This article determines whether significant differences exist between fair market value and the cost method for nonsubsidiary investments other than 50 percent owned companies. Proponents of cost can always argue that use of fair market value is not objective, does not incorporate the costs which would be incurred in selling the security such as tax effects, commission and so forth, and can indicate that the realizable value is somewhat below its market value if a sale of all these securities had occurred. We must confess that we are not much in sympathy with these arguments especially below the 20 percent level. The significance of market value information for less than 20 percent owned companies hopefully has been made evident by this article. In fact, the adoption of the market value approach for less than 20 percent owned companies appears needed. As noted, the Accounting Principles Board of the American Institute of Certified Public Accountants fluctuated between fair market value and cost for less than 20 percent owned companies. Suffice to say that it would be interesting to determine if there are any related blockage effects associated with sales of these types. This issue seems quite significant for if there is no major effect, it would appear to destroy the major argument that proponents of adherents to cost employ. However, only empirical evidence can solve this point, not theoretical arguments. This article has attempted to provide some insight into the magnitude of intercorporate holdings of less than 50 percent. The main conclusion is that market value information would undoubtedly provide useful information to the business and investment community.

Reviews the book "Decision Theory," by D. J. White.

Reviews the book "The Impact of Computers on Organizations," by Thomas L. Whisler.

Reviews the book "The Future of Accounting in a Changing Society," by Norton M. Bedford.

Reviews the book "Managerial Cost Accounting," by Harold Bierman, Jr. and Thomas R. Dyckman.

Reviews the book "Accounting: A Programmed Text," vol. 2, by James Don Edwards, Roger H. Hermanson and R.F. Salmonson.

Reviews the book "Management by Information System," by Joel E. Ross.

In a free enterprise system, variations in corporate disclosure practices are likely to result since corporations are managed by groups which have varying managerial philosophies and wide discretion in connection with disclosing information to the investing public. The quality of corporate disclosure influences to a great extent the quality of investment decisions made by investors. This study attempts to identify some of the characteristics of corporations in the U.S. which are associated with, and the probable implications of, the quality of corporate disclosure. Corporate disclosure of information can take several forms and the annual report to stockholders is a very important form of periodical corporate disclosure. This study demonstrates that the corporations which disclose inadequate information are likely to be small in size as measured by total assets, small in size as measured by number of stockholders, free from listing requirements, audited by a small accounting firm, less profitable as measured by rate of return, and less profitable as measured by earnings margin.

This article examines selected personality characteristics of certified public accountants (CPA). The literature provides evidence that accountants are negatively stereotyped as cold, aloof, nonsociable, submissive, shallow, weak, passive and lacking sensitivity. There are conflicting data regarding the appropriateness of the stereotype since some studies give segmented support while others deny its existence. Comparisons of personality characteristics, as measured by the California Psychological Inventory, were made between eight different occupational groups and an accounting sample of fifty-six CPA firm employees to test the appropriateness of the stereotype. The comparisons revealed that CPA firm employees possessed higher personality profiles when compared to samples of salesmen, bank managers, business executives, city school superintendents, architects and military officers--partially denying the validity of the accountant's stereotype as dull, wary, cold, and aloof. When contrasted with practicing dentists and research scientists, the accountants generally scored lower on the test scales. The more extensive education of these two groups account for the difference. The negative attributes of poor interpersonal relations and socialization simply did not surface. Since the CPA firm employees significantly higher than several comparison groups on the sociability, self-acceptance, socialization, self-control, good impression, psychological-mindedness and flexibility scales. The accountant's stereotype may not only be unwarranted, it may also be inappropriate.