Importance of agriculture, — Literacy and sanitation, 501. — Agricultural holdings, 506. — Backwardness of agriculture, 508. — Peasant indebtedness, 510. — Coöperative credit institutions, 514. — Agricultural Department activities, 518. — Further coöperation in agriculture, 520. — Popular education, 522. — Coöperative activities therein, 525. — Public health, 526. — Coöperative activities therein, 528. — Rural Community Councils, 530.

The problem stated and limited, 63. — The result when sellers consider only their direct influence upon price and adjust amounts (Cournot), 66. — The same when prices are adjusted (Bertrand, Marshall, Pareto, Edgeworth, Pigou), 69. — The result when sellers consider their total influence upon price, 83. — The factor of uncertainty as to what the other seller will do, 87. — The effects of '#|201C;friction,” 89. — Summary, 91. Mathematical Appendix, 93. — Cournot, 93. — Pareto, 95. — Amoroso, 97. — Evans, 97> — Bowley, 98.

Reviews the book " Bookkeeping and Accounting," by James O. McKinsey.

Abstract Value has not always been one of the problems of accounting, if accounting may be conceived as including bookkeeping. Bookkeeping is the record side of business and has had a definitely organized existence as double entry since about the middle of the fourteenth century. From very early times there has also been auditing of a kind, but only comparatively recently has valuation been a problem of auditing, as of September 1929. For the most part, early auditing consisted of checking the accuracy of the records made, value was not a part of the record. Such simple conditions, however, could not continue in the face of the growth of modern business. The volume of transactions was itself a matter of great influence, for volume brought about the development of skilled bookkeepers whose technical execution needed little outside checking, and volume made over the auditor's task into one of selective tests. Out of this situation grew the balance sheet audit, an examination of only the assets and liabilities, such as could yield an approved statement of financial condition satisfactory for credit purposes, yet without the work incident to a complete audit in the old sense.

Reviews the book "Security Syndicate Operations," by Arthur Galston.

Abstract The article focuses on the changing objectives of accounting. There has been considerable discussion among accountants concerning such questions as the proper basis or bases for valuing balance sheet items, what constitutes income, what are proper elements to be included in costs and the responsibility of the accountant for furnishing statistical information on internal operations. The author examines some of the objectives of accounting with a view to ascertain if such a consideration may shed additional light to these questions. According to the author, much of use controversy would disappear if it is recognized that there are widely different purposes and problems for which accounting information is necessary and that the particular information which is needed will vary from one problem to another. The most orthodox view with reference to general accounting is that accounting records should be kept so as to reflect that income which is legally available for dividends the view is particularly concerned with realized income. This generally supposed to mean recognized in the accounts only when a sale is complete.

Abstract Replacement-cost is the basic value which properly expresses business capital and income. It is not always easily determined, at times can only be approximated. But even the arguments in favor of other bases of valuation are predicated on the assumption that they are very near to replacement-cost. The replacement-cost of an asset is the estimated expenditure necessary to secure another similar in nature and equivalent in economic value. It frequently is more or less than original cost, usually it varies from sale-price, which is the amount realizable through disposal. The importance of replacement-cost in the balance sheet and the statements of business operations will be illustrated with respect to the accounting entities namely merchandise inventories, fixed assets, trading profit and fixed charges. The replacement-cost of merchandise is the price for which merchandise of similar kind and sales value could be brought into the stock rooms of an enterprise. It is the so-called market-value contemplated in the widely quoted and applied cost-or-market rule of evaluating merchandise inventories.

Reviews the book "Der betriebswirtschaftliche Gewinnbegriff in seiner historischen Entwicklung," by Franz Josef Dusemund.

Abstract The article presents answer to the question of outside practice by accounting instructors. In answer to the question, the author considers two aspects of accounting teaching. These are the efficiency of college administration and the efficiency of college teaching. From the point of view of the efficiency of the accounting teaching. From the point of view of college administration, accounting instructor who has little or no outside practice can be more satisfactorily adjusted in his work than can the accountant instructor who has important outside practice. From the point of view of the efficiency of the accounting teaching, much of the teaching by the accountant who has important outside practice is less effective because of the fact that such an accounting instructor becomes more interested in outside practice than he does in college teaching. Not infrequently such an accounting instructor gives his students the reactions which he gets out of his practice at the time and not the reactions which come from a broad view of the whole field of accounting practice.