Knowledge that Transforms

Reviews the book "Rational Bookkeeping and Accounting," by Albert G. Belding and Russell T. Greene

Reviews the book "Federal Income Taxation," by Joseph J. Klein.

Reviews the book "Accounting and Cost Finding for the Chemical Industries," by George A. Procheska.

Reviews the book "The Theory and History of Banking," by Charles F. Dunbar.

Abstract The article presents information about the Louisiana Civil Code. When compilers of the Louisiana Civil Code of 1825 began their work they found in the French Code the law of ancient Louisiana modernized and readjusted. They used those portions that their experience found applicable to Louisiana, at the same time drawing upon Spanish law in support of principles and practices too well settled to be disturbed. To a large extent, however, they acted independently of both French and Spanish law, so that today there exist, in Louisiana law, many departures from the model after which the fundamental law of the state is patterned. The court reports are replete with cases which illustrate these differences and departures. Thus in Louisiana a last will and testament cannot be annulled for undue influence, because proof is not admitted of the disposition having been made through hatred, anger or suggestion. No attack upon the testamentary capacity of the testator is permitted, except to show that he was mentally incapacitated when he made the will. The presumption of a lucid interval must be overcome, even though the testator has been wholly or partially insane at times before making his will. Death passes decedent's estate to his heirs, hampered only by its administration, if one is desired or necessary or by the limited tenure of an executor in intestate successions.

Abstract Since 1925, John R. Wildnzan as chairman of the Committee on Education, American Institute of Accountants, has endeavored to procure the general adoption of a classification of accounting services. The original report was prepared September 9, 1925. Since then the matter has been discussed at each meeting of the American Institute of Accountants, by the American Society of Certified Public Accountants, the New York Society of Certified Public Accountants and the American Association of University Instructors in Accounting. The classification considered by the 1980 meeting of the American Institute of Accountants is not yet available for publication. The article attempts to discuss the differences between two classifications but the author is very much interested in having a uniform classification of accounting services come into general use. The importance of such a classification of accounting services for instructional purposes in auditing courses will he obvious to any one. From the standpoint of instructing students who expect to become professional auditors, a recognized classification of accountancy services enables the teacher to state definitely that there are certain recognized classes of audit work and point out the objects to be accomplished by each class of audit.

Abstract During and after the first World War, France, like many other belligerents, failed to meet her current budgetary expenditure from the revenues arising from taxation. The result of the inflation created many problems for the business man. Depending upon the attitude one holds with reference to the quantity theory of money, inflation either created these problems through its effect in bringing about a very rapid increase in prices, or these problems, created by other economic processes, than by action on prices, finally resulted in a marked increase in prices. French accounting theoreticians had the advantage of the earlier German experience and some of the new accounting methods proposed were but adaptations of German inflation accounting theory and practice. The elaboration of these methods by both French and German accounting theorist constitutes a definite contribution to general accounting theory. An understanding of the principles involved may help in settling some of the controverted questions of principle which attract the attention of accountants.

Reviews the book "Cost Finding for Engineers," by Charles Reitell and Clarence Van Sickle

Abstract The article proposes to discuss the regulation, by governmental authority, of the profession of public accountancy in France with particular reference to the newly created diploma, of Expert-Comptable Reconra par l'Etat. The role of the French public accountant and consequently the importance of the new decree affecting the profession and giving its members an official title and status may be more dearly grasped if the main characteristics of private accounting practice in France are first briefly sketched. To the U.S., the French public accountant is obliged to ply his trade in some what antiquated surroundings. The business technique of the French resembles the U.S. practice which prevailed at the beginning of this century rather than that of the present time. Compared to the U.S. business organization, that of the French is less formal and more personal, more human than mechanical, traditional rather than efficient, conservative rather than aggressive. While then are many large units, France is generally considered the country of small, personal and family enterprises.

Reviews the book "Hard Times. The Way in and the Way Out," by Richard T. Ely.