If one were called upon to express in general terms and briefly the essential nature of the accounting problem, one could hardly improve upon the statement that, in its largest aspects, it is the problem of distinguishing between charges to income and charges to capital. The problem of depreciation, with its economic and accounting implications, has not always received the attention which it receive today. It is because of the relationship between these two problems-the theory and practice of current depreciation accounting and the treatment of depreciation in public utility valuation that the present thinkers suggested the arrangement of a program for their discussion. While accounting theory and practice give preference to the periodical allowance method, the retirement method is not to be wholly condemned. The propriety of a method of accounting for depreciation is to be tested by the general accuracy and precision with which it allocates costs to the proper product units or productive periods and expresses, for general balance sheet purposes, asset valuations.

Reviews two volumes of the book "Valuation of Public Service Corporations," by Robert H. Whitten.

Abstract The article focuses on the proceedings of the twelfth annual convention of the American Association of University Instructors in Accounting, held at Washington D.C., between December 28 and 29, 1927. After some introductory remarks by the organizers, papers were read by W. W. Nissley of the American Institute of Accountants, John R. Wildman of the company Haskins and Sells, David Himmelblau of Northwestern University, Evanston, Illinois, William A. Paton of the University of Michigan, Ann Arbor, Michigan, and J. L. Dohr of Greene and Hurd and of Columbia University, New York, New York. The second program meeting was given over to a discussion of various features of the federal income tax law. Johns Hopkins University's, Baltimore, Maryland, professor presided at the session and opened it with a brief statement introducing the speakers of the afternoon, all of whom were representatives of the Bureau of Internal Revenue. The third program session consisted of a joint meeting with the American Association of Collegiate Schools of Business. The general topic for discussion was "The Place of Accounting in Commerce Curriculum."