en- 
 closing herewith answers and 
 solutions to Lesson No. 4. 
 
 There are a number of 
 questions I would like to ask 
 in regard to the problems in 
 this lesson, especially in re- 
 gard to the corporation ac- 
 counts, but will defer doing 
 so until I receive your answers 
 to this lesson, as in the past 
 all questions about which I 
 was in doubt were answered 
 more or less in your answers 
 and subsequent lessons. 
 
 April 26, 1911. Enclosed 
 please find answers and solu- 
 tions to Lesson No. 5. 
 
 Have gone over answers 
 and solutions to Lesson No. 
 
 4, comparing them with those 
 which I sent in, and now find 
 I do not need to ask any 
 questions regarding same, 
 everything being made clear. 
 
 May 6, 1911. Enclosed 
 please find solutions and 
 answers to Lesson No. 6. 
 
 After papers were returned 
 pertaining to Lesson No. 5, 
 everything was made clear. 
 
 June 10, 1911. Enclosed 
 you will please find Solutions 
 and Answers to Lesson No. 9. 
 
 All questions in previous 
 lesson thoroughly understood. 
 Also found them very inter- 
 esting. 
 
 Some Letters Worth Reading 
 
 EDWARD R. BURT, Public 
 Accountant, Chicago It has 
 occured to me many times 
 during the past few weeks, 
 that a letter extending to you 
 my appreciation of your 
 most valuable course in ac- 
 counting should be forth- 
 coming. 
 
 I have, during the time I 
 have spent as an Auditor, 
 read many of the leading 
 works on this subject, 
 very often to find myself 
 more perplexed than ever as 
 to a correct and practical 
 method of dealing with prob- 
 lems, such as are bound to 
 
 confront those so employed. 
 After having almost com- 
 pleted your course, I feel that 
 I can now honestly say, that 
 in my estimation, it is the 
 clearest, and most practical 
 work of its kind thus far 
 produced; not only in its 
 words and phrases, but in the 
 manner in which it deals with 
 conditions parallel with those 
 the Accountant meets in 
 daily practice. 
 
 I assure you of my hearty 
 appreciation of your efforts, 
 and hope that the success to 
 which you are entitled, will 
 be yours.
 
 T. T. SULLIVAN, The West- 
 ern Foundry Co., Chicago. 
 Having successfully passed 
 the C. P. A. examination, I 
 want to thank you for your 
 great help which I feel was 
 the chief factor in enabling 
 me to pass. I am all the 
 more appreciative, consider- 
 ing the fact that I already 
 had taken a course in account- 
 ing from one of the prominent 
 correspondence schools and 
 had failed to pass the exami- 
 nation. 
 
 As I was of the opinion that 
 with the proper kind of in- 
 struction, I could still become 
 a certified public accountant, 
 I decided to enter your class. 
 Your clear and forceful ex- 
 position of accounting princi- 
 ples, and the application of 
 them to business and account- 
 ing subjects were of great 
 value to me. 
 
 The criticisms of the an- 
 swers to the problems in the 
 course were the means of still 
 further developing and em- 
 phasizing the underlying 
 principles. In my opinion 
 the great value of the course 
 that you are giving, is the 
 combination of the scientific 
 with the practical treatment 
 of the subjects discussed. 
 
 John R. AFFLECK, Beaver 
 Falls, Pa. Your explana- 
 tions of the course to follow, 
 with errors in old inventory, 
 were very clear to me and in 
 fact put another feature of 
 bookkeeping into my con- 
 sideration. 
 
 It was as good as a lesson 
 and I thank you for it. 
 
 JOEL HUNTER, Chairman of 
 Georgia State Board, .Exam- 
 iners of Public Accountants, 
 Atlanta, Ga. I think your 
 idea as to showing students 
 why their answers are wrong 
 is an excellent one and believe 
 it will win a good number to 
 your School of Accountancy. 
 I have long wished that I 
 could find such a School 
 worthy of my strong endorse- 
 ment to the young men and 
 boys of the Southeastern 
 States. 
 
