None
Blank forms of this return will be mailed to collectors and should be furnished to every corporation, not expressly ex- cepted, on or before January i, 19 10, and on or before Janu- ary I of each year thereafter. Failure on the part of any cor- poration, joint-stock company, association, or insurance com- pany liable to this tax, to receive a blank form will not excuse it from making the return required by law, or relieve it from any penalties for failure to make the return in the prescribed time. Corporations not supplied with the proper forms for making the return should make application therefor to the col- lector of internal revenue in whose district is located its prin- cipal place of business. Each corporation should carefully prepare its return so as to fully and clearly set forth the data therein called for. Bookkeeping. — No particular system of bookkeeping or ac- counting will be required by the Department. However, the business transacted by corporations, joint-stock companies, associations, or insurance companies must be so recorded that each and every item therein set forth may be readily verified by an examination of the books and accounts, where such examination is deemed necessary. Calendar year. — As the law specifically provides that the tax imposed shall be computed on the net income during each " calendar year," returns of income based on any period other than the calendar year can not be accepted. 566 p AUDITING. Corporations organized during the year or going into liqui- dation during the year should nevertheless render a sworn return on the prescribed form. Royal E. Cabell, Commissioner. Approved : Franklin MacVeagh, Secretary of the Treasury. INDEX. Accountants, Opinion of, on extent of investigations, 319 Accounts, Corrections in, 31 of Architects, Points in the audit of, 165 Banks, Points in audit of, 114 Branch Establishments, 82 Breweries, Points in audit of, 96 Building and Loan Societies, Points in audit of, 161 Cash Businesses, Points in audit of, 93 Churches, Points in audit of, 159 Clubs, Points in audit of, 99 Colleges and Schools, Points in audit of, 160 Collieries, Points in audit of, 109 Commercial, .91 Consignments, 81 Contractors, Points in audit of, 95 Cost, 59 Electric Lighting Bodies, Points in audit of, 141 " Railways, Points in audit of, 146 Executors and Trustees, Points in audit of, 155 Financial Undertakings, Points in audit of, 114 Fire Insurance Companies, Points in audit of, 122 Gas Companies, Points in audit of, 139 Gold Mines, &c., 112 Hotels, Points in audit of, 98 Institutions, Points in audit of, 158 Insurance Companies, Points in audit of, 121 Investment Companies, 126 Lawyers, Points in audit of, 164 Life Insurance Companies, Points in audit of, 124 Manufacturing Traders, Points in audit of, 92 Medical Men, Points in audit of, 160 Merchants, Wholesale, Points in audit of, 91 Mines, Points in audit of, 109 Newspapers, Points in audit of, 107 567 568 INDEX. Accounts of Public Authorities, Points in audit of, 152 Public Service Corporations, Points in audit of, 132 Publishers, Points in audit of, 105 Railways, Points in audit of, 142 Restaurants, Points in audit of, 99 Retailers, Points in audit of, 92 Shipping Companies, Points in audit of, 150 Single-ship Companies, Points in audit of, 152 Speculative Finance Companies, Points in audit of, 132 Steam Railways, Points in audit of, 143 Street Railways, Points in audit of, 145 Stockbrokers, Points in audit of, 129 Stores and Stock, Points in audit of, 71 Theatres, Points in audit of, loi Theatrical Companies, Points in audit of, 103 Traders, Points in audit of, 73, 211 Trust and Investment Companies, Points in audit of, 126 Water Companies, Points in audit of, 141 Published form of. Auditor's duty as regards, 206, 239 Action against auditors. Procedure by way of, 310 Additions and betterments expenditures, Steam Railways, 143 " Checking, 32 Adjustments of profits in investigations as to profits, 322 Advantages of a "completed audit," 28 " "continuous audit," 28 " an audit, 25 " double-entry bookkeeping, 246 " keeping proper Stock Accounts, 7 1 " making each Ledger self -balancing, 66 " opening Suspense Accounts, 76 " statistical information, 215 Tabular Cash Book, 60 " use of an Audit Note Book, 17 After discovered evidence, 205 Agency Accoimts, Treatment of, 81 Agents' Accounts, 80 Agreement, Partnership, Points to be considered in drawing up, 85 Agreements, Hire-Purchase, 185 " Partnership, 85 Alterations during audit. Methods of detecting fraudulent, 45 Amateur auditors, 266 American Malting case, 180, 250, 386 Amortization, 50 Amount of reserve necessary for insurance company, 122 INDEX. 