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(i) The following is a brief syllabus of the written examination:
First Day-First session-Auditing, 372 hours.
First Day-Second session-Accounting, 5 hours.
Second Day-First session-Commercial law, 372 hours.
Second Day-Second session-Accounting, 5 hours.

Auditing (j) Scope: Practice and procedure in the audit of books and accounts of industrial, commercial and financial concerns, municipalities, estates, etc.

Commercial law (k) Examination covers only fundamental principles of common and statute law applicable throughout the United States. Subjects:

(a) Negotiable instruments.
(b) Contracts.
(c) Corporations.
(d) Bankruptcy.
(e) Partnership.
(f) Federal income tax.

Accounting (1) Examination in accounting is not divided into theory and practice. The entire subject is considered as one, and problems in practical accounting and questions in theoretical accounting are contained in the papers of both sessions.

Scope: Preparation of trial balance, balance-sheet, profit and loss account; cost, manufacturing, trading, consolidated, executorship, estate, railroad, public utility, shipping and municipal accounts; foreign exchange, investigations prior to public issuance of securities, stock-exchange practice and banking, interstate commerce commission returns, federal tax returns, preparation of statements for credit purposes, systematizing.

(Optional) Actuarial science, including annuities certain, present worth of future interest payments, sinking funds, etc.

(Questions in actuarial science do not extend to life contingencies. A knowledge of algebra up to and including the binomial theorem and the use of logarithms is essential).

WRITTEN EXAMINATION FOR ADMISSION AS MEMBER (m) In addition to the written examination set for those seeking admission as associates, applicants for admission as members must present theses at the time of their written examinations.

(n) Each thesis must consist of from 2,000 to 4,000 words upon one of a group of subjects to be proposed by the board of examiners and must be accompanied by an affidavit that it is the unaided work of the applicant.

(0) Associates seeking advancement to membership are required to present theses as above described.

VII. RESULTS OF EXAMINATIONS (a) The board does not make known its solutions and answers, and does not divulge the actual marks given in any subject.

(b) Applicants who pass the examinations with peculiar distinction are generally mentioned by name in order of merit.

(c) Because of the great number of states using the Institute's questions and submitting the answers for grading by the Institute's examiners, results of examination cannot be made known, as a rule, within less than two months from date of examination.

(d) Failure in two subjects is regarded as failure in all subjects. Accounting theory and practice are regarded as one subject.

VIII. RE-EXAMINATION (a) Applicants who fail in one subject are conditioned in that subject, and may be re-examined therein at a subsequent examination upon payment of a fee of $10.

(b) All re-examinations must be written.

IX. ELECTION Passing the examination does not necessarily imply election to the Institute. The board of examiners recommends successful examinees to the council, which may elect or reject. As a rule, recommendation by the board is favorably considered by the council.

X. FEES AND DUES (a) Initiation fees of members are $50; on advancement from associate to membership, $25; associates, $25.

(b) In addition, an examination fee of $25 is required of every applicant for admission as member, for advancement to membership or for admission as associate.

(c) Annual dues of the Institute are: by a member, $25; by an associate, $10.

(d) Copies of past examination questions are obtainable from the offices of the American Institute of Accountants at 10 cents each.

XI. BIBLIOGRAPHY
Suggested texts for reading in preparation for examination

(See Section V., Paragraphs (6) and (c), Page 5)

AUDITING
Title

Author

Publisher Auditing Theory and Practice, R. H. Montgomery Ronald Press.

Students' edition (1916-542p.)
Duties of the Junior Accountant W. B. Reynolds &

American (1918-102p.)

F. W. Thornton. Institute of

Accountants Approved Methods for the Prepa Federal Reserve Government nation of Balance-Sheet Stater Board

Printing ments, April, 1917.

Office.
COMMERCIAL LAW
Title

Author

Publisher Elements of Business Law (1917). E. W. Huffcut.

Ginn & Co. Business Law (1918).

Thomas Conyngton. Ronald Press. Manual of Commercial Law E. W. Spencer.

Bobbs-Merrill Co. (1898).

THEORY OF ACCOUNTS AND PRACTICAL ACCOUNTING
Title

Author

Publisher Modern Accounting (1916-367p.). Henry Rand Hatfield

D. Appleton & Co. Accounting Theory and Practice, Roy B. Kester.

Ronald Press. Vol. I (General practice) (1917542p.). Accounting Theory and Practice, Roy B. Kester. Ronald Press. Vol. II (Corporation problems)

(1918-755p.). Applied Theory of Accounts 1917- Paul-Joseph

Ronald Press. 519p.).

Esquerré Accounting Practice and Procedure A. Lowes Dickinson Ronald Press.

(1917-315p.). Problems in the Principles of Ac Wm. Morse Cole

Harvard counting (1915-102p.).

University (Accounting questions only)

Press. Corporation Accounting.

R. J. Bennett.

Ronald Press.

COST KEEPING AND MISCELLANEOUS
Title

Author

Publisher Manufacturing Costs and Accounts A. Hamilton Church Eng. News (1917).

