ods rest upon the same fundamental principles, but
their development in practice in different countries is to some extent
influenced by the manner in which business is there conducted, and by
the legislative requirements imposed by the several states. In France
traders are required by the Code of Commerce to keep three books--a
journal, an inventory and a letter book, somewhat elaborate provisions
being made to identify these books, and to prevent substitution. The
compulsory journal makes the employment of numerous books of first-entry
impossible without an undesirable amount of duplication, and wherever
this provision obtains the book-keeping methods are in an accordingly
comparatively backward state. The inventory book comprises periodical
lists of ledger balances and the balance sheet, records which are
invariably kept under every adequate system, although not always in a
book specially set aside for that purpose. In Germany the statutory
requirements are similar to those in France, save that the journal is
not compulsory; but there is an additional provision that the accounts
are to be kept in _bound_ books with the pages numbered consecutively--a
requirement which makes the introduction of card or loose-leaf ledgers
of doubtful legality. A balance sheet must be drawn up every year; but
where a stock-in-trade is from its nature or its size difficult to take,
it is sufficient for an inventory to be taken every two years. In
Belgium the law requires every merchant to keep a journal recording his
transactions from day to day, which (with the balance book) must be
initialled by a prescribed officer. All letters and telegrams received,
and copies of all such sent, must be preserved for ten years. The
Commercial Code of Spain requires an inventory, journal, ledger, letter
book and invoice book to be kept; while that of Portugal prescribes the
use of a balance book, journal, ledger and copy-letter book. The law of
Holland requires business men to keep books in which are correctly
recorded their commercial transactions, letters received and copies of
letters sent. It also provides for the preparation of an annual balance
sheet. The law of Rumania makes the employment of journal, inventory
book and ledger compulsory, a small tax per page being charged on the
two first named. There are no special provisions as to book-keeping
contained in the Russian law, nor in the United States law, but in
Russia public companies have to sup