Journal Article National Income, 1929–32 Get access W. L. Crum W. L. Crum Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 49, Issue 3, May 1935, Pages 508–517, https://doi.org/10.2307/1883867 Published: 01 May 1935

I. The Qualitative vs. the Quantitative Schools of Credit Control, 600. — II. Subgroupings among Exponents of Quantitative Methods, 602. — III. Snyder's Methods, 603. — IV. History of Price Movements, 604. — V. Consequences of Non-War Price Displacements, 606. — VI. Fluctuations in Prices vs. Fluctuations in the Physical Volume of Trade, 606. — VII. Measurement of the Factors of the Equation of Exchange, 609. — VIII. Consequences of Fluctuations in the Ratio of Credit to Trade, 611. — IX. Sub-Normal and Abnormally High Rates of Growth in the Volume of Credit, 613. — X. Does Credit Control Trade? 615.—XI. Snyder's Theory and the 1929 Crash, 616. — XII. Snyder's Theory and the Present Depression, 618. — XIII. Necessity of Frequent Tests of the Credit Situation, 619.

Abstract Definition in its popular sense is the process of delimiting a concept or thing with the object of establishing that usage for a word or phrase, which has significance common to all persons. Definition is also popularly understood to be the expression through which the limits of the concept or thing are set up. Without definition, or with more than a single definition in common use, situations frequently arise where no exact medium of communication exists. Probably every person has had the experience of participating in protracted disputatious only to discover in the end that he and his opponent had been talking different languages. Within the realm of logic, definition has as its purpose the determination of the qualities of universals. Hence it may be said that the necessity of a common language and the necessity of building up an adequate background for the introduction of logical principles place upon one as accountants the burden of exploring thoroughly the requirements of good definition.

Abstract The article focuses on standards for accounting. A good deal has been said recently about standards for accountants. The book Financial Reports for Colleges and Universities reflects probably the first attempt in the history of accounting to produce a coordinated, closely integrated textbook of standards, not withstanding the fact that it covers a specialized field. But what about the hundreds of uniform systems of accounts that have been produced since pioneering in railway accounting? That's a fair question. There have been many uniform systems of accounts put out by our public-service commissions, the I. C. C., and a pretty good number of trade associations. Most of them have dwelt extensively on account classifications and how and what to debit and credit. Most of them include provisions for some sort of financial statements. At this stage in the development of accounting, it would be difficult to frame definitions that everybody would agree to. It's the courageous effort to lay down a reasonable set of standards that is needed.

Abstract The payment of taxes is an obvious and insistent duty. It must be equally obvious that with increasing governmental activities there will be an increase in the tax burden. Legislative bodies in their efforts to balance budgets, will have to look to all available sources for revenue. It is to be expected that they will rely more and more upon the income tax which has proved so successful in a large and rapidly increasing number of states. There are special problems involved in the taxation of incomes by states which are not encountered in the Federal income tax. One of these is the allocation of income from business crossing state lines to the different states having an interest in that business for taxing purposes. In an address by Ogden Mills, Secretary of the Treasury, before the Association of the Bar of the City of New York in April 929, 19392, it was stated that this was perhaps the most important problem involved in the use of an income tax by the states.