Knowledge that Transforms

Reviews the book "Kapitalflussrechnungen," by Karl Kafer.

Reviews the book "Federal Estate and Gift Taxes," 2nd ed., by Richard B. Stephens and Guy B. Maxfield.

Reviews the book "Preparing Federal Estate and Gift Tax Returns," 2nd ed., by John E. Williams.

Reviews the book "Corporate Policy and the Investment Community," by Martin Zausner.

Reviews the book "Financial Information Systems," edited by James B. Bower and William R. Welke.

Reviews the book "Mathematical Applications in Accounting," by A. Wayne Corcoran.

A computerized technical information center offers a new and interesting challenge to the accounting profession. In a field characterized by a serious accounting deficiency, a center exemplifies the need for dependable financial information. The magnitude and complexity of the "information explosion" problem suggest that the technical information center concept is likely to become increasingly important in our society. While the current applications of managerial accounting procedures are sparse, preliminary investigations indicate that such techniques are feasible and necessary in a center's operation. The analogy between the management function of a technical information center and that of a typical manufacturing firm exhibits the need for relevant managerial accounting information. The basic functions of both types of enterprise are concerned with purchasing, producing, and distributing a product line. Significant financial information needs accompany the execution of these functions. Without the quantitative basis, a center lacks a communication network, a measuring device, a control mechanism, and a reliable foundation for future operating performance projection. The accounting profession can provide an exigent service by developing relevant managerial accounting applications which will rectify the current financial information deficiency in the field of information retrieval.