DEPRECIATION AND 1949 PRICE LEVELS.

The most important financial accounting discussions of recent times relate to the problems arising from the higher price levels; the disparity between original cost of plant and the replacement costs which will some day have to be met; and the resulting accounting difficulties, especially in the determination of annual income. It is the purpose of this article to put these problems in perspective and to try to strike some sort of over-all balance among the many thinkers and writers who have taken positions on various aspects of the issue involved. [ABSTRACT FROM AUTHOR]