Elementary accounting principles and bookkeeping methods

Abstract

Property is Necessary for Business Operations. ”Men are engaged in business activities for the purpose of earning a livelihood. The first essential for the conduct of business operations is the possession of property. Property are things owned. Ownership is a right to things owned. A thing has value when it may be exchanged for labor or the product of labor, that is, other property. Practically everything which has value may be spoken of as property or things owned. Examples are shoes, books, musical instruments, money owed to one, land, buildings, merchandise, etc.