569 Annuity system of depreciation, 190 Annuity Tables, Charles E. Sprague on, 190 Anticipated Profits, 181 Appleton V. American MalUng Company, case considered, 250 Apportionment between capital and revenue, Examples of, 136 " of capital and income in Executorship Accounts, 155 Architects, Accounts of, Points in audit of, 165 Arrears of cumulative preference dividends, Treatment of, 184 ■Assets and liabilities. Reason for transposing in Balance Sheet, 217 " " secret reserves, Fluctuations in, 203 " Auditor's duty with regard to writing-up of, 203 ' ' Definition of term, 216 " in books of account. Methods of depreciating, 187, 217 Legality of writing-up, 203 " of bank. Audit of trust companies, Valuation of investments in, 121 " Stamps, Rubber, 42 " System on which, should be conducted, 17 Auditing, examination questions, 510 Auditor, Liability of, with regard to predecessor's errors, 33 of a bank, Liability of, 114 " company, Position of an, 26 on behalf of creditors. Position of, 278 Position of, who disagrees with directors, 284 Qualifications of an, 274 Removal of, how effected, 284 Responsibility of, for errors, 299 Right of, as to resignation, 282 to a firm, Position of, 277 " an individual. Position of, 276 Auditor's duties, 292 " duty as regards examination of Pass Books in bank audit, r il " " '* " form of published accounts, 206, 239 *' " " " individual partners,  Book, 2o« '  " liability for defalcations of employees, 290 " " Limits to, 311 " position, 276 " responsibility for values, Decision in London and General Bank case, 173, 358 ' ' right of inspection of Minute Book of company, ao i " " to his remuneration, 276 Auditors, Amateur, 266 " Civil liability of, 309 " Criminal liability of, 307 " Distinction between various classes of, a66 " Duties of, 285 " in the 13th Century, 537 " Liabilities of, 290 " Liability of, for libel, 305 " Methods of proceeding against, civilly, 309 " OflBcial, 271 INDEX. 571 Auditors, position under English Companies Act, 286 " "Privilege" of, 283, 306 " Procedure by way of action against, 309 " Professional, 269 Rights of,  " " in investigations as to profits. Book debts, Auditor's duty with regard to, 176 " " Verification of, 176 Bookkeepers, Instructions for, 5 7 Bookkeeping by Card system, 70 " Criticism of card, 7 1 " Double-entry, Advantages of, 246 Loose-Leaf system of, 70 Borrowers' statements, Forms, 409, 495 Branch Accounts of banks, Extent of auditor's examination of, 114 " establishments. Accounts of, 82 " Stock Accotints in, 84 Breweries, accounts of. Points in audit of, 96 Brewery, audit of, Saloons in connection with, 97 plant. Depreciation in connection with, 97 Building and Loan Associations, Accoimts, Frauds in, 161 Forms, 405, 459 Points in the audit of, 161 Buildings and land, Verification of, 190 " Depreciation of, 190 Burleigh, Herbert Alfred v. Ingram Clark Lint,, Decision in, 374 By-Laws, Necessity of perusing, 53 Calculating interest, rules for, 342 Calling back postings, 29 Cancellation of vouchers, 42 Capital and income in Executorship Accounts, Apportionment of, 155 revenue. Distinction between, 85, 109, 136, 142, 144 " Examples of apportionment between, 137 expenditure, Treatment of discounts on, 61 ' " in Balance Sheet, Treatment of, 230, 247 " Stock accounts, 75 Capital Stock Accounts, audit of, 49 Capitalization of preliminary expenses, 171, 200 Car Trust Bonds, Treatment of, 185 Card bookkeeping, 70 Cash and trade discount, distinction to be made between, 198 Book, Form of 60 " Method of checking Bank Pass Book with, 39 " Tabular, Advantages of, 60 businesses, Accounts of. Points in audit of, 94 in hand. Auditor's duty as to verification of, 303 , Decision, with regard to verification of, 373 " Verification of, 178, 303 receipts, Method of vouching, 34 Certificate after investigation. Extent of, 316, 325, 338 " of incorporation, Necessity of perusing, 53 INDEX. 