This article focuses on research in cost-price relationships. In forwarding research in the field of cost-price relationships it is necessary first to determine what studies are most important from the standpoint of their practical usefulness to business and their significance to the science of economics. As hypotheses in studying cost-price relationships the recently developed neo- classical theoretical analysis of imperfect competition has been used as a means of organizing research problems, and bringing into sharp contrast the viewpoint of the theorist and the business man. Cost concepts are too restricted for many practical purposes. Marginal cost, for example, must for some purposes be expanded to a concept of opportunity costs of several alternatives, such as shutting down, selling other products, etc. Under conditions of multiple production, moreover, necessarily arbitrary allocations of some cost items make it difficult to determine costs of individual products. A realistic concept of price must be complex because pricing practices differ from firm to firm and industry to industry.

Reviews the book "Seidman's Legislative History of Federal Income Tax Laws, 1861-1938," by J.S.Seidman.

This article presents the problems and answers which were presented as the first half of May 1939, Certified Professional Accountant examination in the U.S. In problem 1, the candidates were required prepare a statement showing the amounts payable to different beneficiaries. In problem 2, the case history of the Universal Patent Corporation was given. The Universal Patent Corporation acquired 700 shares of the capital stock of the General Development Company. The shareholders of the General Development Company ordered the liquidation of the company as at the close of December 31, 1938. The shareholders were to receive a pro-rata assignment of their interest in the patent on January 2, 1939. The candidates were asked to prepare the entries which the Universal Patent Corporation should make to record the amortized cost of its interest in the patent on the date of assignment. Problem No. 3 stated that a governmental authority was constituted about July 1, 1937, to carry out certain recreational activities for which the authority was to buy or construct the equipment. The candidates had to prepare a columnar work sheet recording the transactions of the authority so as to show the asset and liability and budgetary accounts for the year ended June 30,1938

Reviews the book "Financial Organization and the Economic System," by Harold G. Moulton.

Reviews the book "Federal Income-Tax Course."

Reviews the book "Bookkeeping and Accounting," by Arthur Henry Rosenkampff and William Carroll Wallace.

Reviews the book "Operating Results of Consumer Cooperatives in the United States in 1937," by Carl N.Schmalz.

A number of texts and reference books on accounting were examined for the purpose of learning the correct method of computing the value of a nonparticipating life-insurance policy, for presentation on the balance sheet of a going concern. Most of the books examined omitted all mention of the subject. In the five books that mentioned it, four different methods were recommended. In the case which the author had under consideration, the four methods produced four different answers. The variation between the high and low answers was substantial. A study of the four recommended methods convinced the author of this paper that the variations were not due to differences of opinion on the relative merits of the various methods, but to several causes. One is that accuracy has not been earnestly sought. The proper valuation of life-insurance policies owned is relatively unimportant, because the asset value is not large, and a misstatement does not seriously distort the balance sheet. Another cause is that a life-insurance policy is a unique combination of investment and expense. Accounting principles applicable to investments and accounting principles applicable to expense are alike involved in determining the asset value

Reviews the book "Bond Investment Policies for Banks."

In the last generation there has been a decided change in the position and responsibilities of the accounting profession. This change is not an isolated phenomenon. It ties in with both the current changing relations between business and government and the long-run development of the accounting profession. It is part of a disturbed and unstable economic and social situation which has led accountants and many other groups to seek guidance in the formulation of basic principles. In order to appraise the present position in any respect, the most effective background for the task is a survey of past developments or an account of how the present position was arrived at. Such a survey for accounting would reach far beyond the limits of one brief discussion. Nevertheless a background is needed and if a complete one is not possible, an incomplete treatment is better than none at all. The process of evolution in accounts as an accounting for the costs of business operations is still going on at an unabated pace. Current changes are to be viewed in the light of a development which reaches back through the whole history of modern accounting. The process of evolution in accounts as an accounting for the costs of business operations is still going on at an unabated pace. Current changes are to be viewed in the light of a development which reaches back through the whole history of modern accounting.