Abstract The article reviews the book "Principles of Cost Accounting With Managerial Applications," by L. Gayle Rayburn.

Abstract The article discusses efficient market empirical research literature in relation to accounting information. The studies discussed in the article questioned the frictionless nature of the hypothesis as usually expressed. The authors believe that efficient-markets research in relation to financial accounting is the most important thrust made by accounting researchers in the past decade. By its very nature, empirical research is time consuming and messy. Furthermore, conclusions are always subject to reservations.

Between 1965 and 1975 the enrollment rate of college-age men in the United States rose and then fell abruptly. Many contemporary observers (e.g., James Davis and Kenneth Dolbeare, 1968) attributed the surge in college attendance to draft-avoidance behavior. Under a policy first introduced in the Korean War, the Selective Service issued college deferments to enrolled men that delayed their eligibility for conscription. These deferments provided a strong incentive to remain in school for men who wanted to avoid the draft. For example, the college entry rate of young men rose from 54 percent in 1963 to 62 percent in 1968 (the peak year of the draft). Moreover, both the college entry rate and the number of inductions dropped sharply between 1968 and 1973 as the draft was being phased out. Although these parallel trends are suggestive, they do not necessarily prove that draft avoidance raised the education of men who were at risk of service during the Vietnam War. Such an inference requires an explicit specification of the “counterfactual”: What would have happened to schooling outcomes in the absence of the draft? In this paper we use trends in enrollment and completed schooling of men relative to those of women to measure the effects of draftavoidance behavior during the Vietnam War. Our maintained hypothesis is that, in the absence of gender-specific factors such as the draft, the relative schooling outcomes of men and women from the same cohort would follow a smooth trend. In light of the sharp discontinuity in military induction rates between 1965 and 1970, we look for similar patterns in the relative enrollment rate of men, and in the relative college graduation rate of men from cohorts that were at risk of induction during this period.

Abstract Recent progress has outmoded many traditional standards of financial administration of governmental units. Among the more significant changes in concept are (1) greater recognition that financial management must be an integral part of total management at each level to be effective; (2) greater emphasis on the inter-relationships of programming, budgeting, accounting and reporting, and (3) greater awareness and acceptance of the need for variable patterns of accounting compatible with assignments of managerial responsibility and the type of operation being conducted. This proposed statement is an effort to express in broad terms the current accounting and related standards of governmental financial administration. Preparation of a budget for a governmental unit should begin with a determination of the work to be done and the expenses of doing it. Such a cost-based budget and the cash requirements stemming therefrom should be submitted to the legislative branch as a basis for appropriation action. After legislative action, cost-based budgets should be used to control work being done. The cost-based budget is the standard against which the actual costs incurred are to be measured. Responsibility for review, appraisal and action rests on supervision at every level. An independent financial examination and review of operations should be made.