573 -Certification, Extent of auditor's, 290 " Legislative requirement, 280 C. P. A. examination questions, 510 Charitable institutions. Accounts of. Points in the audit of, 1 58 Charter, necessity of perusing, 53 Checking additions, 32 Churches, accoimts of, Points in the audit of, 1 59 City accoimts, Forms, 410, 421, 497 Civil liability of auditors, 309 Clerks, Qualifications of, 275 Clubs, accounts of. Points in audit of, 99 Coal mines, accounts of. Points in audit of, 109 Code of professional ethics, 380 Colleges and schools, accounts of. Corrections in accounts, 31 Cost Account of shipping company, Meaning of, 151 ** Accounts, 59 ** ** Necessity of having proper, 59, 95, 214 ^ Coupon Accounts, 52 Coupons, Method of filing cancelled, 52 Creditors, Position of auditor on behalf of, 278 j Criminal liability of auditors, 307 Criticism of American Balance Sheets, 221 *• Card Bookkeeping, 70 Current assets, 170, 172, 221 Customers' accoimts. Manipulation of, 35 '• " Verification of, 37 "Dating forward," Danger of, invoices for purchases, 185 Dead or minimum rents in Mining Accounts, Definition, of no Debts, book, Auditor's duty with regard to, 176 Ledger, Doubtftil, Explanation, of, 78 " owing to company. Treatment of, in Balance Sheet, 223 Decision in American Malting case, 251 '* " Appletonv. American Malting Company, 2 $0 *• *' Dovey and others v. Cory, 348 '* " DumhelVs Banking Company, Lim., 308. • * " Foster v. The New Trinidad Lake A sphalte Company, Lim. ,249 *• " Herbert Alfred Burleigh v. Ingram Clark, Lim., 374 " ** Lee V. Neuchatel Asphalte Company, Lim., 247 *• " London and General Bank case as to auditor's responsibility for values, 173. 3 5^ " '* London Oil Storage Company, Lim., v. Seear, Hasluck & Co., with regard to verification of cash in hand, 373 *• " Lubbock V. The British Bank of South America, Lim., 248 " Martin v. Isitt, 299, 374 ** *' Moxham and others v. Grant, 313 •' " Newton v. Birmingham Small Arms Co., Lim., 377 " " Richardson V. Buhl, 2 S7 '* " Short & Compton v. Brackett, 319, 372 •• " Smith V. Sheard, 376 " " The Astrachan Steamship Company, Lim., and others v. Har- mood-Banner & Son, 311 ** *' The Edinburgh United Breweries, Lim., v. James A. Molleson {Nicholson's Trustee), 317 *• " The Irish Woollen Company, Lim., v. Tyson, 367 " " The Kingston Cotton Mill Company, Lim., 363 " " The Leeds Estate Building and Investment Society, Lim., v. Shephard, 310, 358 *• *' Wilde and others v. Cape & Dalgleish, 299, 367 INDEX. 575 Decision in Wilmer v. McNamara & Co., Lim., 248 Defalcations of employees, Auditor's liability for, 299 Definition, Buckley's, of term "profits," 254 of depreciation, 187 minimum or dead rents in Mining Accounts, 110 term "assets," 216 " "profits," 253, 254, 391 " "Reserve Fund," 228 vouching, 34 words "sale as a going concern," 169 Departmental Accounts, 94 Ledger, 67 -*^" Depositors' Pass Books, Inspection of, 117, 120 Depreciating assets in books of accoimt, Methods of, 187, 217 Depreciation allowed for in Electric Lighting Accounts, Instances of, 142 " and fluctuation in values. Distinction between, 171, 187 " Annuity system of, 190 M Definition of, 187 W " Fund necessary where company holds lands on lease, 140 " in connection with brewery plant, 97 " Instalment system of, 190 " investigations as to profits, Method of dealing with, 331 " Necessity of providing for, 217 Depreciation of copyrights, 195 " buildings, 190 " electric lighting plant. Necessity of increased, 142 " " Railways, 147 " furniture, 194 " goodwill, 190 " horses, 191 " investments, 191 " landlord's fixtures, 196 " lands, 189 leasehold land and premises, 191 " leases, 66 " licensed houses, 192 " machinery, 192 *' . mines, 112, 193 " patents, 194 " plant, 194 " under hire-purchase agreements, 186 ships, 195 street railway companies, 147 theatrical plant, 195 • " Sinking fimd system of, 188 576 INDEX. Depreciation of table, Comparative, 189 Detection of errors in books in investigations, 317 " fraud as