Knowledge that Transforms

Reviews the book "Practical Bank Credit," by Herbert V. Prochnow and Roy A. Foulke.

Reviews the book "Money and Banking," by Charles L. Prather.

Abstract The article presents accounting cases of Akron Brass Manufacturing Co. Inc. The history of the Akron Brass Manufacturing Co. Inc. presents some rather interesting features in conjunction with a very simple reorganization, the appreciation of fixed assets and a brief experience with a single, unprofitable subsidiary. The company was organized in Ohio on July 6, 1935, to take over the business of The Akron Brass Manufacturing Co. The latter had been incorporated on December 26, 1919 and continued as a going concern until July 8, 1935, when all of its assets were transferred to; and all of its liabilities assumed by, the Akron Brass Manufacturing Co. Inc. The Akron Brass Manufacturing Co. Inc. is principally engaged in the manufacture, sale and assembly of brass and alloy goods for fire and mill equipment. The company's products include nozzles, hose couplings, siphons, coupling expanders; fire hose test pumps and other fire fighting equipment. An abortive attempt to expand its activities through a wholly owned subsidiary was made in 1937. The balance sheet of the company prior to the reorganization is presented in the article.

Reviews the book "Principles of Auditing," by F.R.M. de Paula.

Abstract The problems mentioned in the paper were presented as the second half of the November 1939 C.P.A. examination prepared by the Board of Examiners of the American Institute of Accountants. The candidates were required to solve all problems in six hours. The weights were as follows: problem 1, 10 points; problem 2, 25 points; problem 3, 30 points, and problem 4, 33 points. The set of problems which, while far from an ideal C.P.A. examination, is superior to Part I of the same examination, which appeared in the December issue of the journal The Accounting Review. Unlike problem 3 of part 1, the problems of this set are clearly stated and lead to a solution without imposing on the candidate the added burden of reading the mind of the examiner.

Abstract It is the purpose of this paper to discuss some of the outstanding problems of organization and procedure in the conduct of the accounting functions of the national government above the departmental level, that is to say, of central accounting and control as distinguished from the fiscal administration of individual operating agencies. The theme of this paper is the development of improved practices, and while few citizens are interested in forms of government as such, abstracted from the results they tend to foster, significant progress toward essential improvements in practice in this field is inextricably bound up with changes in the machinery of central financial control. Present practices are the logical result of present organization. The starting point is, then, an analysis of that system. The reorganization bills before the U.S. Congress in 1938 contained sweeping proposals deigned to meet the kind of difficulties that have been noticed here: the divorce of control and audit, vesting the one in an executive agency and the other in an independent office safeguarded as the Comptroller General now is; and the establishment of a Congressional Joint Committee on Public Accounts.

Reviews the book "Municipal and Governmental Accounting," by Carl H. Chatters and Irving Tenner.

Reviews the book "Land Economics," by Richard T. Ely and George S. Wehrwein.

Abstract The problems mentioned in the paper were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the first half of the May 1940 C.P.A. examination in those states using the Institute questions. The candidates were allowed six hours to solve the five problems. A detailed list of problems is mentioned in the paper.

Reviews the book "Theory of Numerical Roots," by Charles E. Tumminello.