PREFACE The Division of Marketing of the American Petroleum Institute believed there was a need for some system of accounting that would be of assistance to distributors@ jobbers@ and dealers of petroleum products. The Financial and Accounting Committee of the American Petroleum Institute was requested to compile a suggested system and accordingly assigned this task to its Accounts and Accounting Procedures Subcommittee. The Division of Marketing wishes to express its sincere appreciation to this group for the excellent text it has prepared. This suggested system of accounts is presented with the idea that it may serve as a guide to these marketers of petroleum products@ as well as to those just beginning in this field@ to students@ and as a general reference book for those who may be interested in the distribution of petroleum products. It is designed for use by both small and large companies@ and for those operating as a sole proprietorship@ a partnership@ or a corporation. Service Station dealers may select such material as is applicable to them@ although there are a number of good accounting systems prepared for this type of business which are available through supplying oil companies Individual managements have different ideas as to which policies and practices best serve their individual needs and accordingly their opinions on the accounting practices and procedures required will vary. In a field as competitive as the distribution of petroleum products it is neither desirable nor possible to set up a system of accounts applicable to all organizations. Therefore this volume is not intended to promote any uniform system of accounts or procedures but contains only the fundamental and generally accepted principals of accounting and methods of procedure. There are alternative methods and procedures available which might better suit a particular enterprise. It is so designed as to afford flexibility in that accounts or procedures may be expanded or combined to provide the detail considered necessary by the individual management. To the professional account the text may appear to be somewhat elementary in form@ and it is intentionally so@ in order that it may be readily followed by those companies that do not employ such talent. It is sincerely hoped that this publication may be helpful@ in so far as it is applicable to the distributors and jobbers of petroleum products.