Abstract Before commenting on the organization of courses in tax accounting or discussing the methods of instruction which might be most effective, the author wants to review the responsibilities of the accountant in connection with tax work. The nature and extent of the tax work ordinarily done by accountants are important considerations in deciding matters of organization and method, if the tax accounting courses are to provide professional training. Federal, state, and local tax returns are usually prepared either in the accounting department of the taxpayer or by a public accountant. In either case, the accounting department must assemble the information required by the various taxing agencies. Also, the chief accounting officer should provide counsel and guidance in connection with management decisions, which may involve tax consequences. Unfortunately, this last mentioned service is often neglected and possible tax economies overlooked. Tax instruction for students who are specializing in the field of accounting should reflect both the nature and extent of the accountant's tax work.

Abstract The "cost of goods available for sale" is generally understood to consist of (1) the costs incurred in acquiring goods in the current period plus (2) any acquisition costs deferred from preceding periods. The allocation of such acquisition cost to cost-of-goods-sold and ending inventory may be accomplished by several methods, including the "retail" method and the "gross profit" method. The similarities and dissimilarities of these two methods seem to have been neglected or overlooked in accounting textbooks. It may be observed that both of these methods are similar in that they reduce the sales price related to a group of units by an amount of estimated gross margin, with the resulting figure in each case being used as the basis for making an allocation of the cost of goods available. But the two methods differ in that "gross profit" method starts by reducing selling price of units sold, while the retail method begins by reducing the selling price of unsold units. The article presents illustrations to aid in explaining these two methods of pricing inventory activity.

Abstract Reviews the book "The Legal Aspects of Business," by Harold F. Lusk.

Abstract A critical analysis of practice is not the only basis for a good theory. Nor must theory be completely applied to a practical situation in order for it to be considered good theory. A body of thought which may be developed from accounting practice and which is logical in all respects may be said to be derived largely from practice. But it must be compatible with the purposes of accounting and it must not be in controversy to other aspects of accounting. "Developments" in accounting theory and practice refer, primarily, to the degree to which accounting theory and practice is disclosed and applied. Perhaps it is more important to consider such developments as referring to the application to practice of latent theory, the discarding or revision of old theory, or the evolution of new theory. In any case, the existing theory would be available for continued application in practical situations to the extent considered appropriate.

Abstract Reviews the book "Parish Accounting," by Dumas Leon McCleary.

Journal Article The Economic Law of Market Areas Get access C. D. Hyson, C. D. Hyson Oslo, Norway Search for other works by this author on: Oxford Academic Google Scholar W. P. Hyson W. P. Hyson Oslo, Norway Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 64, Issue 2, May 1950, Pages 319–327, https://doi.org/10.2307/1882699 Published: 01 May 1950

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