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students to become junior accountants associated with firms of public accountants and auditors, students who are looking forward to the time when they can qualify for promotion to positions as senior accountants, and be prepared for the professional examinations for the degree "C. P. A.”

Accounting, theory and practice, Auditing and Commercial Law are considered basic subjects in courses of this nature. There is a distinction between Accounting and Auditing. However, the term Accounting comprehends audits, among other things, and Auditing presupposes a knowledge of accounting. Commercial Law is not developed herein as a distinct subject, but rather it is intended to show its contact with Accounting.

In preparing this treatise, we have, therefore, correlated these subjects so that the student obtains a view of each in its relation to the problems of the public accountant and auditor. As the subject matter is developed, the student learns the relation of Accounting and Auditing and perceives the contact of Commercial Law with Accounting.

A knowledge of the principles of bookkeeping and elementary accounting and of Commercial Law is a prerequisite to satisfactorily comprehending the principles of Public Accounting and Auditing.

The author desires to take this opportunity to express his appreciation of the help and inspiration received from those instructors, professional accountants and others, who have given material assistance in compiling the manuscript and in reading the proof.

J. F. SHERWOOD, C. P. A. Cincinnati, Ohio.

July 1, 1920.

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