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ACCOUNTING IN A LIBERAL ARTS CURRICULUM.

Stanley E. Howard
The Accounting Review 1936 11(2), 149-157
The article presents the author's comments on studying accounting in a liberal arts college. He speaks in the defense of the subject. The author asserts that accounting in the liberal arts college has struck deep root and is there to stay. It has inherent qualities that justify the position it now holds in the liberal arts curriculum, and it may be a factor in inducing changes within the college in the direction of a more frank facing of the situation regarding the problem of professional education. The author also finds himself somewhat unprepared to accept the implications of the reference to professional education. He do not think that the case for accounting as a subject making a contribution to a liberal arts curriculum is strongest when put in terms of professional education or of a possible revision of liberal arts curricula looking toward more professional training, as this expression is commonly accepted. According to the author the most valuable contributions which accounting can make toward the enrichment of a liberal arts curriculum are those which can be made within the framework of a conception of this curriculum which has little, if anything, to do with professional or vocational education.

CLASSIFICATION AND TERMINOLOGY OF INDIVIDUAL BALANCE-SHEET ITEMS.

E. I. Fjeld
The Accounting Review 1936 11(4), 330-345
The article focuses on the classification of individual items in the balance sheet and the relevant terminology's used. The study reported in this article is based on the analysis of 587 balance sheets contained in the annual reports to stockholders of all the industrial companies having common or preferred stocks listed in the New York stock exchange. Some of the terms being discussed are—inventories, tangible fixed assets, intangible fixed assets, etc. In 390 out of 570 statements having inventories, no classification of content of inventories was shown. A single amount was being used for all the inventories. All the tangible fixed assets were combined in one amount in 323 statements. In the remaining balance sheets, where the tangible fixed assets were broken down into two or more items, there were 131 instances where the values of land and buildings were combined, making a total of 454 statements in which the value of the land was included with other values. This represents 78.5% of the balance sheets in which land was mentioned as one of the assets.