Abstract The basic requirement of every academic editor is that each article be a scholarly contribution to knowledge of the field. Contributions in an academic journal may be made by recognizing new problems of the field and suggesting possible solutions. Opportunities for contributions comes when new techniques are devised or become available for the solution of old problems, or when some new programs or new thoughts not always forthcoming as promptly to avoid a new problem. Another type of scholarly contribution may be made in the form of historical analyses. Another dubious candidate for scholarly effort is the voluminous compendium of what others have said on a subject with no adequate or new criticism or evaluation. Manuscripts submitted by authors usually go to the printer in the case of an academic journal, so it should be clear and readable to the editor also. Editor's do have obligations, therefore, a broad view of the possible forms of scholarly contribution is also needed by the editor of a scholarly journal, certainly if the journal is designed for a fairly large and diversified audience.

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.

Abstract The article focuses on asset valuation in dividend decisions. The law is greatly concerned with keeping intact the amount of capital contributed by stockholders so that most of the general corporation statutes prohibit the payment of dividends from that contribution. This limits the source of such corporate distributions to surplus, which is the excess of the assets over liabilities and capital. In order to determine whether or not a corporation has a surplus, it is necessary to value the assets so that a comparison may be made with the total of the liabilities and the capital stock. The paper reviews the Great Britain and the U.S. dividend decisions involving asset valuation with the object of learning what assets are recognized and how they are valued by the courts when they compute the amount of surplus available for dividend purposes. In the valuation of corporate assets, money due but not actually received may be considered if there is no reasonable question of payment. Among the receivables recognized in the dividend decisions are accounts, notes, overdrafts, loans, bonds and guaranties.

Abstract This article discusses the topic of dividends on non-cumulative preferred stock. The development of the corporation into a dominant form of business organization, has added new complications to capital structures such that the problem of preserving a proper balance between the holders of various classes of securities in their competition for income is becoming more and more difficult to solve. The preservation of this balance by the adjustment of relationships among the groups owning corporate shares is an extremely delicate and arduous task for the courts. So far as dividends are concerned, preferred stock may be classified as cumulative and non-cumulative. On the other hand, the holders of non-cumulative preferred stock are entitled to no dividends for any particular year if there are no earnings for that period. A problem arises when profits are sufficient to pay a dividend to this class of shareholders but the board of directors refuses to make a distribution for that year and invests the earnings in fixed improvements or retains them as working capital.

Abstract The statutory laws governing corporate dividends are significant to accountants and teachers of accounting. The directors of a corporation have power, in their discretion, to determine what, if any, dividends shall be declared and paid to stockholders. This is the general statutory rule which applies in all states and territories of the United States and which also prevails in England. The variations from it are few and slight. The rule applies in New Jersey unless otherwise provided in the certificate of incorporation or in by-laws adopted by at least a majority of the stockholders. In England, a company in general meeting may declare dividends, but the amount must not exceed the amount recommended by the directors. The statutes of several jurisdictions give the stockholders power to exert a limited degree of pressure upon the directors in the matter of dividend declaration. In New Mexico and Puerto Rico in United States, unless otherwise provided in the certificate of incorporation, the directors must declare a dividend of the whole of the company's profits exceeding the reserve and pay it to the stockholders on demand.

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

Reviews the book "The Secretary's Manual," by Larrae A. Haydon and Cyrus Garnsey.

Reviews the book "Bookkeeping and Accounting for Rural Schools," by M.E. Studebaker.

Abstract When the board of directors of a corporation declares dividends it generally makes them payable at a future date and when that date arrives the distribution to the stockholders usually is made according to the terms of the resolution. However, between the date of declaration and the time set for payment, the corporation may have reverses which leave it in such condition that conservative financial policy would decree that nothing be paid to the shareholders. It has been held that the declaration of cash dividend severs the amount from corporate funds and creates a debt on the part of the corporation in favor of its stockholders and this debt cannot be rescinded against the will of any stockholder so far as he is concerned. But if a board of directors should declare a cash dividend and make a public announcement of the fact, the courts have held that thereafter the board has no right to reconsider and rescind its action. Insolvency of the corporation occurring before payment made no difference in the obligation of the company to carry out its dividend declaration and gave the concern no right to rescind the unpaid dividend debt.

Abstract The word dividend usually refers to a distribution of corporate profits to stockholders in the form of cash. However, corporations may find it convenient or necessary to distribute their earnings in the form of property among their shareholders, and, when stockholders are few and the corporate property is readily divisible without decreasing its value there may be little, if any, objection to this method of distribution. In order to meet this need of modern business, various forms of property distributions, in addition to cash, stock, and scrip dividends, have been recognized and approved by the courts. The general rule is that when a corporation has accumulated sufficient property other than cash to justify a division among its stockholders, the directors, at their discretion, may pay dividends in specific property, if there is no statute or charter to the contrary. A corporation may make a property dividend of its own stock which has been purchased with surplus assets. A dividend of a company's own bonds is legal if it does not impair the capital stock of the concern.