an object of an audit, 22 " "in investigations, 322 Devising system of books. Points to be considered in, 55 Dickinson, A. Lowes, Introduction, 1 1 Consolidated Balance Sheets, 239 Exhaustion of Minerals, 112 Marketable Investments, 224 Sinking Funds, 229 Stocks on hand, 221 Dilapidations to be considered in depreciation of leasehold premises, 191 Directors' fees, Vouching of, 199 Directors, Position of auditor who disagrees with, 285 Disagreement of auditor with directors, 285 Discount and interest, Treatment of, 50, 61, 342 Discounts, Method of providing for outstanding, 198 " on capital expenditure, Treatment of, 62 Dividends or interest. Audit of payments for, 51 " out of capital. What is payment of, 247 " regtilations respecting same in English Companies Act, 253 " to be paid only from earnings or surplus ,247 " Treatment of arrears of cumulative preference, 184 Double entry bookkeeping, Advantages of,  case considered, 248 DumbelVs Banking Company, Lint., case considered, 308 Duties of auditors, 23, 119, 285 '* liquidating and continuing partners, 337 " official auditors, 271 " principal at commencement of new audit, 21 Edinburgh United Breweries, Lim., &c., v. James A. Molleson, case considered, 317 Electric Light, Heat and Power Companies, Forms, 400, 427 Electric Lighting Accounts, depreciation allowed for in, 142 " " •' Points in audit of, 141 " Railways, Depreciation of, 147 " " Forms, 399, 422 " " Points in audit of, 146 Employees, defalcations of, Auditor's liability for, 299 Errors, Localizing, 47 " Responsibility of auditors for, 307 Ethics, Code of Professional, 380 INDEX. 577 Ethics, Rules, 384 Examination questions, C. P. A., 510 Executors and trustees, accounts of. Points in audit of, 155 Executorship Accounts, Apportionment of capital and income in, 155 Expenditure on conversions, Treatment of, 139 " " new works, in place of old. Treatment of, 137 Expenses, Distinction between various classes of, 260 " of revenue, 260 " which may be spread over a number of years, 260 Extent of an auditor's examination of the books, 23 " auditor's certification, 290 " certificate after investigation, 316, 324, 337 " investigations as to profits, 316 Fees, directors'. Form of Public Service Corporations, 399, 421 " " Steam Railroads, 396, 411 " " Water Supply Enterprises, 401, 441 Forms of accounts for contractors, 214 " " manufacturers, 212, 407, 484 " " mines, 215 " " traders, 211, 408, 492 Foster V. The New Trinidad Lake Asphalte Co., Ltd., decision, 249 Fraud, Audit not an insurance against, 271 " Detection of, as an object of an audit, 22 " in investigations, Detection of, 322 Fraudulent alterations during audit, Methods of detecting, 43 Funds, meaning of word, 232 Furniture, Depreciation of, 194 Future Deliveries, dangers of anticipating profits on, 181 Gas companies, accounts of, Points in audit of, 139 " " Forms, 401, 436 General accounting, examination questions, 511 Gold Mines, &c., accounts of, Points in Audit of, 112 Goodwill, Depreciation of, 190 " in accounts. Treatment of, 190 " Meaning of, in Balance Sheet, 190 Governmental supervision, 273 Gross Profit, Meaning of term, 211 " use in checking stock accounts, 71 Heat and Power Companies, Forms, 400, 427 Hire-purchase agreements, 185 " " Depreciation of plant under, 194 Holding Companies, Consolidated Balance Sheets in connection with, 241 Horses, Depreciation of, 191 Hospitals, Points in audit of, 158 Hotels, accounts of, Points in audit of, 98 Hutchinson & McElheny v. American Malting Co., decision, 386 Imprest system of petty cash, 56, 62 Income and capital. Apportionment of, in Executorship Accounts, 155 Individual, Position of auditor to an, 276 Inspection of Minute Book, 201 securities, 117, 162 Instalment system of depreciation, 188 Instructions as to general system of accounts, 57 " preparation for audit, 88 " for audit, 17, 20 Insurance Company, Amount of reserve necessary for, 121 " Companies, accounts of, Points in audit of, 121 " " Corporation Tax Law, 561 INDEX. 