By Louis D. Brandeis
There are few indictments of the yankee banking procedure as searing as different People’s funds and the way the Bankers Use It, written by way of Louis D. Brandeis in 1913. lengthy one among the foremost muckraking exposés of the revolutionary interval, it nonetheless speaks powerfully to our personal instances. The ebook ended in the institution of stringent rules at the banking approach, ideas that undergirded many years of prosperity and balance for either banks and the yankee economic system after international battle II. Weakening these principles ended in the nice banking meltdown of 2008, whilst once more the greed and recklessness that Brandeis had warned approximately caused a big melancholy and value thousands of individuals their jobs and homes.
Louis Dembitz Brandeis is understood to most folks as one of many giants of yankee constitutional legislations. between Progressives he led the assault opposed to monopolies and what he termed the “curse of bigness,” charging that the massive banks, headed by means of J. P. Morgan, had created a funds belief. In 1912 a congressional committee held wide hearings that exposed how these banks used their monetary energy to dominate American undefined. Brandeis took those revelations and interpreted them into renowned language during this publication.
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Additional resources for Other People's Money and How the Bankers Use It (Barnes & Noble Library of Essential Reading)
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This account is used to record the purchase of buildings used by the restaurant. ■ Equipment. This account is used to record the purchase of equipment. ■ Furniture. This account is used to record the purchase of furniture. ■ ■ ■ China, glassware, silver, and linen. This account is used to record the purchase of china, glassware, silver, and linen. ) Accumulated depreciation. This account is used for recording depreciation over the useful life of an asset such as equipment. Deposits. , should be recorded in this account.
An account has a debit balance if the sum of the debits for the account exceeds the sum of the credits for the same account. Conversely, an account has a credit balance if the sum of the credits for the account exceeds the sum of the debits for the same account. In the following illustration for Luis’s, the cash account has a debit balance of $1,755. The two debit entries total $5,015, and the three credit entries total $3,260. Since the debits exceed the credits, the balance of $1,755 is called a debit balance.
These basics should be incorporated into the restaurant’s procedures for collecting, assembling, reporting, and using financial information. TYPES OF BUSINESS TRANSACTIONS BUSINESS TRANSACTION The act of exchanging something (such as money in the form of cash, check, credit card, or promise of future payment) to purchase food products, employee labor, or resources needed by the restaurant during the conduct of business. Every day, innumerable business transactions occur in restaurants. There is an exchange of cash to purchase food from suppliers, and guests use credit cards or cash to pay for their meals.