Journal Article German Cartel Regulation Under the Decree of 1923 Get access William C. Kessler William C. Kessler Colgate University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 50, Issue 4, August 1936, Pages 680–693, https://doi.org/10.2307/1891098 Published: 01 August 1936

Theory of the original Federal Reserve Act, 229.— Early emergency lending provisions, 231.— Emergency loan legislation, 233.— Industrial advances by the federal reserve banks, 241. —Provisions of the Act, 245.— Launching the program, 249.— Development of the program, 253.—Procedure in handling applications, 253.— Safety of loans, 256.— Profitability to the reserve banks, 263.— Necessity for the program, 264.— Reserve bank competition, 271.— Conclusions, 272.

C. E. Armstrong, The Short-Term Business Cycle: Its Average Form and Period as Observed in the Axe-Houghton Index of Business Activity, The Review of Economics and Statistics, Vol. 18, No. 2 (May, 1936), pp. 62-66

Abstract Economists often take the accountants to task for loose thinking, failure to define their terms, not comprehending the nature of income, and in general for being concerned primarily with procedure instead of with the development of a consistent philosophy of accounting. No doubt much of this criticism is justified and there is much need of a more careful use of words and more precise definitions of accounting terms in the writings of accountants. The fact is that many of the writings of economists disclose such a theoretical and academic type of mind, that their ideas are of very little help to the accountant in solving the problems which face him in his daily practice. A school of economic thought has arisen which has developed and elaborated the idea that the work of the accountant is essentially that of valuation, and the balance sheet is in essence a statement showing the present worth's of the expected future services which the assets will yield. The balance sheet is thus a forecast and is not an objective statement of facts. The accountant becomes a forecaster and prepares statements of opinion about what will happen in the future. This idea is surely far removed from the realities of the accountant's daily work.

Abstract In barter for re-trade, expected profit is a judgment regarding relative subsequent exchangeability of the new thing possessed in comparison with other, as yet, un-possessed desirable things. The test of this pre-judgment comes when the anticipated re-exchange is accomplished. If, subsequent to the first barter-exchange, no third person finds a prospective utility in the goods held for re-exchange, there is no second exchange and no accomplished profit for the trader; also if after a second barter exchange, the goods then newly received should prove not to have the expected utility, there can be no accomplished profit. Valuation is a part of the process of exercising sound judgment in consuming or trading, and forms the basis for all production and merchandising operations. And the ability to make sound judgments regarding consumptive wants and uses, and of trade opportunities exists quite independently of records as such. Reality of profit should not he read into a situation too soon or upon inadequate evidence. This is the basis of the so-called realization principle. When an objective test has verified a personal hope, conviction of reality may safely follow but not before. Anticipated profits are mere opinions and therefore subject to individual bias and mistaken judgment. Realized profits on the other hand have met an objective test, under conditions by which the utility of the goods has been further attested by the independent judgment of a subsequent receiver in exchange. But even such realization may prove to be an incomplete test of reality because today's gains may be consumed by tomorrow's losses if the goods last received prove useless.

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

Abstract The article highlights that the general advantages of uniform accounting among hospitals are the same as for business enterprises, namely, comparison of operating efficiency between hospitals and periods of time, and establishment of effective relations with the public served by the institutions. Hospitals are a combination of commercial enterprise and social agency. As a commercial enterprise a hospital may provide services to customers, that is, patients, at prices presumably based upon the costs of the services rendered. As a social agency a hospital may serve a client or customer, regardless of his ability to pay, the costs being met by some other individual or group. This dual aspect of hospital service pervades every problem of administrative practice or public relations. Governmental hospitals are, for the most part, conducted strictly as social agencies with the direct beneficiaries paying none of the costs. Privately owned hospitals, on the other hand, are conducted strictly as commercial enterprises, with the patients paying the full costs including the fixed charges, and with charity provided only by compulsion through the uncollectibility of accounts receivable. The incorporated non-profit hospitals combine both the commercial and social aspects.

Abstract The article focuses on the Certified Public Accountants (CPA) commercial law examinations. To find a place in their field and to achieve any degree of success therein, accountants find it necessary to become a CPA. The usual qualifications for candidacy for the CPA examination are that the examinee be 21 years of age, have had a high school education or the equivalent thereof, and a certain number of years of practical experience in accounting. The subjects in which the CPA candidate is examined are: theory of accounting, practical accounting, auditing and commercial law. The law examination, thus, forms 25% of the total examination. About ten other states use the examinations prepared by the American Society of Certified Public Accountants. The law divisions of these examinations contains about thirty-six questions, from which the states using them choose the number and kind they desire. Thus, these examinations play a vital role in the international accounting arena in the corporate world.