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Journal of Accountancy, December 1932 Vol. 54 Issue 6 [Whole Issue] Journal of Accountancy Volume 54 Issue 6 Article 11 12-1932 Journal of Accountancy, December 1932 Vol. 54 Issue 6 [whole issue] American Institute of Accountants Follow this and additional works at: https://egrove.olemiss.edu/jofa Part of the Accounting Commons Recommended Citation American Institute of Accountants (1932) "Journal of Accountancy, December 1932 Vol. 54 Issue 6 [whole issue]," Journal of Accountancy: Vol. 54 : Iss. 6 , Article 11. Available at: https://egrove.olemiss.edu/jofa/vol54/iss6/11 This Article is brought to you for free and open access by the Archival Digital Accounting Collection at eGrove. It has been accepted for inclusion in Journal of Accountancy by an authorized editor of eGrove. For more information, please contact [email protected]. SINGLE COPY 35 CENTS PER ANNUM $4.00 The JOURNAL of ACCOUNTANCY volume LIV DECEMBER, 1932 number 6 CONTENTS Editorial ......... 401 A Legal Department — Temporary Relief from Fees — The Niceties of Professional Conduct — The Sawdust Trail —Another Important Means of Grace — A Common Interest — The Cause May Be Anything — Con­ ventions Present Great Opportunities — The Benefits of Fellowship — The Other Fellow Has His Virtues American Institute of Accountants’ Examinations, November, 1932 . .411 The Profitable Employment of Idle Time 433 By Norman Loyall McLaren Some Economic and Accounting Phases of Lumber Manufacturing ....... 448 By Marvin F. Pixton American Institute of Accountants, riaT l INSTITUTE Students’ Department 467 Edited by H. P. Baumann Book Reviews . 474 Accounting Questions 476 Current Literature 479 Issued Monthly by AMERICAN INSTITUTE PUBLISHING CO., INC. Publication Office, 10 Ferry Street, Concord, N. H. Editorial and General Offices, 135 Cedar Street, Manhattan, New York, N. Y. President, JOHN B. NIVEN Treasurer, JAMES HALL Secretary, A. P. RICHARDSON 80 Maiden Lane 40 Exchange Place 135 Cedar Street New York, N. Y. New York, N. Y. New York, N. Y. Entered as second-class matter at the Post Office at Concord, New Hampshire, under Act of March 3, 1879 Copyright 1932 by American Institute Publishing Co., Inc. THIS MAGAZINE DOES NOT EMPLOY SUBSCRIPTION CANVASSERS Authors of Articles in This Issue of The Journal of Accountancy Norman Loyall McLaren. Member, American Institute of Accountants. Certified Public Accountant (California). Partner, McLaren, Goode & Co., San Francisco, California. Marvin F. Pixton. Member, American Institute of Accountants. Certified Public Accountant (Georgia). With Peat, Marwick, Mitchell & Co., At­ lanta, Georgia. Important to Subscribers Subscribers are requested to send notices of change of address five weeks before they are to take effect. Failure to send such notice will result in the incorrect forwarding of the next copy and delay in its receipt. Old and new addresses must be given. Basic Standard Costs By Eric A. Camman This book has met with instant favor and is in demand. The text is clear, comprehen­ sive and authoritative. Every accountant whether engaged chiefly in cost accounting or otherwise will find it helpful. All executives will find in it much that will be of assistance in solving the problems before them. The author is well known by students of cost accounting and his experience covers an extraordinarily wide range of industry. The volume consists of 249 pages, 6" x 9", and contains important graphic illustra­ tions of the application of the principles of standard costs in various industries. The book is bound in the familiar style of the American Institute Publishing Company and the price is $3.50 delivered in the United States. Orders may be sent to: THE AMERICAN INSTITUTE PUBLISHING CO., INC. 135 Cedar Street, New York THE JOURNAL OF I The District Machine Company < a factory cost system controlled by a entry factory- ledger, the opening balance. which appear January 1, 19—, in part as follows: 1. Undistributed Burden...................... $15,000 2. Raw Material.................................... 100,000 3. Work in Process................................ 250,000 4. Finished Product.............................. 98.000 of the MONTH 5. Accrued Pay Roll............................. 7.000 The following represent the total of operations for the year: 6. Raw Material Purchases................. $225,000 Can You Solve It? 7. Pay Rolls........................................... 155,000 8. Productive Labor Distribution .... 150.000 9. Department Overhead..................... 315,000 10. Raw Material Consumed.................. 250,000 Send Us Your Answer and We Will 11. Product at Cost.................................. 825,000 12. Department Overhead Distributed . 