Railroad Accounting Procedures |
Common terms and phrases
accelerated amortization accepted accounting principles accounting practices accounting procedure accruals adjusted American Institute amount Andersen appendix applied ARPAIA Arthur Andersen assets basis BLATNIK BRETEY Bureau of Valuation capital carriers carrying value certified class I railroads committee on accounting deductions deferred maintenance deferred taxes depreciation accounting depreciation charges depreciation reserve dividends earnings effect EMKEN estimated facilities fact Federal income taxes financial statements GRIFFITHS HAHN included income per share income statement increase Institute of Accountants Interstate Commerce Commission investment investors Kusik locomotives MEADER ment million MURPHY net income normal operating expenses overstatement percent period PLAPINGER prescribed present property accounts proposed public accountants rail railroad accounting Railroad Company railway operating income recorded repairs replacement accounting result retired Revenue SEDER SPACEK stockholders tax deferment tax purposes tion track material track structure traffic units of property utilities
Popular passages
Page 252 - ... the items or details to be shown in the balance sheet and the earning statement, and the methods to be followed in the preparation of reports, in the appraisal or valuation of assets and liabilities, in the determination of depreciation...
Page 178 - It is entitled to see that from earnings the value of the property invested is kept unimpaired, so that, at the end of any given term of years, the original investment remains as it was at the beginning.
Page 84 - ... (b) The rights and remedies provided by this title shall be in addition to any and all other rights and remedies that may exist under the Securities Act of 1933 or the Securities Exchange Act of 1934, or...
Page 156 - The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.
Page 153 - Commission's accounting regulations are formulated in collaboration with the committee on accounts and statistics of the National Association of Railroad and Utilities Commissioners and with representative industry committees.
Page 206 - Group plan," as applied to depreciation accounting, means the plan under which depreciation charges are accrued upon the basis of the original cost of all property Included in each depreciable plant account, using the average service life thereof properly weighted, and upon the retirement of any depreciable property its full service value Is charged to the depreciation reserve whether or not the particular item has attained the average service life.
Page 84 - In cases where there is a difference of opinion between the Commission and the registrant as to the proper principles of accounting to be followed, disclosure will be accepted In lieu of correction of the financial statements themselves only if...
Page 286 - ... that the income statement is based on the concept of the going concern. It is at best an interim report. Profits are not fundamentally the result of operations during any short period of time. Allocations to fiscal periods of both charges and credits affecting the determination of net income are, in part, estimated and conventional and based on assumptions as to future events which may be invalidated by experience. While the items of which this is true are usually few in relation to the total...
Page 136 - In the case of non-cash acquisitions, cost may be determined either by the fair value of the consideration given or by the fair value of the property acquired, whichever is the more clearly evident.
Page 253 - Commission is responsible for the administration and enforcement of the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.