Knowledge that Transforms

Reviews the book "Nor Par Stock," by Carl B. Robbins.

Reviews the book "Introduction to Governmental Accounting," by Lloyd Morey.

Reviews the book "Auditing Theory and Practice," 4th ed., Robert H. Montgomery.

Reviews the book "Mathematical Principles of Finance," second ed., by F.C. Kent.

The journal entry is all important bookkeeping mechanism which serves as a means of converting a non-technical statement of a transaction into a species of technically-formed, intermediate statistical record. It is, moreover, particularly characteristic of double entry-more characteristic perhaps than the ledger-because it so clearly expresses the inevitable duality which is concealed in all transactions. For this reason, undoubtedly, journalizing has always been a very important element in the teaching of double entry book- keeping, and in some countries it is a legal requirement that all transactions pass through the journal. This last probably is due to the desire to have the facts conveniently assembled for authentication rather than to any wish to give further emphasis to the importance of the journal.

The relation of college training for a profession to practice of the profession is always a matter of vital concern to both practitioners and teachers. The striking of a proper balance between emphasis upon fundamental abstract principles and the introduction of students to the technique of the profession is a perennial problem. In a profession like medicine the initiate must be prepared for relatively independent work. He must be a comparatively finished product. Provision is made for the gradual assumption of responsibility on his part by the requirement of a period of apprenticeship as an intern. However, this internship does not bridge the gap between abstract researches into physiology, anatomy, bacteriology and allied medical subjects, on the one hand, and the practical problems of diagnosis and prescription on the other hand. The young doctor's training must include more technique than he would pick up in his apprenticeship as a hospital intern. There is in all professional training pressure in the direction of stressing professional technique at the expense of its underlying theoretical foundations.

The ratification of the constitutional amendment permitting the taxation of income became effective on March 1, 1913 in the U.S. Therefore, appreciation in value after that date is subject to an income tax, but appreciation to March 1, 1913, is tax-free. This feature required the valuation of property of all kinds as at one specific time. Depletion and depreciation deductions from taxable income are merely provisions for the return of value when properties are consumed in the process of production, and are thus sold piecemeal to the purchaser of marketable products. Valuations have also been required as at date of acquisition in determinations of invested capital for excess profits tax purposes; and current valuations, year by year, have been necessary for the capital stock tax assessments. The estate tax also necessitates valuation, in some instances numerous valuations of the same property at various dates. Further, many facilities were acquired strictly for war purposes, and the difference between the cost of such facilities and their value for post-war use was recognized by Congress as a fair deduction from war-time income.

qReviews the book "Accounting for Value As Well As Original Cost," by H.G. Baldwin.

Reviews the book "Accounting Procedure for School Systems," by Fred Engelhardt and Fred Von Borgersrode.

The article presents information about various activities taking place in several universities in the U.S. Scholar James P. Adams, chairman of the department of economics, Brown University was appointed in April, 1925, sole arbitrator in a dispute between Electric Railways Co. and the Providence division of the Amalgamated Association of Street and Electric Railway Employees. A.H. Ribbink, adjuct educator of accounting, University of Texas, has been granted a one year leave of absence to work with the Rand Kardex company. H.J. Fehn, associate educator of accounting leaves that position to assume duties as research specialist with the bureau of business research. Scholar Herschel Walling, has been appointed instructor in accounting. The thirteenth annual meeting of the American Association of University Instructors in Accounting will be held at the Hotel Stevens, Chicago, on December 27 to 28, 1928. Educator H.T. Scovil, University of Illinois, has been named a member of the Committee on the Natural Business Year of the American Institute of Accountants. Assistant educator H.H. Baily has returned from a year's leave of absence spent in travel and study in Europe.