The article focuses on cost accounting in Great Britain. Institute of Cost and Works Accountants was organized in 1919 with its headquarters in the city of London, with local chapters in London, Liverpool, Manchester, Sheffield, Birmingham and other centres. It publishes a periodical giving articles with aspects of cost accounting and news of the chapter activities. It sets examinations which must be passed as a prerequisite to membership. The purpose to be served by cost accounting include, statistical, economic, manufacturing and administrative. The extent of analysis, the technique of the system and the intricacy of its operation are all to be dependent upon the executive's use of the cost reports. Cost accounting is also considered as a partial solution to labor difficulties. It is suggested that accurate cost thinking on the part of labor and capital will give both parties a similar point of view and lead to co-operation. There is a new appreciation of the utility of cost accounting, in the light of present industrial condition in Great Britain.

Reviews the book "Federal Tax Practice," by R.H. Montgomery.

Reviews the book "How to Analyze Costs," by Coleman L. Maze and John G. Glover.

Reviews the book "Office Machinery and Appliances ," by Lawrence R. Dicksee.

This article presents a fair illustration of how American accountants develop well defined accounting practices and ignore the underlying theory involved. The acceptance of the relative sales value theory of allocating costs is important because flew opportunities for its application are constantly appearing. If the warrants are detachable, they constitute a case like stock rights except for the fact that the relative sales values at date of issue cannot be used. If the first available and equitable sales values are used, it appears that the relative sales value theory should be used. The study of the use of relative sales values were as a basis of allocating costs by examining cases in which the application of this specific bit of accounting technique has been recommended by well-known accounting authorities. Unless there are reasons to the contrary, the selling price forms the best guide in attaching weights to be used as conversion factors when repricing a commodity after the grading process.

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.

I. The authors' thesis broken up into its constituent parts. Some criticisms of those parts which are not peculiar to the authors, 474. — II. The authors' distinctive doctrine of the connection of trade depression with the phenomena of profit and saving, 477. — The alternative hypothesis implicit in their earlier “Cases,” 479. — III. Critical analysis of their later “Cases” and of their theory of the operation of bankloans, 485.—IV. Criticism of the statistical evidence adduced in support of their theory. Summary and conclusion, 494.