Reviews the book "Accounting Practice and Procedure," by Louis H. Rappaport.

The article discusses the differences between the profession of accounting and the profession of accountancy. It lists the definitions of the terms which brings one to the conclusion that there is no profession of accountancy but there is a profession of accounting, namely public accounting. The article suggests that a profession should exist if practitioners are to receive full professional recognition and status. It defines the profession of accounting, a controller's obligation to judge, measure and disclose which extends through the internal and external fibre of the organization. It discusses the question of whether a controller can obtain true professional status and enumerates the four specific requisites against which the professional status of a controller can be measured, which are, special training for a degree distinct from the usual degrees in Arts and Science, principally mental rather than manual or artistic skill, recognizing the duty of public service and the compliance to a code of ethics for controllership.

Students of accounting commonly have trouble with the so-called "goodwill method" of recording the admission of a new partner into a firm. Under this method, wherein the recorded capital equity of the old partners is not to be reduced and the credit to the new partner can be no less than his investment, there are the two problems of calculating the amount of goodwill to be recorded, and determining which partner or partners' capital accounts are to be credited when the goodwill is recorded. The determination of the amount of goodwill involved is approached by first calculating two amounts, both called recorded capital. The amount of goodwill involved is determined by subtracting what is termed invested capital from the larger of the two amounts of calculated recorded capital. Invested capital is the sum of the existing partners' capital equities before any adjustment for goodwill plus the contribution of the new partner. In presenting the material, the instructor must keep in mind that the students are not accounting majors. Further, he must remember that the students have enrolled in order to gain some practical knowledge. Due to the subject matter the course is difficult. Its usefulness, however, makes it a very popular elective.

Reviews three books on taxes. "Introduction to Income Tax Law, Canada," by Francis Eugene LaBrie; "Fiscal-Year Reporting for Corporate Income Tax," by W.L. Crum; "Federal Estate and Gift Taxes," by Charles L.B. Lowndes and Robert Kramer.

If we could combine an effective inservice accounting instructional staff- training program with a well-supported professional faculty development program, we in accounting education would have an unlimited potential for greater usefulness to our institutions and the wide range of public interests which they serve. Perhaps the discussion which has gone on, and which will continue, will serve to bring the weak spots into sharper focus and encourage all of us to greater effort for the common good.

When a student enrolls in one of our classes we feel, as we are sure you do if you are a teacher, that we have an obligation to give him everything, accounting- wise, that one can during the time in which he is with others. In fact we feel that this obligation or responsibility encompasses not only the student but also his parents, the accounting department, the university, the state and last but not least the accounting profession. People feel sure that in many instances the use of visual aids helps in fulfilling this obligation. Not only are such aids frequently time-saving in the presentation of a given amount of information, but also they often permit one to present a greater quantity of information and, at the same time, more up-to-date information. Transparency projection, although one of the newest types of projection, is, in many instances, rapidly becoming one of the most popular. This type of projection, which is basically the same as that frequently used in bowling alleys whereby scores are grease-pencilled on transparent sheets and projected upon a screen, often provides an instructor with many opportunities for imparting more information in less time.