Knowledge that Transforms

Abstract With a view to giving the best possible service to the taxpaying public and for the purpose of protecting interests of the U.S. Government, more than 5,000 employees of the U.S. Internal Revenue Services attached to the Collection Service have been stationed at strategic points throughout the U.S. and its possessions. Most of these employees have been selected from the Civil Service registers. Others who are not required to qualify by Civil Service examinations must meet certain requirements in the way of previous education, training and experience in revenue matters. In connection with the collection of internal revenue taxes, two separate and distinct methods are employed. The first and older method is by the sale of internal revenue stamps. The other method of collecting the revenue is by means of tax assessment. The amount of internal revenue which is paid annually into the Treasury is affected to a great extent by the general prosperity of the country, and this is duly reflected in the prosperous condition of the U.S.

Reviews the book " Accounting Method," by C. Rufus Rorem.

Reviews the book "Factory Management," by Paul M. Atkins

Abstract In connection with the accounting terms, assets, liabilities, and net worth, a word of caution is necessary. By definition, it is obvious that in any case the total asset minus the total liabilities is equal to the net worth. As a result of this method of portrayal, the balance sheet has often been completely misunderstood and the layman frequently asks why it is that assets and liabilities are always of equal amount. To explain, the accountant has upon occasion gone so far as to personalize the business as distinct from its owner, and the net worth is referred to as a liability of the business to its owner. This, of course, only leads to confusion and various attempts have been made to explain the situation more clearly. Thus it has been advocated that the term liabilities be abandoned and that there be substituted therefore the term equities. Under this plan all obligations of a business to creditors and others are termed equities and the net worth of the business is termed the equity of the proprietor.

Reviews the book "The General Accounting Office--Its History, Activities, and Organization," by Darrell H. Smith.

Abstract At the present time it is becoming more generally recognized than formerly that a business concern is made up of a series of interlocking activities or functions. To a considerable extent the administration of a business means the adequate and thorough control of the major functions. To facilitate this administration, various devices are set up, the purpose of which is to supply information to the executive or to aid him in putting into effect the policies which have been adopted. One of the means of control which has been receiving an increasing degree of attention in recent years is factory cost accounting. Hence one of the tasks which has confronted university schools of business is that of teaching their students something of the nature, operation and use of the system of records and accounts by means of which information concerning factory costs may be obtained. While a system of cost accounts and records may serve various ends, in most instances its primary reason for being is that it provides a very valuable means of control for the assistance of the general manager, his associates and assistants.

Abstract The article presents recent developments in departments related to accounting and economics in several universities and colleges across the U.S. In the absence of Dean E. W. Lord and Assistant Dean R. Davis during the second semester of Boston university, Boston, Massachusetts, Professor Atlee L. Percy of the accounting department has been named acting dean of the College of Business Administration. Professor Percy has thus been appointed Chairman of the Educational Committee of the Massachusetts Society of Certified Professional Accountants (CPA). At the University of California, Los Angeles, California, A. Frank Lloyd, a teaching fellow, has joined the staff of Mclaren, Goode and Co., CPA's. Morris H. Harrison, W.D. Moore and Sterling Reece have been appointed teaching fellows to fill vacancies. Professor Gordan A. Watkins has been acting chairman of the Economic Department during the absence of Professor H.S. Noble. H.E. Crawford, assistant in accounting at the University of Illinois, Chicago, Illinois, has been joining the staff of Arthur Anderson and co. at Kansas City, Kansas. Edwin L. Theies has been coming to the department as assistant professor.

Reviews the book "Accounting Reports in Business Management," by Homer E. Gregory.

Reviews the book "Problems in Finance," by Cecil Eaton Fraser.

Reviews the book "Hotel Accounting Including Departmental Control, Food Costing and Auditing," by Ernest B. Horwath and Louis Toth.