Abstract The development of the balance-sheet approach is justly regarded as a significant contribution to the teaching of accounting, in that it permits education in accounting to be developed logically, rather than by the study of a series of rules that can have little meaning until the complete accounting cycle has been presented. Nevertheless, the balance-sheet approach is not without its critics, most of whom are primarily concerned with the fact that this method tends to plant in the mind of a student the incorrect thought that a balance sheet shows what a business is "worth." There is other evidence to suggest the desirability of removing inventories from the current-asset category. With regard to the question on the soundness of the "lower of cost or market" rule, one should be impressed with its limited applicability. It serves the single purpose of charging a price-level loss to the period in which it occurs. This is because present accounting principles, which are founded on the assumption of a stable money, are not adequate to cope with price-level changes.

Abstract This article presents the report of the Committee on Doctoral Programs in Accounting. The committee made various recommendations on how to improve the Doctoral programs. It suggested that the doctoral program is the principal educational process for preparing students both for university teaching and for basic research in accounting. Hence the primary objective of the study program for the doctorate should be to develop in the student original and incisive thinking and to create an attitude conducive to study and research. As wide variations in the backgrounds of doctoral students call for individually designed programs of course work, instruction in methods of teaching and familiarity with the learning process should be a part of the doctoral program. At the end of the study program the doctoral candidate should demonstrate proficiency in accounting and a reasonable understanding of economics, statistics, the functional areas of business, the behavioral sciences, and mathematical methods. And finally the demand for college teachers of accounting should not be an excuse for lowering the standards for the doctoral program.

Abstract The article presents a report of the Committee on Educational Standards. The purpose of accounting education is to prepare students for careers in accounting and in related fields and to prepare them to deal effectively with problems they will face as practicing members of their profession and as responsible citizens of the social and economic community in which they live. In recent years, the pattern of collegiate education for business in the U.S. has received considerable attention. The resulting re-examination of objectives, evaluations of course content, and revisions of curricula have had a major impact on accounting education as an element in the business school program. As the accounting function in modern society grows, the role of the accountant inevitably becomes larger and more important. The demand for well-educated accountants is currently high and promises to remain strong in the foreseeable future. The purpose of this study is to formulate some guidelines pointing to the educational standards that should prevail in any institution of higher education that offers degree programs involving a major in accounting, to the end that one or more degrees in accounting will indicate a standard of educational background and qualification for a professional field.