Abstract The accounting system of the national government is similar in many respects to the systems maintained by various state and municipal governments. One of the primary functions of accounting is to present clearly and promptly all the facts that are essential and necessary to good judgment and efficient administrative action. Municipal accounting is comparable in many ways to commercial accounting, yet the terminology is frequently different, and it is for this reason that municipal and governmental accounting seems rather difficult to the accountant who has not specialized in one of these technical fields. It can be said that Federal accounting presents no more difficulties than commercial accounting. According to the author, the budgetary accounts are separate and distinct from the accounts known as proprietary accounts. Budgetary accounts being in the nature of controlling accounts, whereas proprietary accounts disclose detailed information relative to assets, liabilities, revenues, and expenditures.

I. The State-Federal conflict for possession of sources of revenue, 566.— II. Background of the controversy over the estate tax, 567.— III. Revisions of the Federal levy, 1924–1935, 569.— IV. Effects of these upon State and Federal revenues, 573.— Effects upon the form of State taxes, 575.— Effects upon the rates applied under State laws, 577.— V. Effects of the Act of 1926 upon death duties in Pennsylvania, 581.— VI. Effects upon death duties in Massachusetts, 586.— VII. Effects upon the New York system, 590.— VIII. Conclusions, 596.

Variations in wage-ratios in different areas: conductors and brakemen, 370; typists and stenographers, 370; telephone operators and typists, 370; office work, 370; painters and plumbers, 372; common labor and skilled labor, 373. — Analysis of wage-ratios among railroad workers: engineers, conductors, brakemen, section men, 374. — National differences in these ratios, 375. — Swedish experience, 378. — Engineers and firemen, 378. — American experience, 379. — Length-of-service ratios, 380. — Economic ratios in general, 382.

Reviews the book "Principles of Business Law," 2nd ed., by Essel R. Dillavou and Charles G. Howard.

Reviews the book "An Introduction to Monetary Theory," by Lester V. Chandler.

Reviews the book "Federal Income Tax Accounting," by Stewart Y. McMuller.

Abstract A number of papers in the March 1940 issue of the journal The Accounting Review, dealing with Federal accounting and auditing, have been prepared by persons familiar with practices now being followed and are both descriptive and critical in character. These papers will furnish a background for accountants who desire to know something about Federal accounting procedures, and it is hoped that they may in some degree crystallize the broad criticisms which have frequently been leveled at theories of Federal fiscal responsibility: many of which have been inherited from the days of intellectual Alexander Hamilton. The Budget and Accounting Act of 1921 placed the responsibility for the accounting systems of the government in the hands of a Comptroller General who as head of the United States General Accounting Office was made independent of current administrations. But the U.S. Congress neglected to provide adequate machinery to control the activities of the Comptroller. Under existing law, it may be worth noting that the person accountable for expenditures of Federal departments is not even the administrator but the lowly "disbursing officer," an employee of the administrator charged with the duty of paying obligations incurred by others.

Abstract The article focuses on theories and practices of accounting. For two decades, accounting processes of the Federal government have drifted along without leadership and with no central guiding principle. Papers, which appeared in the March 1940 issue of journal, The Accounting Review, amply indicated the dissatisfaction of those who have carefully investigated existing practices. There are many persons familiar with Federal accounting to whom the idea of following the commercial pattern is somewhat repugnant. Government is organized for service, not for profit. But costs are the same everywhere and government stands to gain if the well-developed notions of cost accountants can be adapted to the Federal picture. The balance sheet of a Federal department, commission, or other agency need not differ from that of a private corporation, except for the net worth section; yet a number of Federal establishments cannot produce a balance sheet, notwithstanding their ownership and use of various sorts of assets.

Abstract The article focuses on the progression of accountancy in England. The English accountant is called upon to maintain during his professional career two sets of relationships. First, are those relationships, which are concerned with the accountant's immediate client with whom he comes in direct contact and by whom the accountant is hired. Such relationships are based upon contract and must consider the statutory provisions, which exist in reference to the audit. Second, there are intangible relationships, which involve indirect clients, those individuals whose presence is not disclosed to the auditor when he is preparing his statements and reports but of whose identity, at least as members of a class, he is aware. Direct clients include sole traders, partnerships and limited companies as well as all types of organizations, which according to English Law must submit their accounts to independent examination by auditors. Indirect clients encompass a much wider range of individuals, as they will include readers of financial statements and reports, potential investors, bankers, creditors, the public and the Government.