 MAURICE S. KUHNS, Certi- 
 fied Public Accountant No 
 greater evidence of my ap- 
 preciation of your work is 
 necessary than to say that 
 I am grateful for what it is 
 doing for my son Richard. 
 
 It is with pleasure that I 
 unreservedly endorse your 
 School and the excellent 
 Courses you have arranged 
 for Students. 
 
 C. M. WILLIAMS, C. M. 
 Williams & Co., Certified 
 Public Accountants, Seattle, 
 Wash. I assure you that I 
 shall not hesitate to talk up 
 the good work in your school, 
 whenever the opportunity 
 presents itself. 
 
 H. M. TEMPLE, Temple, 
 Webb & Co., Certified Public 
 Accountants, St. Paul, Minn. 
 Your long and practical 
 experience in the accounting 
 field and your excellent stand- 
 ing with the Professional 
 Accountants everywhere, is a 
 guarantee to your prospective 
 students that the service 
 rendered by your school and 
 yourself will be the very best. 
 
 43
 
 Personnel of Faculty 
 
 Seymour Walton, A. B., C. P. A., Dean, is an 
 honor graduate of Williams College and all his 
 life has been a student of and writer on business 
 and accounting subjects. He is recognized as an 
 authority on Accounting and as the foremost 
 educator in accountancy. He organized one of 
 the most successful banks in Chicago and is one 
 of the leading Certified Public Accountants in the 
 United States. 
 
 He is the senior member of the well-known firm 
 of practicing accountants, Walton, Joplin, Langer 
 & Co., and both he and Mr. J. Porter Joplin have 
 been president of the Illinois Society of Certified 
 Public Accountants. 
 
 His articles in the "Auditor," the "Journal of 
 Accountancy," and other publications, have given 
 him a national reputation as a practical thinker 
 and writer who knows how to express his ideas in 
 a clear and forceful manner. 
 
 Two universities have secured his services as a 
 professor and lecturer on Theory, Auditing and 
 Practice of Accounting. This valuable teaching 
 experience, together with the great advantage 
 that comes from twenty years of active practice as 
 a public accountant gives him the two requisites 
 absolutely required of an educator in accountancy 
 accounting experience, to make his teaching 
 practical and teaching experience to successfully 
 impart this knowledge. 
 
 Charles H. Langer, C. P. A., has been actively 
 engaged in the accounting profession for ten years 
 and is a member of the firm of Walton, Joplin, 
 Langer & Co., practicing accountants. 
 
 44
 
 His experience in preparing for and taking the 
 C. P. A. examination and the knowledge of what 
 is required of the candidate, is of inestimable value 
 in the preparation of courses and the coaching of 
 students for the C. P. A. examinations. 
 
 In addition to his practical experience as a 
 Certified Public Accountant, Mr. Langer has had 
 a number of years of teaching experience, as a 
 lecturer in accounting in one of the largest uni- 
 versities where he has charge of the General 
 Accounting Courses. 
 
 In the conducting of these classes he has, 
 through close attention to the needs of the stu- 
 dent and the elimination of all unessential matter, 
 evolved a series of lectures and practice sets of 
 books in General Accounting that is considered 
 by many Public Accountants to be the best avail- 
 able course of instruction to be had in this subject. 
 
 Alfred W. Bays, B. S., LL. B., is head of the 
 Department of Law and is a graduate of Knox 
 College and the Northwestern University Law 
 School. He is in active practice in the legal pro- 
 fession in Chicago and is a member of the firm of 
 Thompson & Bays, attorneys. He is a professor 
 and lecturer on law in two university schools. 
 His years of practical and teaching experience 
 eminently qualify him for this work. 
 
 45
 
 Sample of Diploma of Walton School of Accountancy 
 
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