Records of assets, liabilities, capital. Income, etc.
Section 3
SEC. 3. Records of assets, liabilities, capital. Income, etc.—The grantee shall make and keep complete records of its assets, liabilities, capital, revenues, expenses, income and operations in accordance with a detailed system of accounts which shall embody the cost principle as defined in section five hereof, and which shall be prescribed by the Public Service Commission, and such accounting which shall conform to the system approved by the Auditor General. The grantee shall account for retirements replacements of, or additions to, its properties according to a classified list of units of property which the public Service Commission shall prescribe. Until the Public Service Commission prescribes the aforementioned lists of units of property, the grantee may adopt its own lists of properties which it shall submit to the Public Service Commission for approval.