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 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 system shall conform to the system approved by the Auditor General. The grantee shall account for retirements or replacement of, or addition to, its properties according to a classified list of units property which the Public Service Commission shall prescribed. Until the Public Service Commission prescribes the afore-mentioned list of units property, the grantee may adopt its own lists of properties which it shall submit to the Public Service Commission for approval.