Amendments to the Defense Production Act, Hearing Before ..., 90-2 on S.3097 ..., June 18, 1968 |
Common terms and phrases
accepted accounting principles Accounting Office Accounting Principles Board accounting procedures accounting profession Admiral RICKOVER adopted amendment applied Armed Services Procurement ASPR auditors BACSIK Banking and Currency BARRETT basis believe bill Certified Public Accountants Chairman commercial business Commission Committee companies competitive Comptroller Congress contractors cost accounting cost principles costs and profits D.C. DEAR defense business defense contracts defense procurement Defense Production Act Department of Commerce Department of Defense determine develop uniform accounting differential services earnings equipment Federal financial statements firm fixed-price Government contracts income issue JOHN SPARKMAN June June 18 legislation manufacturing ment method military million Navy needs operations percent problem proposal reasonable record Renegotiation Act Renegotiation Board require responsibility result rules section XV Senator BENNETT Senator PROXMIRE Services Procurement Regulation SPARKMAN specific supplier tion Truth in Negotiations U.S. Senate uniform accounting standards utility
Popular passages
Page 181 - Salvage value" means the amount received for property retired, less any expenses incurred in connection with the sale or in preparing the property for sale; or, if retained, the amount at which the material recoverable is chargeable to materials and supplies, or other appropriate account.
Page 183 - ... if the amount of any delayed item is relatively so large that its inclusion in the accounts for a single year would seriously distort the accounts...
Page 181 - Person" means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, or any organized group of persons, whether incorporated or not, or any receiver or trustee. ,25. "Premium...
Page 114 - A method of accounting which reflects the consistent application of generally accepted accounting principles in a particular trade or business in accordance with accepted conditions or practices in that trade or business will ordinarily be regarded as clearly reflecting income, provided all items of gross income and expense are treated consistently from year to year.
Page 179 - The licensee shall grant to the commission or to its duly authorized agent or agents, at all reasonable times, free access to such project, addition, or betterment, and to all maps, profiles, contracts, reports of engineers, accounts, books, records, and all other papers and documents relating thereto.
Page 182 - B. The books and records referred to herein include not only accounting records in a limited technical sense, but all other records, such as minute books, stock books, reports, correspondence, memoranda, etc., which may be useful in developing the history of or facts regarding any transaction.
Page 180 - ... service from causes which are known to be in current operation and against which the utility is not protected by insurance. Among the causes to be given consideration are wear and tear, decay, action of the elements, inadequacy, obsolescence, changes in the art, changes in demand and requirements...
Page 180 - control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract...
Page 184 - Contingent Assets and Liabilities Contingent assets represent a possible source of value to the utility contingent upon the fulfillment of conditions regarded as uncertain. Contingent liabilities...
Page 180 - Net investment" in a project means the actual legitimate original cost thereof as defined and interpreted in the "classification of investment in road and equipment of steam roads, issue of 1914, interstate commerce commission." plus similar costs of additions thereto and betterments thereof, minus the sum of...