Corporation Procedure; Law, Finance, Accounting
Corporation Procedure; Law, Finance, Accounting
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3I RESERVE ACCOUNTS lOSS mineral in the mine, or of timber on the tract, is estimated; and a certain amount calculated to replace the original investment upon or before the exhaustion of the property, is reserved and set aside for each ton of ore mined, or for each thousand feet of lum- ber cut. The part of the original investment which is thus con- sumed as each ton of ore is removed and sold or as each thousand feet of lumber is cut and disposed of, is then charged to expense and credited to ...the Reserve or Allowance for Depletion. This is distinctly an operating reserve, being the amoimt of an expense incurred in making the profit, and is not an impounding of profits.
Indeed, unless the cost of that part of the original investment consumed is charged against profits, these will be overstated.
§ 2o. Summary Under the most common modem corporate practice, assets are seldom specially set aside to represent true reserves or appro- priations of surplus (non-operating reserves), except in compul- sory cases,5 the regular cash assets being relied on to meet any demands made for the purposes for which the reserves are estab- lished.
What to read after Corporation Procedure; Law, Finance, Accounting?
You can find similar books in the "Read Also" column, or choose other free books by Conyngton, Thomas, B. 1855 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
3I RESERVE ACCOUNTS lOSS mineral in the mine, or of timber on the tract, is estimated; and a certain amount calculated to replace the original investment upon or before the exhaustion of the property, is reserved and set aside for each ton of ore mined, or for each thousand feet of lum- ber cut. The part of the original investment which is thus con- sumed as each ton of ore is removed and sold or as each thousand feet of lumber is cut and disposed of, is then charged to expense and credited to ...the Reserve or Allowance for Depletion. This is distinctly an operating reserve, being the amoimt of an expense incurred in making the profit, and is not an impounding of profits.
Indeed, unless the cost of that part of the original investment consumed is charged against profits, these will be overstated.
§ 2o. Summary Under the most common modem corporate practice, assets are seldom specially set aside to represent true reserves or appro- priations of surplus (non-operating reserves), except in compul- sory cases,5 the regular cash assets being relied on to meet any demands made for the purposes for which the reserves are estab- lished.
What to read after Corporation Procedure; Law, Finance, Accounting?
You can find similar books in the "Read Also" column, or choose other free books by Conyngton, Thomas, B. 1855 to read onlineMoreLess
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