Knowledge that Transforms

Reviews the book "The National Debt and Government Credit."

Reviews the book "Financial Audits," by D.L. Trouant.

Abstract The article discusses fundamental distinction in the concepts of capital and income as employed by economists and accountants with regard to ordinary business and as applied to public-utility regulation. This concept appears in two kinds of undertakings. The first is concerned with private interests, and the second with public as well as private interests. In the one, there is the underlying consideration and measurement of private industrial values and income, in the other, there is basically the determination and administration of public rights in properties dedicated to special public use. The concepts have been developed and are generally used as private business categories. They are associated with private economy, and so represent "capitalism" which generally prevails as the dominant system in the national economic organization. Along with the system of private business or capitalism, there has been also parallel advance of publicly or governmentally organized economic activity. There has also been progressive demarcation of private organization with respect to public interest.

Abstract This article discusses concepts of capital and income. In December 1936, a joint session of economists and the accountants was held in which they discussed fundamental concepts and theories of capital and income. Since both the economists and the accountants deal in large part of common group of phenomena, it is important that any gaps, which may exist between economic theory and accounting theory, should be unbridged. The concepts of capital and income lie at the very heart of many economic and accounting problems that are of great concern from the standpoint of formulation and administration of public policies. In the session, economist Frank Albert Fetter discussed his major's interest of career and he elaborated the introductory marks on the study of economic theory, terminology and their history. Accountants can most effectively genre both their private clients and the public interest; they can develop accounting principles that have a secure foundation in sound economic theory. Economists can better explain a profit-seeking economy.

Reviews the book "Office Management," by John H. MacDonald.

Reviews the book "Expenses and Profits of Limited Price Variety Chains in 1936," by Malcolm P. McNair.

Reviews the book "The Reserve Banks and the Money Market," by W. Randolph Burgess.

Reviews the book "Le Prix de Revient: Comptabilité Appliquée &aacte; Industrie René Delaporte."

Reviews the book "Three Years of the Securities Act --Parts I and II," vol. 4.

Abstract The object of all business enterprises from earliest times has been the making of profit and the acquisition of more wealth. Budgeting occupies a prominent and permanent place in the field of business administration. Although budgeting, in the modern sense, was a postwar development in business management and had extensive application first in the United States, the beginnings of budgetary procedure of various other countries is also discussed in the article. Some of the European countries have recently been adopting budgetary procedures in their industries. Germany seems to be taking the lead. French business journals have contained reports of successful budgetary developments in the United States and some accounts of experiments carried on in French industries. In Russia the famous five year plan for economic production has centralized business budgeting in the machinery of the national Soviet government, while in Italy the national government also directs and controls to a large degree industrial operations. Belgium and Switzerland are also making some progress in the application of budgetary procedures.