Reviews the book "General Accounting," by H.A. Finney.

Reviews the book "Bank Audits and Examinations," by John I. Millet.

The purpose of this article is to analyze the weight assigned to accrued depreciation by the Pennsylvania Commission in ascertaining the rate base, and the methods used in determining the amount of accrued depreciation. The Pennsylvania Commission's statement made in 1935, in a case where it determined annual depreciation allowance by the sinking-fund method, that "It is a well established rule as shown by the decisions of the United States Supreme Court, that accrued depreciation must be deducted from a reproduction cost estimate" indicated that the Commission's policy with respect to accrued depreciation where the sinking fund method of accruals was used was founded on the rule of the United States Supreme Court rather than upon a consideration of the economic aspects of the case. In the few cases where the original cost figure was accepted by the Commission as the fair value no deduction was made for accrued depreciation. Numerous cases can be cited which hold that accrued depreciation should be deducted from actual or original cost.

During 1940 the Curriculum Committee and the members of the Accounting Department of the Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pennsylvania, made a study of the accounting curriculum to determine if it needed revision. As an aid in this study, two questionnaires were sent out, one to the Deans of the fifty-two other schools in the Association of Collegiate Schools of Business, and the other to 494 graduates in accounting. The answers received to these questionnaires were informative and helpful to the Committee and to the Department. With the thought that the data might be of interest to others this analysis and summary of the answers to the questions has been prepared. The replies of the graduates are considered first. As a result of the questionnaires sent to the graduates and to the schools, and the recommendations of the Accounting Department to the Curriculum Committee, the Faculty of the Wharton School of Finance and Commerce approved a new accounting curriculum. The new curriculum increases the semester credits offered in accounting from 31 to 39.