Profits: Report of a Subcommittee ... on Profits Hearings ....U.S. Government Printing Office, 1949 - 227 pages |
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Common terms and phrases
9 months accounting procedure adjustment aggregate American amount Anson Herrick appendix assets average billion dollars capacity cash cents changes committee on accounting common stock consumers corporate profits Department of Commerce depreciation charges Dividends paid Earnings per share Economic Report employees equity capital estimated excess-profits tax expansion facilities Federal Federal Trade Commission figures funds higher income taxes increased industry inflation Institute of Accountants inventory LIFO manufacturing meat ment Million Million Million National City Bank national income Nelson Cruikshank net income net worth operating percent period plant and equipment POGUE preferred stock prewar price levels problem production profits after taxes purchasing power rate of return ratio reinvested replacement costs reserves result retained earnings Russ Nixon Senator FLANDERS Senator O'MAHONEY Slichter Source statement Steel Corp stockholders Studebaker Sun Oil Co TABLE tion Total United States Steel VANCE wages wear and exhaustion worth
Popular passages
Page 203 - It is recognized also that any general rules may be subject to exception; it is felt, however, that the burden of justifying departure from accepted procedures must be assumed by those who adopt other treatment.
Page 86 - The increase in the prices of GM cars has been little more than the increase in the cost of living, as measured by the BLS consumers price index, which has amounted to 72 percent since January 1941. On the other hand, prices of such important commodity groups as farm products, foods, and textiles — which play an especially important role in determining the over-all cost of living — have increased far more than automobile prices.
Page 203 - Accounting Research bulletins represent the considered opinion of at least two-thirds of the members of the committee on accounting procedure, reached on a formal vote after examination of the subject matter by the committee and the research department. Except in cases in which formal adoption by the institute membership has been asked and secured, the authority of the bulletins rests upon the general acceptability of opinions so reached.
Page 107 - No great stretch of the imagination is required to foresee that if nothing is done to check the growth in concentration, either the giant corporations will ultimately take over the country, or the Government will be impelled to step in and impose some form of direct regulation in the public interest.
Page 203 - Should inflation proceed so far that original dollar costs lose their practical significance, it might become necessary to restate all assets in terms of the depreciated currency, as has been done in some countries. But it does not seem to the committee that such action should be recommended now if financial statements are to have maximum usefulness to the greatest number of users.
Page 47 - The 30 per cent was determined partly through experienced cost increases and partly through study of construction cost index numbers. Although it is materially less than the experienced cost increase in replacing worn out facilities, it was deemed appropriate in view of the newness of the application of this principle to the costing of wear and exhaustion.
Page 157 - ... brown-outs and lost production in many States this winter, and again next year. Yet the Electric Institute is reported to be considering a revision downward of its wholly inadequate expansion plans. Alcoa has just announced shut-down next February of its Niagara Falls smelter and the lay-off of 1,000 workers in Tennessee — not enough power. Just let me quote the New York Times of December 8, this year. It quotes one prominent steel official who recently predicted that it "may not be long before...
Page 47 - The added amount is 30 per cent of provisions based on original cost, and is a step toward stating wear and exhaustion in an amount which will recover in current dollars of diminished buying power the same purchasing power as the original expenditure.
Page 203 - The committee on accounting procedure has reached the conclusion that no basic change in the accounting treatment of depreciation of plant and equipment is practicable or desirable under present conditions to meet the problem created by the decline in the purchasing power of the dollar.
Page 16 - All financial transactions are ordinarily expressed in monetary units. The dollar, of course, is our standard of value just as the yard is one of our standards of length. Profits are expressed in dollars. But these dollars are no longer the same from year to year; their purchasing power or value has changed. Thus it is not proper to say that the profits of 30 oil companies have increased from $763,000,000 in 1946 to $1,219,000,000 in 1947.