579 Insurance Companies, Life, Forms, 405, 463 " funds in shipping companies, Limitations of, 150 Interest and discount. Treatment of, 61 " Calculation of, 342 " or dividends. Audit of payments for, 51 " Rules governing, 355 Internal check, system of. Ledger, Advantages of making each self -balancing, 66 " doubtful debts, Explanation of, 77 " Tabulation of the, 48 Ledgers, Accounts for which Tabular, are suitable, 67 Comparison of, with previous Balance Sheet, 32 Purchase, of retailer. Audit of, 93 Sales, of retailer, Audit of, 92 Self -balancing, 47, 57, 66, 83 Tabular, 68 Lee V. Neuchatel Asphalte Company, Lint., case considered, 247 Leeds Estate Building and Investment Society v. Shephard case considered, 310. 358 Legislative requirements, 280, 296 Length of period to be covered by investigation, 325 Liabilities and assets in Balance Sheet, reason for transposing, 217 Contingent, Verification of,  183, 230 Liability, auditors for libel, 305 " Civil, of auditors, 309, 356 " Criminal, of auditors, 307 " Insurance Companies, Accounts of, 125 of auditor of a bank, 114 " " with regard to predecessor's errors, 33 Libel, Liability of auditor for, 305 Life Insurance Companies, accounts of, Points in audit of, 124, 225 " " " Forms, 405, 463 " " " Reserve fund of, 232 Limitations of audit, 272 " Tabular Ledgers, 68 Limits of an investigation, 321 " to auditor's liability, 312 Liquidating Partners, Duties of, 337 List of books, preparation of, 24 " statistical books which companies should keep, 52 Localization of errors in Trial Balance, 47, 79 London and General Bank case as to auditor's responsibility for values. Decision in, 173, 293, 358 London Oil Storage Co., Lim., v. Seear, Hasltick & Co., with regard to verification of cash in hand, Decision in, 303, 373 Loose-Leaf System of bookkeeping, 70 Lubbock V. British Bank of South Africa, Lim., case considered, 248 Machinery and plant. Verification of, 177 INDEX. 581 Machinery, Depreciation of, 192 Magazines, accounts of, Points in audit of, 107 Manufacturers, accounts of. Forms of, 212, 407, 484 Manufacturing and trading profits. Distinction between, 172 " Corporations, Corporation Tax Law, 565 *' traders, accounts of. Points in audit of, 92 Martin v. Isitt, case considered, 299, 374 Mechanical bookkeeping, 40f 84 Medical men, accounts of. Points in the audit of, 166 Mercantile Corporations, Corporation Tax Law, 562 " Enterprises, Forms, 407, 484 Merchants, Wholesale, accoimts of. Points in audit of, 91 Meter rents, Method of vouching income from gas rates and, 140 Mines, accotints of. Forms of, 215 " " Points in audit of, 109 " Depreciation of, no, 193 Mining Accounts, Definition of minimum or dead rents in, 109 Minute Book, Auditor's duty, who is refused permission to inspect, 201 " " Inspection of, 53, 201 " " Liabilities recorded therein, 184 " " of company. Auditor's right of inspection of, 201 Montgomery, Robert H., Accounts of Public Service Corporations, 134 " " Accounts of New York City, 154 Mortgages, Treatment of, in Balance Sheets, 227, 231 Moxham v. Grant case considered, 313 Municipal accotmts, 152 " ownership, 132, 152 " reports, Forms, 410, 421, 497 National Banks Reports, 404, 455 "Net Profit" and "Profit safely divisible," distinction between, 264 " " meaning of term, 216, 252 Newspapers, accounts of. Points in audit of, 107 Newton v. Birmingham Small Arms Co. decision, 377 New works in place of old. Treatment of expenditure on, 137 Nicholson's, Trustee, &c., case, 317 Notes payable. Vouching of, 44 " promissory. Calculation of interest on, 342 " receivable. Vouching of, 44 Object and scope of an audit, 22 " of investigations, 3 1 5 Revenue Accounts, 209 Official auditors. Duties of, 271 Opinion of accoimtants on extent of investigations, 319 Outstanding Assets, 182 discounts, 198 582 INDEX. Outstanding liabilities, 183 Partners, Auditor's duty as regards individual, 277 " retiring, Duties to, 338 Partnership agreement, Points to be considered in drawing up, 85 " agreements, 85 Pass Books in bank audit, Examination of , 1 1 6 Patents, Depreciation of, 194 Payment of dividends out of capital, What is, 248 Payments for dividends or interest, Audit of, 51 Pennsylvania C. P. A. questions, 513 " Legislature, Bill introduced in 1905 session, 280 Percentage of profits, Method of calculating, 73 Periodicals, Accounts of. Points in audit of, 