The publications reviewed: Bauer, Lyndon, Maltbie, Nash, Raymond. — I. Retrospective and prospective regulation as affecting the basis of valuation, 297. — II. Valuation as a means of controlling profits and as a means of controlling charges, 302. — III. The market value fallacy in the determination of "fair value, " 307. — IV. Consistency in the development of a valuation theory, 314. — V. Conclusions, 325

I. Genesis of Federal Trade Commission law, 562. — II. Value of investigations made by Economic Division, 566. — Proceedings instituted by Legal Division mainly for protection of customers, rather than competitors, 568. — Regulative policies unsoundly drawn in three directions, 571. — Principal criticism is of failure of Commission to define limits of its corrective responsibility, 574. — Accomplishments of Commission as an advisory and consultative body, 578. — Significance of recent changes in rules of procedure, 579. — III. How inflexibility and lack of dispatch in administrative procedure may be overcome, 580. — Some suggestions toward substantive amendment of Clayton and Federal Trade Commission Acts, 584

Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income there from in any taxable year that proportion of the installment payments actually received in that year which the total profit realized or to be realized when the payment is completed, bears to the total contract price. The solution of the problem is so simple that there would be no excuse to raise a discussion of the subject were it not for the published decisions of responsible revenue officers. Every beginner in accounting understands or should understand the use of suspense and deferred revenue accounts. Accordingly it is not difficult for him to appreciate that what is received in one accounting period may be income of a different period, just as a cost incurred in one period may be an expense in another

Since the origin of fraternity life in the U.S. colleges and universities, the proper method of financial control has been one of the most vexing problems. Prior to the last decade little constructive work had been done in producing a satisfactory routine which would be both practicable and at the same time sufficiently simple for the training, or lack there of, which the average fraternity treasurer possessed. In the past ten years, however, more and more attention to the question has been paid by college officials, officials of national groups and by the personnel of groups themselves and this has resulted in several interesting developments. This trend may be accounted for in several ways, but probably follows the general interest which has become manifest due to federal regulations, higher costs and other factors. There are several factors peculiar to fraternal accounting control which are not to be found in most other types of organizations. The personnel of the college fraternity is a rapidly changing one. This means that the average treasurer no more than has time to become efficient as a business manager and bookkeeper when he passes on and the next victim takes his place