Knowledge that Transforms

Abstract The responsibility of the practitioner in connection with a program of professional education, is one of great current interest to the practitioner as well as to the educator. Implicit in the term responsibility is a general recognition of certain standards of action and degrees of obligation. For example, there is recognition of such responsibilities as those of the head of the family to support his family, those of a citizen to bear arms in the defense of his country, those of any person, whether citizen or not, to act within the law of the land. The idea of duty is also implicit in the term, and even further carries the idea of accountability, not only to a court of opinion but even to a court of law. The nature of a professional man's responsibilities may be treated under three general heads, those to his clients, those to his profession and those to society at large. In connection with responsibilities to his client, it should always be remembered that the basis of that responsibility is either a specific or an implied contract of service entered into. This contract is so generally recognized that it is enforceable at law.

Reviews the book "Government Price Fixing," by Jules Backman.

Reviews the book "The Problem of Business Failures," by Paul J. FitzPatrick.

Abstract In a professional examination intended to determine fitness for professional recognition one would expect to find questions designed to disclose a candidate's grasp and perspective of the field of the profession. The value of a problem can be nullified quite as easily by giving too much information as it can by giving an insufficient amount. The accounts are to be kept on cash basis and immediately after the close of each calendar year an accounting is to be made of the preceding year's affairs on said cash basis; each partner is to receive in cash, to the extent available, his distributive share of the net income. Depreciation on furniture and fixtures is to be computed at the rate of 10% per annum; additions during the year on an average of six months. No interest on partners' balances or drawings is to be considered. Atlantic Seaboard Lumber Company began business on January 1, 1937, with a capital of $2,100,000 representing cash received for 12,000 preferred shares of $100 each and 180,000 common shares of $5 each.

Reviews the book "Three Years of the Agricultural Adjustment Administration," by Edwin G. Nourse, Joseph S. Davis, and John D. Black.

Reviews the book "Federal Tax Practice," by Robert H. Montgomery.

Abstract The article presents the syllabus which aims to present an outline of the content of what the Committee on Education of the American Accounting Association considers a fair, average college preparation for a career in accounting. In order to provide reasonable standards to cover situations wherein more or less concentration on accounting and business subjects is desired than that provided in the recommended program, two other programs are included; one strongly emphasizes liberal arts subjects and minimizes accounting while the other strongly stresses accounting and minimizes liberal arts subjects. Following the outline of courses is a brief description of each course specifically mentioned. For the recommended program the total work for four years is so divided that half will be in general education and half in special education. Plant location, design and construction; internal organization for operations; production control, stores control, routing materials, job analysis, time studies, wage system; subdivision of executive responsibilities and duties, methods of co-ordination and planning are part of the syllabus of production management.

Reviews several books on federal taxation. "Federal Tax Course"; "Alexander Federal Tax Course and Guide, 1939"; "The Alexander Federal Tax Course and Guide"; "The La Salle Manual of Federal Income Tax Procedure, 1938."

Reviews the book "The Dollar. A Study of the "New" National and International Monetary System," by John M. Donaldson.

Abstract The article focuses on four matters related to higher education for public accountants, reasons for the change nearly nine years ago in the New York law; standards for judging the suitability of a school's offerings; and collegiate education as the basis for admission to CPA examinations from the points of view of the examiner and of the professional accountant. New York State does not have a board of accountancy such as has been created in most other U.S. states. The control of certified public accountancy in New York is lodged in The University of the State of New York, which is not an educational institution but is an administrative body. At its head are the Regents of the University, now twelve in number, who serve without compensation, and one of whom is elected each year by joint ballot of the two Houses of the Legislature. Responsibility and authority for the administration of the CPA Law in New York rest with the Regents, but for the execution of the policies which they adopt, the Education Law provides four agencies, namely, the Education Department which, as to accountancy, acts principally through the Assistant Commissioner for Higher Education and the divisions of professional education and higher education; the Council on Accountancy, an advisory body of five eminent certified public accountants, who serve without compensation; the Grievance Committee, consisting of ten certified public accountants and the Board of Certified Public Accountant Examiners. Such a cumbersome distribution of responsibilities results in delayed action upon important matters.