Reviews the book "America's Experience As a Creditor Nation," by John T. Madden.

Reviews the book "Some Origins of the Modern Economic World," by E.A.J. Johnson.

Abstract This paper is predicated on the assumption that the usefulness of various forms of objective tests have been established in the field of college accounting courses beyond the need of further argument. It is the purpose of this paper to discuss certain procedures for further testing and improving such objective-type examinations. The writer has observed that an objective type examination which has been carefully drawn up probably does not contain any higher percentage of poor items than does a problem or essay type, but it so happens that in the typical objective examination the "boner" items stand out so that they can be spotted much more surely than unreliable items of the older type. If this observation is correct, it of course constitutes one more argument in favor of the objective-type examination. The general technique discussed has appeared in some of the education texts for ten or fifteen years and has also been in use extensively by the Federal Civil Service Commission, but some of its implications do not seem to have been fully discussed, nor does it seem to have been developed as thoroughly as it deserves-certainly not in university accounting circles.

Abstract Included in the "Tentative Statement of Accounting Principles" offered by the American Accounting Association in the Accounting Review of June, 1936, was the recommendation that unaccumulated bond discount be reported in the corporate balance sheet as a contra to the face or maturity amount of the outstanding obligation rather than as an asset. The purpose of advancing this specific suggestion in a statement of general principles was to call attention to a practice which is neither in accord with the clear reasoning which is supposed to characterize accounting nor supported by the "considerations of expediency" so cherished by those who feel it necessary to offer some excuse for deviations from logical procedure. The members of the Executive Committee of the Association felt, in other words, that here was a particular point at which accepted presentation is definitely out of line with sound principle and where correction would be entirely feasible-aside from the problem of inducing the typical accountant to change his ways. The recommendation, it should be understood, does not involve any new doctrine or approach. It represents merely the application to financial statements of the interpretation of bond discount long a commonplace in financial circles.

Reviews the book "Municipal Bonds," by A.M. Hillhouse.

Reviews the book "The Behavior of Money," by James W. Angell.

Reviews the book "Exchange Depreciation. Its Theory and Its History, 1931-1935, With Some Consideration of Related Domestic Policies."

Reviews the book "International Monetary Issues," by Charles R. Whittlesey.

Reviews the book "The Monetary Experience of Belgium, 1914-1936," by Henry L. Shepherd.

Abstract Perhaps no topic has been the subject of such wide differences of opinion as the method used, under given conditions, to make allowance for the expense which results from the disappearance of value of physical assets, commonly termed depreciation. These methods vary from those which result in a minimum charge to those which result in a maximum charge for any given period. Absolute uniformity in this respect is neither attainable nor desirable. Allowance must always be made for natural differences arising from geographical location, climate, and the character of the asset in question. Neither can the differences of opinion of individuals be entirely erased. Depreciation will long continue to be a controversial subject. By recognised opinion, however, much that is erroneous or dangerous may be eliminated from the list of proposed procedures. Methods which may be condemned are those which, if persisted in, result in financial embarrassment or bankruptcy as well as in gross inequality in treatment of the various parties interested in the progress of the enterprise.