Bituminous Coal Mine Accounting

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Bituminous Coal Mine Accounting
William Blose Reed
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" This account should be credited monthly with a proportionate part of the insurance premium and a charge made to " In- surance" as an item of cost. In the case of insurance on miners' dwellings, the charge is to an account called "Insurance on Miners' Dwellings, " or it may be pre- ferred to make this charge direct to a general account, "Miners' House Repairs and Expenses, " but under any circumstances the separation should be thus made, for the failure to charge all of the expenses against th...e miners' houses has had in the past a tendency to mislead many people as to the investment value of these houses in connection with a mining plant and to assume that they brought in a net revenue when such supposed revenue was produced only by the failure to properly charge dwellings with a portion of insurance, taxes, etc.
Any one who has been called upon to reach a settle- ment with an adjuster of the fire insurance companies cannot have failed to be impressed with the absolute ne- cessity of having proper inventories and of having the items on such inventories allocated with respect to the buildings in which the various equipment or supplies may be located.


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