107 Petty Cash Book, Method of keeping, 38, 62 " " Imprest system of, 57, 63. " " Method of vouching, 38, 94 " payments, Treatment of, 63 Plant and machinery. Verification of, 177 " brewery. Depreciation in connection with, 96 " Depreciation of, 194 " Necessity of increased depreciation of electric lighting, 142 " theatrical, Depreciation of, 195 Postings, Calling back, 29 Powei Companies, Forms, 400, 427 Preliminary expenses, Capitalization of, 172, 200 " " in accounts. Treatment of, 104, 200, 264 " " Vouching of, 200 Premium income of insurance office. Method of vouching, 123 Premiums received on issue of shares. Treatment of, 49, 202 Preparation for audit, Instruction as to, 88 Previous Balance Sheets, Treatment of, 32 Principal, Duties of, at commencement of new audit, 2 1 Principles in valuation of assets, 169 of compiling a Balance Sheet, 168 of valuing work in progress, 179 "Privilege" of auditor, 306 Procedure by way of action against auditors, 310 " on division of estate between beneficiaries, 155 Professional auditors, 269 *' " number in United States, 269 " ethics, 380 Profit and Loss Account, consolidated, 239 ** safely divisible and "Net profit," Distinction between, 264 Profits available for dividend, 386 " Definition of term, 254, 255 INDEX. Responsibility for values in Balance Sheet, 173 " of auditor for errors, 307 Restaurants, accounts of, Points in audit of, 99 Retailers, accounts of. Points in audit of, 92 Revenue account for traders. Form of, considered, 211, 408, 494 " of bank. Points in, 119 accounts in investigations as to profits. Comparison of, 32 7 " Object of, 209 and capital, Distinction between, 85, 109, 148, 386 expenses, 260 receipts, 258 Richardson v. Buhl decision, 257 Rights of auditors, 285 Salaries, Method of recording, 80 Sale of an undertaking to continuing partner, 337 " as a going concern. Definition of words, 169  in connection with audit of brewery, 97 Savings Banks, audit of, 120 Schools and colleges, accounts of. Points in audit of, 160 Scope of an audit, object and, 22 Secret Reserves and assets, Fluctuations in, 203 Securities, Inspection of , 1 1 7, 154 Self -balancing Ledgers, 47, 57, 58, 66, 83 Share Capital Accotmts, Audit of, 48 Shipping companies, accounts of. Points in audit of, 150 Ships, Depreciation of, 150, 152, 195 Short & Compton v. Brackett, Decision in, 319, 372 Sinking Fund, Explanation of, 233 " " in mining account, no " system of depreciation, 189 " " torepay loans, Distinction between, and depreciation, 233 Smith V. Sheard, Decision, 376 Societies, building and loan, accounts of. Points in audit of, 161 Speculative finance companies, accounts of, Points in audit of, 126 Sprague, Chas. E., annuity tables, &c., 189 Staff, System of work of, 55 Statistical books, List of, which companies should keep, 52 " information, Advantages of, 215 Steam Railways, accounts of. Points in audit of, 143 " Forms, 396, 411 Sterrett Jos. E. Professional Ethics, 380 INDEX. 585 Stock Accounts, Advantages of keeping proper, 71, 73, 74 *' " in branch establishments, 84 " " Method of keeping, 7 1 " and Bonds Redeemable, Treatment of, 202 " and Share Accounts of companies, 75 Stockbrokers, accoimts of. Points in audit of, 129 Stock-in-trade, Auditor's duty as regards valuation of, 174, 221 Stocks and shares, investments in, Verification of, 175 Stores and Stock accoimts. Points in the audit of, 7 1 Street Railways, accoimts of. Values in Balance Sheet, Responsibility for, 173 Vouchers, Cancellation of, 42 " Definition of, 34 " Examination of, 34 Wa:es, Frauds in, 39 " Method of vouching, 39 Water companies, accounts of. Points in audit of, 141 " Supply Enterprises, Forms, 401, 441 Weiner v. Wurtemburg Electro Plate Company and another, case con- sidered, 306 Wholesale merchants, accounts of. Points in audit of, 91 Wilde and others v. Cape and Dalgleish, Decision in, 299, 367 Wilkinson, George, Audit of insurance companies, 124 Wilmer v. McNamara & Co., Lim., 248 Work in progress, Verification of, 179 OF THE UNIVERSITY OF WILL. BE ASSESSED FO^J^'^g THE PENALTY thVs book on the date DUE^ ^^^^^„ ^TlI INCREASE TO 50^^ENTS^0^^^^^^ ^^^ DAY AND TO $1" OVERDUE. ^= VC 25(74 HmcCT 202587. 