RI 2971 A System of Accounts for the Slate Industry

"Simple systematic accounting that adequately records all transactions has long been regarded as essential to the welfare of any business enterprise. Some of the defects that detract from the prosperity of the slate industry are attributable to a lack of effectiveness in cost keeping. This condition has prompted the United States Bureau of Mines to make a detailed study of accounting methods for the slate industry, and to present for consideration a system of accounts, which it is believed would enable the industry to attain more economical management and operation if accepted by a fair proportion of its important units.The method of accounting presented herein has been worked out with the assistance of leading slate producers and the recommendation are tentative and are submitted in this form as a means of developing constructive criticism. Believing that cooperative effort in this, as in many other problems, will bring the most enduring benefits to the industry as a whole, the writer urges that the most earnest consideration be given to this vital problem now facing the slate industry.Grateful acknowledgment is made of the helpful assistance rendered by R. E. Eckert of the accounting firm of Eckert, Degan, and Palmer of Easton, Pa., in compiling the charts and the explanatory text. He has brought to this work a wide knowledge of accountancy, supplemented by a background of direct contact with the slate industry, and his presence at the various conferences has been of great advantage in clearing up difficulties. The National Slate Association sponsored the cost study and chiefly through the efforts of President W. H. Smith and Secretary W. S. Hays, has aided greatly in conducting it. Acknowledgment is also made of assistance rendered by William F. Marsh of the United States Bureau of Mines."