Abstract There is a great variation in the methods and extent of administrative supervision over local finance in the different states of the U.S. Each of the states exercises supervision to some extent. The purpose of this article is to examine the systems in use that are indicative of the better present-day conditions. It is planned to deal with only four phases of financial administration, namely, budgeting, accounting, auditing and reporting. It should be noted that there is a great variety in the name of the supervisory agency, in the appointment of the supervisory officer, in the term of office and in the salary. In most states the supervisory agency is in one of the already existing departments which is under the direction of either the State Auditor or the Comptroller. Since the agency is often in one of the department, the supervising officer is named after the department. The salary, the term of office and the method of selection all depend upon the state and upon whether the supervisory agency is a department in itself or is in connection with another department.

Introduction: scope of the paper, 92. — Number of disputes, 94. — Attitude of trade unions, 94. — Compulsory arbitration, 96. — Magnitude of disputes, 98. — Duration of disputes, 98. — Industries affected, 99. — Causes of disputes, 102. — Results of disputes, 104. — Conclusion, 106.

Abstract Reviews the book "The Port of New York Authority," by Erwin Wilkie Bard.

Abstract Cost accounting as such is of comparatively recent origin. Cost concepts are intermingled with expense in general, with value concepts, with economic theory, with legal decisions and statutory expression and with war emergency directives to the extent that basic cost accounting, if such there be, becomes increasingly difficult to untangle from the confused, related, but not identical strands. Costs chargeable to purchases of materials should include invoice costs plus incoming transportation, insurance, customs taxes and duties, and similar direct charges, in so far as they can be identified with the material. If they cannot be so directly identified, there is no point to forced artificial identification and they should be listed with other unidentifiable costs as part of the overhead. Returns and allowances and trade discounts are proper deductions about which there is not so much controversy. Purchases discounts should be deducted in entirety, or on all amounts above a reasonable percentage for prompt payment, say one per cent, or not deducted at all.

Abstract The purpose of this article is (1) to point out the trend in delegating to business a greater and greater share of the burden of tax collection through the medium of withholding taxes on wages; 2) to describe the effects of such a policy on business and (3) to evaluate this development in the light of possible alternatives. Although in the past government has called upon business for assistance in collecting revenue, such activity has been of relatively minor importance in affecting the accounting routines and the operating expense of each particular business involved. Record-keeping detail expanded with the advent of the Social Security Act. Wages exempted from the act were to be recorded separately from those covered by the act. Totals of taxable wages and totals of taxes withheld from wages were to be computed for individuals and for the firm as a unit. Receipts were to be furnished to employees periodically and reports made to the government quarterly, annually and at separate dates. State unemployment laws which required the reporting of specified data at frequent intervals added to the record keeping burden. Thus arose the universal need for more complicated and detailed pay-roll records and equipment.

Abstract In June 1943 the Illinois legislature enacted a new CPA law to repeal and replace both the CPA law of 1903 and the public accountant law of 1927. Certain important features of this new law provide for freedom of interstate practice with control of out-of-state practitioners, eventual restriction of public practice to certified public accountants, recognition of general education beyond the high school level, and requirements for accountancy education of a collegiate grade. The Illinois public accountant law of 1927 provided for the licensing of practitioners and the restriction of practice, but it recognized out-of-state accountants only if their states recognized the Illinois license rather than the CPA certificates. Another feature of the 1943 Illinois CPA law is the provision for restriction of practice to certificate holders licensed by the state. Under this provision the State Department of Registration and Education will in the future license only individuals holding CPA certificates issued by the University of Illinois. The 1903 Illinois law contained the earliest statutory requirement of high school education for candidates. Administrative boards in New York and Pennsylvania had set up a requirement of high school education for candidates in an attempt to place certified public accountants on a professional par with attorneys and doctors, for whom similar requirements were then in effect.

Abstract The article presents information on accounting theory and its current problems. Accountants who have been concerned with a more precise phrasing of accounting theory have attempted to formulate standards by which the bulk of accounting procedures may be guided. A consistent framework of standards is needed to serve as a basis for judgment in constructing and interpreting financial statements. Accounting standards should be systematic and coherent, impartial and impersonal and in harmony with observable, objective conditions. The responsibilities of the profession have increased, so has the profession's independence. If it should be emphasized, which is perhaps not necessary: (1) that the reporting of periodic income should include, as a regular element, charges to provide for the payment of refunds or additional costs of a period and (2) that full reliance upon the genuineness of the need for the charge and the honesty and accuracy of the estimate would be given if a certified public accountant subscribed to the figures, then the independence of the accountant would be further strengthened and the usefulness of this reporting improved. The acceptance of such a position by writers on theory would have an important secondary result in that it would provide a better integration of auditing practice and accounting theory.