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Dictionary of Law Terms: Ward

Ward. An infant under the guidance and protection of a guardian. Ward of Court. An infant with reference to whose property a suit has been instituted in Chancery. A ward ought not to marry without leave of the court. Any person marrying a ward without such leave is guilty of a contempt of court, and can be punished by imprisonment.

Warrant. An authority or precept from a justice, commanding the apprehension of an offender, or a search to be made for stolen goods. Warrant of Attorney. An authority given by any one to an attorney-at-law to appear and plead for him; or to suffer judgment to pass against him by confessing the action.

Warranty. As applied to goods and chattels, may be either expressed or implied; the implied warranty only extends to the title of the vendor. If that proves deficient, the purchaser may demand satisfaction from the seller. Watercourse, right of. A right to an interrupted flow of water. Way, right of. The right of going over another man's ground. BOOK-KEEPING.

Book-keeping is a method of recording business transactions in a set of blankpaper books kept for that purpose. As an art, book-keeping was brought to comparative perfection by the merchants of Genoa, and other Italian cities in Northern Italy; and followed up by the merchants of the Netherlands. It was then brought to England where to-day, as in the British Colonies and the United States, it is carried on in the best manner by professional accountants, and skilled clerks in counting houses. In view of their importance, it is usual to remove the books every night from the desk and ordinary shelves in the counting house, to a fire-proof safe.

Though reduced to an accurate system, the details differ in accordance with the extent and nature of the transactions to be recorded. In all kinds of bookkeeping however, the same general principles are, or ought to be followed. The object of this is to keep an account of the goods a merchant buys and sells, and the money he receives and pays out; also, to show at brief intervals the exact state of his affairs-what are his assets, that is, property and money owing to him-and what his liabilities-debts owed by him, and other pecuniary obligations. Should a person not keep an accurate set of books to enable him to ascertain how his affairs stand, he must in a measure- be proceeding on vague and possibly erroneous conclusions; the result of which may be insolvency, bankruptcy, or loss of his good name. In many cases bankruptcy has been traced to the fact of keeping books insufficiently or badly. A merchant's books are at all times his credentials. They should be kept at all times in such a way as to admit of a satisfactory state of affairs being made up. Hence, they should be kept with neatness, accuracy, and perspicuity. There should be, so far as possible, no blotting or erasing of words, or tearing out of leaves-the records should be always beyond the suspicion of falsification.

Properly speaking, there are but two methods of book-keeping based on distinct principles, namely, single and double entry. Single Entry, the simpler kind of accounting, is usually adopted by persons who deal in a variety of articles where the sales are small and many. The principal books used in single entry are the Day-book, Invoice book, Cash-book, and Bill-book, which are employed for recording the transactions as they occur; and a Ledger to which the entries are afterward transferred, under the names of the parties concerned. This method is termed single-entry, as the items are entered only once in the accounts of the Ledger.

The object of the Day-book is to keep a daily account of all goods sold on credit, that is, goods not paid for at the time bought. The book is marked with a date line on the left hand side of the page, and with double money lines on the right hand side. The entry of a transaction embraces the name of the purchaser, and under it is the name of the articles sold, with the prices extended to the first money column. The gross amount when added up is extended to the second money column, so that the amount of all the sales may be more easily summed up. The term Dr. is usually placed after the name of the purchaser, and to articles in the entry is prefixed To the meaning being, that, that the party mentioned is debtor to the concern for the articles mentioned. The person from whom the money is received is the Cr., or creditor. The Day-book, where extensive business is involved is preferable; for by entering the purchases in one book and the sales in another, and adding these up monthly, the owner is enabled to extend or diminish the purchases, as circumstances may direct. Hence it follows, that if to the credit side be added the value of the articles remaining on hand, the difference between the sums on the two sides will give the whole gain or loss on the goods, and by entering the charges of the transactions with the discount, both against and for it, the book will exhibit the result of the whole.

For example, should you buy on credit from John Doe, he being the deliverer, is creditor for the value, and when he receives payment from you, he being the person who receives it, is debtor. Should you, on the same principle, sell goods on credit to Richard Roe, he being the receiver, is debtor; and when he pays you for them, he, being the deliverer, is creditor.