Accountants often use the horizontal form of working trial balance. Their choice of this form is frequently due to the limitations they find when using the adjustment columns of the conventional form of the work sheet. Very few textbooks on accounting or manuals on working papers have properly set forth the use of the adjustment columns of the conventional working trial balance, that accountants have been reluctant to use the latter form when its use would be advantageous. Textbook illustrations of the entries in the adjustment columns of the conventional working trial balance usually show a few routine items which are of a very simple nature. As every accountant knows, some accounts may require half a dozen or more adjustments. It is because accountants are following an abbreviated procedure for the proper use of the adjustment columns of the conventional working trial balance that difficulties arise. To save time, the plan can be modified somewhat. The accountant can post the first and succeeding entries for account directly to the "T" account sheet.

I. The literature on investment in risky foreign projects, 213.—II. A portfolio model of foreign investment, 216.—III. The financing of foreign investment, 219.—IV. The effect of no foreign borrowing, 222.—V. The effect of taxation: debt transfer, 223.—VI. The effect of taxation: equity transfer, 226.—VII. Policy implications, 229.—VIII. The behavior of individual firms, 230.—IX. Conclusions, 230.

This article discusses the accounting practice for repossession and trade-ins in automobile industries. It describes that in automobile accounting the used-car traded in and the possession require special consideration if operating statements and balance-sheet accounts are to mean anything. Car dealers find it necessary to borrow heavily on their inventory of cars. The usual procedure is to arrange with some finance company to advance up to 100% of the "blue-book" value of each car placed on the floor of the dealers showroom or on his lot. Used-car advances will probably be limited to 80% of "blue-book" value. The dealer signs what is known in the trade as a "flooring note," securing this note with title to the car, and receiving a trust receipt for the car. Under this arrangement the dealer may sell the car, but the finance company does not transfer title until the flooring note is paid, usually from the proceeds of the sale. It sometimes happens that the contract will not cover the flooring note since price reductions must sometimes be effected to move cars which have remained on the floor too long. Based on these consequences of second-hand cars, their reconditioning, and responsiveness, it is assumed that the used car presents accounting problems peculiar to automobile merchandising.

I. The basic model, 615.—II. Tax rate interdependence, 620.—III. Foreign borrowing, 626.—IV. Conclusion, 628.