Abstract This article presents information on the graduates entering into the field of accounting. It appears likely that very soon the departments of accountancy will not be concerned with the attraction of more students but instead they will be concerned with the problem of handling the large number of students who want to major in accountancy. Universities should expect in the near future to be forced to consider proper means of restricting enrollment in the field of accountancy. The profession should be given adequate representation at "career days" in high schools and colleges. Many high schools and colleges set aside one or more days of each year to acquaint students with the various professions and occupations available to them. Vocational guidance advisors, deans of men, placement officers, and other non-accountants are no doubt sincere in their efforts to counsel, but they often give a distorted or inaccurate picture to interested students. Accountants should seek every opportunity to participate in these career, days or vocational guidance programs. Every school, which has a curriculum in accountancy, should have an accountancy club or a similar organization to sponsor activities, which are usually carried on by such a group. An accountancy club is ordinarily open to any student in a college of commerce who has had one year of accounting. Its purpose is to acquaint students with the various types of opportunities available in accounting, to bring them in contact with leaders in the field, to establish a good student-faculty relationship, to give students training in leadership, and to supply them with information.

Abstract The article focuses on choice among alternatives in accounting for verbal builders. The verbal builder, chains ideas into idea-models with a relatively free hand, he can choose the units to be included, selecting among alternative ideas the ones he thinks most desirable; his arrangement of units is also of his own choosing his objective is a simple one that of choosing and arranging idea-units in a manner convincing to himself and persuasive to his readers that by his sequence of thought another idea has been given creditable support. The fact of the matter is that there are two ways of thinking of accounting theory. One way is to consider the theory as many explanations, reasons, justifications which will help to understand why accountancy is what it is, and second view of accounting theory is being reflected particularly in some of the items in the literature which suggest in one way or another that economic engineering needs better data for its use than that supplied about enterprise net income by the usual process of accounting. Since accounting cannot offer a universal service to all types of entities, one of the basic premises needed for a theory of accounting seems not to support a conclusion in favor of modifications by application of index numbers.

Abstract Accounting Association is bound to be considered as having the weight of authority of the American Accounting Association behind it. The traditional balance sheet and income statement, employing historical dollar costs, have proved their usefulness and are of primary importance for many purposes. Reports prepared to reflect fluctuations in the value of the dollar may prove to have substantial usefulness for other purposes. The conceptual soundness of any special purpose report can be judged only by knowing fairly precisely what those special purposes are behind the recommendation for adjusted financial statements seems to lie the argument of Henry Sweeney that to add and subtract dollars in financial statements which have different purchasing powers commits a mathematical blunder particularly significant in periods when price levels have changed substantially. Upon close examination it appears that the claims typically made, that accountants do something about the effects of inflation, actually demonstrate that changing price levels breed a whole new and virulent set of stresses and strains in the economy. The urgent exhortation to do something would more appropriately be directed towards economic statesmen rather than accountants. Presumably the stresses and strains imposed by changing price levels would be with us even in a world completely acclimated to financial statements adjusted for those price level changes.

Introduction, 217. — I. Terms and objectives of the current Agreement, 217. — II. The IWA in the world wheat economy, 220. — III. Basic objectives unfulfilled, 232. — IV. The world's real wheat problems and more appropriate objectives, 241.