325,000 13. Sales at Cost........................................ 905,000 Send You Our Standard Solution Raise the necessary controlling accounts to show the ledger record of the above opera­ tions together with trial balance at the end of the year. ««« »»» A New Year and A New Start What has gone before is history; what is to come is The unparalleled record of successes achieved by Walton tremendously important to you as an individual. You students is convincing proof of the thorough and prac­ have the power, within yourself, to determine whether tical character of Walton training. Nearly twelve hun­ you will become a valuable essential in the world of dred Walton students have passed American Institute renewed business progress or just a mere cog in an every­ and Certified Public Accountant examinations. Ap­ day grind. proximately 80 per cent of them were trained through By preparing yourself now, through accountancy home study. training, to step forward and upward into responsi­ Walton students have won twenty-three high honor bility and higher pay, you are building for positive and medals in Illinois C. P. A. examinations. For nine suc­ permanent success in the years to come. This has been cessive years Walton men won special distinction in the general experience of Walton students. Hundreds American Institute examinations. of successful junior and senior executives owe their This remarkable record is unequalled by the students splendid positions to the excellence of Walton training. of any other educational institution. It is of vital sig­ Now, at the beginning of a new year, is a most appro­ nificance to you. How hundreds of Walton trained men priate time to enroll in and women have attained high positions is interestingly told in our new 136-page book Walton Courses In Constructive Accounting—Advanced Account­ "The Walton Way To ing & Auditing— Cost Accounting— Business A Better Day" Law — Federal Income Tax Accounting — It gives definite proof of the outstanding merit of Mathematics of Accounting and Finance — Walton training; it outlines Walton methods, and shows C.P.A. Coaching how, without previous training, to master this interest­ ing and profitable profession in one’s own home. The (Subjects May Be Taken Separately) book is FREE; mail the coupon today. Day and Evening Classes and Home Study Instruction 389-399 McCormick Building Chicago Member National Home Study Council WALTON SCHOOL OF COMMERCE, 389-399 McCormick Building, Chicago, Illinois Without obligation on my part, please send me a copy of “The Walton Way to a Better Day,” and suggestions as to what you can do to help me advance in the business world. .Name............... ........................................................................................................................................ □ Home Study Instruction !□ Resident Day Classes □ Resident Evening Classes Occupation......................................................................................Age................................... When writing to advertisers kindly mention The Journal of Accountancy II THE JOURNAL OF ACCOUNTANCY Revised Edition! What Shall I Do When—? Every professional man must ask himself: What shall I do when this happens or when that is requested? Ethics of a Profession consists of 159 pages. The subjects specifically discussed are the following: Going into Practice, Offices, Partners, Third Edition — September, 1928 Second Printing — May, 1930 Branch Offices, Incorporation, The Accountant’s Place in the Com­ munity, Soliciting, Advertisement, The First Client, Fees, Contingent Theory, Auditing and Problems Fees, Commissions, Bidding, Se­ A four-volume digest of problems and ques­ crecy, Prophecy, Name, Clients, tions given in 955 C. P. A. examinations by Staff, Language. accountancy boards in 48 states; June, 1929 papers are included. Distribution is: California......................... 39 New Jersey....................... 16 Florida............................... 26 New York......................... 60 The most important considera­ Illinois................................ 42 Ohio..................................... 24 Indiana.............................. 25 Pennsylvania................... 31 tion of every reputable accountant Massachusetts................ 20 Washington...................... 33 Michigan.......................... 23 Wisconsin.......................... 18 Missouri............................ 26 Other States..................... 572 should be the proper practice of his The four buckram-bound volumes contain 400 profession; consequently a brief text problems and 5,824 questions, classified in related groups, with lectures authenticated by upon the general subject of ethics is 7,579 specific references to recognized accounting authorities. Volume II solves problems in Volume a useful addition to every account­ I; Volume IV solves problems in Volume III.
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