Reviews the book "Cost Accounting," by Russell S. Willcox.

The article focuses on financial statements of national wealth and national income. According to the author, an article published in the "Journal of Political Economy," by Morris A., points out that the national income statement has relationships to the statement of national wealth or national balance sheet which are analogous to the relationships of a corporate income statement to the corporation's balance sheet. This observation intrigues the accountant. The possibilities of setting up financial statements for the national income and the national wealth are for the most part unexplored in published works on these subjects. The interrelationship between the income sheet and the balance sheet is here especially important. Most of the previous studies of national income in the United States have necessarily made use of accounting data, both as found in census reports and as secured directly from business enterprises. Some of the previous studies have attempted estimates both of the national income produced, and of the national wealth, classified by industries.

Reviews the book "Twenty Five Years of Accounting Responsibility— 1911-1936," by George O. May.

Reviews the book "Accountants' Index: A Bibliography of Accounting Literature, January, 1932-December, 1935."

Reviews the book "Accounting Systems--Design and Installation," by J. Brooks Heckert.

Reviews the book "Public Finance," by Clyde L. King.

The substance of the power of the Securities and Exchange Commission, in so far as it concerns accounting, derives from that passage in the Securities Act which in effect enables the Commission to stop the issue of new securities if it appears to the Commission at any time that the registration statement includes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading. For the Commission the various items of a balance sheet and of an income statement are material facts, and what in accounting parlance is often referred to as the disclosure or non-disclosure of information becomes in the law the statement or omission of material facts. The corresponding powers in the Exchange Act make it unlawful for any member to effect any transaction in any security unless a registration is effective as pit scribed by the Commission.