(1867) and his subsequent Collections and Notes (1876–1903), and as to more recent books in Slater’s Early Editions, a bibliographical survey of the works of some popular modern authors (1894), while French classics have found an excellent chronicler in Jules Le Petit (Bibliographie des principales éditions originales d’ècrivains français du XV e au XVIII e siècle, 1888).
In most cases there is a marked falling off in the interest with which early editions other than the first are regarded, and consequently in the prices paid for them, though important changes in the text give to the edition in which they first occur some shadow of the prestige attaching to an original issue. One of the recognized byways of book-collecting, however, used to be the collection of as many editions as possible of the same work. When this result in the acquisition of numerous late editions of no value for the text its only usefulness would appear to be the index it may offer to the author’s popularity. But in translations of the Bible, in liturgical works, and in editions published during the author’s life the aid offered to the study of the development of the final text by a long row of intermediate editions may be very great.
Another instance in which imagination reinforces the more positive interest a book may possess is in the case of editions which can be connected with the origin, diffusion or development of printing. Piety suggests that book-lovers should take a special interest in the history of the art which has done so much for their happiness, and in this respect they have mostly shown themselves religious. The first book printed in any town is reasonably coveted by local antiquaries, and the desire to measure the amount and quality of the work of every early printer has caused the preservation of thousands of books which would otherwise have perished. (See Incunabula.)
The financial side of book-collecting may be studied in Slater’s Book-Prices Current, published annually since 1887, and in Livingston’s American Book Prices Current, and in the same author’s Auction Prices of Books (1905). While largely influenced by fashion the prices given for books are never wholly unreasonable. They are determined, firstly by the positive or associative interest which can be found in the book itself, secondly by the infrequency with which copies come into the market compared with the number and wealth of their would-be possessors, and thirdly, except in the case of books of the greatest interest and rarity, by the condition of the copy offered in respect to completeness, size, freshness and absence of stains. (A. W. Po.)
BOOK-KEEPING, a systematic record of business transactions, in a form conveniently available for reference, made by individuals or corporations engaged in commercial or financial operations with a view to enabling them with the minimum amount of trouble and of dislocation to the business itself to ascertain at any time (1) the detailed particulars of the transactions undertaken, and (2) the cumulative effect upon the business and its financial relations to others. Book-keeping, sometimes described as a science and sometimes as an art, partakes of the nature of both. It is not so much a discovery as a growth, the crude methods of former days having been gradually improved to meet the changing requirements of business, and this process of evolution is still going on. The ideal of any system of book-keeping is the maximum of record combined with the minimum of labour, but as dishonesty has to be guarded against, no system of book-keeping can be regarded as adequate which does not enable the record to be readily verified as a true and complete statement of the transactions involved. Such a verification is called an audit, and in the case of public and other large concerns is ordinarily undertaken by professional accountants (q.v.). Where the book-keeping staff is large it is usually organized so that its members, to some extent at least, check each other’s work, and to that extent an audit, known as a “staff audit” or “internal check,” is frequently performed by the book-keeping staff itself.
Formerly, when credit was a considerably less important factor than now in commercial transactions, book-keeping was frequently limited to an account of receipts and payments of money; and in early times, before money was in use, to an account of the receipt and issue of goods of different kinds. Even now what may be called the “cash system” of accounts is almost exclusively used by governments, local authorities, and charitable and other institutions; but in business it is equally necessary to record movements of credit, as a mere statement of receipts and payments of money would show only a part of the total number of transactions undertaken. As for practical purposes some limit must be placed upon the daily record of transactions, certain classes show only a record of cash receipts and payments, which must, when it is desired to ascertain the actual position of affairs, be adjusted by bringing into account those transactions which have not yet been completed by the receipt or payment of money. For instance, it is usual to charge customers with goods sold to them at the date when the sale takes place, and to give them credit for the amount received in payment upon the date of receipt (thus completely recording every phase of the transaction as and when it occurs); but in connexion (say) with wages it is not usual to give each workman credit for the services rendered by him from day to day, but merely to charge up the amounts, when paid, to a wages account, which thus at any date only shows the amounts which have actually been paid, and takes no cognisance of the sums accruing due. When, therefore, it is desired to ascertain the actual expenditure upon wages for any given period, it is necessary to allow for the payments made during that period in respect of work previously performed, and to add the value of work performed during the current period which remains unpaid. In the majority of businesses those accounts which deal with various forms of standing expenses are thus dealt with, and in consequence the record, as it appears from day to day, is pro tanto incomplete. Another very important series of transactions which is not included in the ordinary day-to-day record is that representing the loss gradually accruing by reason of waste, or depreciation, of assets or general equipment of the business; proper allowance for these losses must of course be made whenever it is desired to ascertain the true position of affairs.
The origin of book-keeping is lost in obscurity, but recent researches would appear to show that some method of keeping accounts has existed from the remotest times. Babylonian records have been found dating back as far as 2600 B.C., written with a stylus on small slabs of clay, and it is History.of interest to note (Records of the Past, xi. 89) that these slabs or tablets “usually contain impressions from cylinder seals, and nail marks, which were considered to be a man’s natural seal,” thus showing that the modern method of identifying criminals by finger prints had its counterpart in Babylonia some 4500 years ago. Egyptian records were commonly written on papyrus, and contemporary pictures show a scribe keeping account of the quantities of grain brought into and removed from the government store-houses. It will thus be seen that some form of book-keeping existed long before bound books were known, and therefore the more general term accounting would seem to be preferable—the more so as the most modern developments are in the direction of again abandoning the bound book in favour of loose or easily detached sheets of paper or card, thus capable of being rearranged as circumstances or convenience may dictate. Most of the earlier accounting records are in the nature of a mere narrative of events, which—however complete in itself—failed to fulfil the second requirement of an adequate system of book-keeping already referred to. Prior to the use of money nothing in this direction could of course well be attempted; but for a long time after its employment became general money values were recorded in Roman figures, which naturally did not lend themselves to ready calculation.
At the present time it may be generally stated that all book-keeping records are kept in three distinct columns, dealing respectively with the date of the transaction, its nature, and its money value. The earliest extant example of accounts so kept is probably a ledger in the Advocates’ library at Edinburgh, dated 1697, which, it is of interest to note, is ruled by hand. Prior to that time, however, double-entry book-keeping had been in general use. The exact date of its introduction is unknown; but it was certainly not, as has been frequently stated, the
