Knowledge that Transforms

Reviews the book "Introduction to Governmental Accounting," 2nd ed., by Lloyd Morey.

Reviews the book "Accounting--Elementary Theory and Practice," by Richard Norman Owens and Ralph Dale Kennedy.

Reviews the book "Auditing Laboratory Set," by Thomas W. Byrnes and K. Lanneau Baker.

Reviews the book "Investment Principles and Practices," by Ralph E. Badger and Harry G. Guthmann.

Accounting, originally designed for the purpose of providing internal control of business affairs by private owners, now finds itself faced with the responsibility of compiling and expressing the results of business operations in a way which will meet the needs of investors, governmental units, and the public at large, as well as those of the immediate management. The mechanism of private accounting must be adapted to serve these broad social and economic purposes. The best means of making this adaptation are not yet entirely clear. Alter a quarter century and more of active discussion and experimentation in this country, many of the simplest and most fundamental problems of accounting remain without an accepted solution. There is still no authoritative statement of essential principles available on which accounting records and statements may be based. It may be difficult to bring about an agreement as to what constitutes the only sound principle in any given case. It should not be difficult, however, to indicate in a general way the scope of the problem. This can be done best, perhaps, by stating a group of principles, which might be adopted as fundamental to sound accounting.

Reviews the book "Fluctuations in American Business, 1790-1860" by Arthur H. Cole and Walter B. Smith.

The article discusses current problems of tax administration and procedures in the U.S. The article suggests certain ways to bring awareness in these taxpayers. These include advice to taxpayers as to the effect of proposed transactions, advice and assistance to taxpayers in the recording of the business facts upon which tax liability is predicated, advice and assistance to taxpayers in the preparation and filing of returns, conferences with revenue agents in connection with the examination of returns, filing of claims for refund, filing letters of protest, attendance at hearings and the submission of evidence, conduct of appeals to the United States Board of Tax Appeals, including the filing of a petition, the preparation of evidence, the trial of the issues, the preparation and filing of briefs, and such motion practice as may be necessary, suits in the District Courts and Court of Claims and appeals to Circuit Court of Appeals and Supreme Court. While knowledge of the tax law and the regulations issued there under is essential throughout, however, in the earlier stages the matter is largely one of facts and therefore a matter of accounting, while in its final stages the matter becomes entirely one of law.

Reviews the book "Stabilized Accounting," by Henry W. Sweeney.

The university course in elementary accounting taught at the undergraduate level should serve two general purposes: first, to serve as a survey course to the general field of business-to acquaint the student with business terms and practices-to teach a thorough understanding of the theory of accounts-to indicate in as many ways as possible the use which may be made of accounting data in interpreting past results and present conditions and in making changes in policies and procedures to improve results in the future; second, to teach certain techniques of record keeping which will prove useful to the student if the occasion arises when he should find it necessary to keep records of some kind-to instill habits of accuracy, neatness, timeliness, system and order. The balance-sheet form, classifications and understanding of all common terms thereof will also be a part of this first teaching unit. A study of actual balance sheets, published by our larger corporations, will indicate how general practice complies with and is contrary to accepted practice. The ordinary and more common balance sheet ratios and their significance should be introduced at this point. With the completion of this unit of the work by the end of the first half of the first semester, or later, the student will have a vast fund of knowledge of business management, business terms and business organization.

Reviews the book "Introduction to Federal Taxation," by George T. Altman.