Reviews the book "Reporting of Leases in Financial Statements," by John H. Myers.

Introduction, 95. — The authoritarian answer, 96. — The schizophrenic answer, 98. — The interdependence answer, 99. — Determining the social rate of discount, 109. — Conclusion, 111.

Introduction, 274. — The formal models, 276. — Conclusion, 288.

Reviews four volume of the book "Accountant's Encyclopedia."

Reviews the book "Federal Income Taxes," by Fred W. Norwood and Sam W. Chisholm.

Reviews several books on accounting. "Economic Analysis for Engineering and Managerial Decision Making," by Norman N. Barish; "College Accounting," by Clem Boling; "Cases in Management Statistics," by Norbert Lloyd; "Accounting Practices in the Netherlands," by Gerhard G. Muller.

Reviews the book "Management Decisions for Cash and Marketable Securities," by Harold Bierman and Alan K. McAdams.

As described herein, the "cash-flow" statement is a broad analysis of the cash account. It is not a statement of cash receipts and disbursements, per se. The purpose is to describe the causes of the net change in the cash balance for the reporting period. The causes of this change in the cash balance are embodied In the business transactions which affected both cash and other accounts-balance sheet, income and expense accounts. By relating the changes, during the reporting period, in the balances of all other accounts to their effect on the cash balance, over-all (net) increase or decrease, the "flow" of cash can be described as "cash used for" or "cash received from." The difference between the totals of items making up these two classifications represents the net change in the cash balance. Although the conventional presentation describes separately the effect of the significant changes of the non-current items (assets and liabilities) on the cash balance, and only broadly the effect of all other accounts, if desired, the individual items of costs and expenses of operation could be separately delineated for emphasis to management of the importance of such items and the effect on cash flow of its past decisions as guides for future planning.

In this article, the basic characteristics of assets are examined for the purpose of arriving at meaningful balance sheet groupings and appropriate valuations of the classified items. Such a study and approach results in a unitary principle for classification and valuation. It is concluded that regarding (last in first out) LIFO, the principle of cash realizable value requires, as a minimum, footnote disclosure of the higher cash realizable value, with an indication of the estimated income tax applicable to the excess of cash realizable value over LIFO cost, payable at such times as the inventory increment is realized. The principle requires, as a maximum, that the body of the balance sheet reflect (1) an adjustment of LIFO cost to the higher cash realizable value, (2) a long-term tax liability for the estimated income taxes applicable to the inventory adjustment, and (3) a special retained earnings component for the difference between the inventory increase and the related tax.