It is true that the so-called "fundamental equation of bookkeeping" which is expressed by the common phra!:'e "assets minus liabilities equals proprietorship" is a theoretical abstraction of which the bookkeeper is usually unaware, as he or she performs the daily routine of keeping the books. It can also be said that it is not really necessary for the bookkeeper to keep in mind this theoretical principle as he carries on the daily task of keeping the records. It is far more important and more nece,sary that the bookeeper should know thoroughly the particular technique of making entries properly in special accounts and journal forms used in the enterprise where he is working. Of necessity the bookkeeper is concerned first of all with the particular accounts, forms, and practices used in the business enterprise with which he is connected. In any enterpri!:'e there is a great mass of details concerning the multitude of daily transactions which must be recorded according tQ the system in use, rapidly and accurately, with pen or machines, in the proper original entry records and accounts. This is the task of the bookkeepers and entry clerks, and in the accomplishment of this task are needed work habits of neatness, speed, and accuracy coupled with the knowledge of the rules of debiting and crediting the particular accounts used in the business, together with the ability to locate errors quickly and draw off correct trial balances periodically. It is true that to do this detailed work properly does not require that the bookkeeper should be consciously aware of the basic accounting equation. Then of what use is it to teach bookkeeping students this equation, as is usually done in the approach to the subject in· modern accounting textbooks ? The justification for introducing and developing the subject by means of the fundamental bookkeeping equation is the hope that by so doing the student will obtain a broader understanding of the business system under which we operate and a realization of the ultimate end or goal toward which this whirling, confusing mass of business activities is leading. The ultimate end of private