Abstract Owing to the comparative youth of the accounting profession, court decisions affecting its members are few and scattering. However, the importance of these adjudications to the profession in inverse proportion to their number. An attempt is made in this article to state the significant parts of the American and English cases which have been decided during the past half century. Since accounting has attained the dignity of a profession, its members are subject to the same rules in their practice as are the members of other skilled professions. The damages claimed on account of the losses from the defalcations of the clerk and the insolvency of his surety are too remote to recovered, without showing the existence of special circumstances, known to defendants from which they ought to have known that much losses were likely to result from failure to disclose the true condition of affairs. Such losses are neither the natural nor the proximate consequences of the failure of defendants to make a proper audit.

Introduction, 1. — I. Definition of terms, 2. — II. Reactions to a falsified good: (1) the genuine is displaced, 8; (2) both remain in use, 11; (3) the falsified disappears, 13; (4) the demand for both falls, 13; (5) the demand for both increases, 16. — Importance of knowledge, 17. — III. Effect of conditions of production, 20; of elasticity of supply, 21. — IV. Effect of legal enactments: labelling, 23; grading, 25. — V. Effect upon the national economy and the final user, 26. — Waste, 27. — Introduction of novelties, 30. — Expense for protection, 31.

The assumption of independent national price systems, in theory and in treatment of current problems, 409. — I. No domestic and no international prices; only local prices, more or less sensitive to external conditions, 410; merchandise and services, wholesale and retail prices, not differentiated in the terms "international" and "domestic" commodities, 413. — II. Parallelism in movement of wholesale price indices, 413; Internationalization of the commodity price structure, 414. — III. Illusion of domestic price structure for wholesale merchandise: large or sustained movement not essential to price interdependence, 422; defective market data and apparent price deviations, 432; limitations upon actual deviation; a priori indications of high correlation, 433. — IV. Reformulation: the local category consists mainly of services and retail prices, 436; merchandise at wholesale is international, 437; regional prices structurally related, 442. — V. Practical applications: farm relief, 452; export combinations, 453; tariff and monetary problems, 455. — VI. Regional prices of international goods: as affected by foreign exchange, 456; by movement of specie or changes in purchasing power, 457; a possible reconciliation with orthodox theory, 458; price stabilization through credit policies of central banks, 459.

Journal Article International Control of Price Levels Get access Harold L. Reed Harold L. Reed Cornell University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 2, February 1931, Pages 357–364, https://doi.org/10.2307/1885480 Published: 01 February 1931

Abstract Standard costs, so-called, had their genesis in the field of production but are being applied more and more in the field of distribution. This paper deals with only one application to the latter field. The technique of the application will be described first then reasons for the method and finally advantages of the plan. The plan might be called "The Key Man Incentive Plan." For point values assigned for weighting sales the first step in the procedure is to establish a scale of points per $1,000 of sales of product for certain spreads of margins of profit over manufacturing cost. A statement is then prepared listing various products or groups of products, their profit margins over manufacturing cost their sales points based upon these margins, any policy adjustments made to the latter in order to determine the final sales points assigned to each product or groups of products. The purpose of establishing these sales points based upon profit margins is to enable one to weight the sales volume so as to indicate the relative desirability of securing business for various products from the standpoint of both normal profit and proper balancing of factory operations.

Reviews the book "Hard Times. The Way in and the Way Out," by Richard T. Ely.

Reviews the book "The Menace of Overproduction," by Scoville Hamlin.

Abstract Anyone who indulges in a mental résumé of major topics of accounting discussion for recent years would probably emerge with one or the other of two convictions, either one is rapidly drifting away from moorings of older conceptions of basic elements of accountancy, or that one is growing with considerable rapidity in new directions. The word capital for example, has long been used as a term to indicate the investment brought into a business by proprietory interests. It was distinctly associated with contribution. Statutory regulations concerning limited liability corporations further emphasized this concept by requiring that the proposed sum of capital be definitely stated from the very inception of the organization, that it be fully paid in and that it be maintained intact against the encroachment of dividends. Capital stock was considered by legislatures and courts as representing owners' contribution, the amount dedicated to purposes of the business by those controlling the concern's affairs and enjoying residual profits, if any. Is accounting thought drifting away from this and other basic conceptions, or is it is merely growing out of garments in which it has for so long been clothed? No-par stock has brought occasional presentations of financial structures in which original contribution was divided between capital stock and initial surplus.

Reviews the book "Federal Income Taxation," by Joseph J. Klein.