Reviews the book "Production, Forecasting, Planning and Control," 2nd ed., by E.H. MacNiece.

Abstract To the theorist, the subject of surplus, particularly that of paid-in surplus, is a fertile field of study, and during the past ten years much of value has been written on the subject, as of January 1946. It is not the intention of the author, however, to explore the realms of theory or the implications of theory. Rather the author is merely interested in satisfying his curiosity as to the precepts or dicta of the laws of the various U.S. states in regard to such net worth items as no-par stock, paid-in surplus, cash dividends from paid-in surplus, and discount on stock. Pennsylvania and Colorado permit the allocation of a portion of amounts received only in the case of no-par common stock, any allocation of no-par preferred being prohibited. Thirty-two states deny the right of corporations to issue either preferred or common stock at a discount. States in which the subject of the sale of par value stock at a discount was not touched upon in the statutes are Connecticut, the District of Columbia, Hawaii, Maine, Mississippi, Nevada, New Mexico, North Carolina, Puerto Rico and Wyoming. As a conjecture, it would seem that in these states the common law rule would follow that the stock could be sold below par, but that the buyer would be liable for any unpaid balance in case of insolvency.

Abstract Reviews the book 'Budgeting: Profit Planning and Control,' by Glenn A. Welsch.

Reviews the book "Management Accounting: An Historical Perspective," by R.H. Parker.

Abstract The Executive Committee of the American Accounting Association reactivated the committee on cost concepts and standards for the year 1951. The Executive Committee hoped that in reestablishing this Committee, the groundwork laid by previous committees would be carried forward to the benefit of the Association and the profession of accounting as a whole. The 1951 Committee made an intensive exploratory study of the possibility of setting forth principles, concepts and standards of accounting. As an approach to offering positive guidance to current cost accounting problems, the Committee felt that this afforded the best opportunity to be of service at the present time. As a consequence, major stress of the 1951 Committee is upon cost concepts and related business decisions and policy and, to a lesser extent, upon principles or standards of cost accounting. Cost accounting is a tool of management. In so far as it aids management in the preparation of general financial statements, it supplies data, which may be used eventually as a guide to the overall efficiency of an organization, the relative efficiency of a firm to other firms in an industry, or the relative profitableness of present pursuits of management as contrasted to alternative opportunities.