Pub. Co. Expense Burden (1908-116p.). A. Hamilton Church Eng. News

Pub. Co. Principles of Factory Cost Keep- E. P. Moxey.

Ronald Press. ing (1913-102p.). Principles of Depreciation

Earl A. Saliers

Ronald Press. Factory Costs (1911-611p.).

Frank E. Webner. Ronald Press. Cost Accounting (1919-576p.)

Nicholson and

Ronald Press.

Rohrbach Introduction to Actuarial Science. H. A. Finney. American Insti

tute of Accountants.

RETAIL ORGANIZATION AND ACCOUNTING, by PHILIP I.

Carthage. D. Appleton & Co., New York. 350 pp.

Retail Organization and Accounting Control, written by a man who has had twenty years' experience in retail as buyer, sales promoter, comptroller and office manager, should prove a handy manual to the retail executive or accountant who is forced to provide for the needs of an expanding trade. “Theory," as the author says in his preface,"is entirely eliminated.” It is, in fact, a detailed description of the methods of organizing a retail department store and of recording the financial operations from the original receipt of merchandise to the final profit and loss statement and balance-sheet-all the result of actual practice and experience. Public accountants will find little that is not covered by standard textbooks in the way of general principles, but as supplementary reading the book will furnish many hints and suggestions to those who are not familiar with department store accounts.

Strong exception must be taken, however, to the provision (p. 171) that consigned goods should be taken on the same basis as purchased goods and added to the inventory. It is not good accounting practice, and in many states is absolutely contrary to law, since it has the result of merging the goods, accounts receivable and funds of a principal with those of an agent. It also conflicts with the provisions of the federal income-tax inventory certificate, which require the title of all goods in the inventory to be vested in the taxpayer.

We presume it may be considered a sign of the times that the author uses the term “co-worker" in place not only of the old-fashioned "employee” but also apparently to embrace all the members of the establishment from the president or owner down to the humblest scrub-woman. (See p. 38). It reads somewhat oddly, and even the author shows by occasional lapses into the old terminology that it has not yet become habitual.

It is a pity that a book showing so thorough and practical a grasp of a complex subject should be marred by slovenly English, in places making the author say exactly the opposite of what the context shows that he

means.

W. H. LAWTON.

PRINCIPLES OF ACCOUNTING, by A. C. HODGE AND J. O. McKinsey.

In the review of Principles of Accounting in the December JOURNAL OF ACCOUNTANCY, mention was made of the lack of an index. Since then the publishers have supplied the missing index and also the prefaces which were inadvertently left out. The index naturally facilitates the study of the book and appears to be ample and complete. The prefaces confirm the doubts of the reviewer as to the practical usefulness of the book to the man who seeks to make accountancy a profession. The authors state specifically that the aim of the text is to give prospective business managers “a fairly definite idea" of the service which should be provided by accounting, "a working knowledge” of fundamental principles and “an elementary knowledge” of the technique of accounting. Without expressing any opinion as to whether this programme will succeed in developing successful business managers or not, the reviewer still doubts whether it will produce the careful, exact and logical type of men fitted to become public accountants. The student who has only a “fairly definite idea” of accounting is the man responsible for the discouraging percentage of failures shown in the accounting examinations.

W. H. Lawton.

Society of Certified Public Accountants of the State of New Jersey

At the annual meeting of the Society of Certified Public Accountants of the state of New Jersey, the following officers and trustees were elected for the ensuing year : Charles E. Mather, president; James F. Welch, vice-president; Theo. A. Crane, secretary and treasurer; John H. Bowman, Frank G. DuBois, Edwin G. Woodling, John B. Niven, Wm. H. Compton, Arthur Wright, Thomas R. Lill, trustees; Fred L. Main, Hyman Besser, auditors.

James A. Councilor and Alexander Thompson announce the formation of a partnership under the firm name of Thompson & Councilor, with offices in the Woodward building, Washington, D. C.

Goodman & Goodman and Nathan Vogel announce the consolidation of their practices under the firm name of Goodman, Vogel & Goodman, with offices at 949 Broadway, New York.

C. B. Hurrey and Franklin C. Parks announce the formation of a partnership under the firm name of Hurrey & Parks, with offices at 543-6 Munsey building, Washington, D. C.

Homer W. McCoy announces his retirement from McCoy & Co., 105 South La Salle street, Chicago. The name of the organization has been changed to Hill, Joiner & Co.

Edward H. Bailey and Karl A. Brede announce the formation of a partnership under the firm name of Bailey & Brede, with offices at 54 Buhl building, Detroit, Michigan.

H. M. Stein, N. F. Ross and I. Sack announce the formation of a partnership under the firm name of Stein, Ross & Sack, with offices at 52 Broadway, New York.

Goldsmiths' Accountants, Penfield building, Philadelphia, announce that Henry F. Whitmore, Thomas R. Bell and Frank K. Ralston have been admitted to the firm,

Townsend. Dix & Pogson announce the opening of a branch office at 27 Bedford street, Fall River, Massachusetts, under the management of M. B. Lovelace.

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