Presents a response to a letter to the editor about the use of discriminant analysis as an aid to employee selection, published in this issue of the periodical.

Features the accounting profession, Modern Internal Auditing. Signs which herald the advent of the profession; Analysis of the fields covered by Modern Internal Auditing; Career opportunities for Business Administration graduates; Pressures for formal education in Modern Internal Auditing.

Information systems have traditionally been designed so that each department or section of a company generates and maintains its own data files. There are some drawbacks of this method, such as, data are at times replicated through several departments, it may be difficult to accumulate common data accurately from the departments, and it would be difficult for other people in management to access quickly some particular data from any individual department. This article proposes a total information system based on the events approach to accounting. The suggested system is more than just an accounting information system helping the accountant to collect and report his figures. The proposed system would provide all desired data and information which might be helpful to all levels of management in the decision-making processes. Events accounting is an approach in which recording of the data corresponds to the occurrence of economic events affecting a firm. The concept of events accounting is still in its developmental stage, as of April 1975, and its meaning and structure are defined in the writings of only a few individuals.

Reviews the book "A Bibliography of International Accounting," 3rd ed., by Konrad W. Kubin and Gerhard G. Mueller.

Reviews the book "Accounting for Price and Price Level Changes."

Reviews the book "Accounting I: A Programmed Text," 3rd ed. and "Accounting II: A Programmed Text," 3rd ed., by James Don Edwards, Roger H. Hermanson and R.E. Salmonson.

There has been a great deal of interest expressed in the development of accounting curricula for students wishing to pursue a career in management accounting, as of April 1975. At University of Texas in Austin, Texas, it was felt that practitioners in the management accounting field should be consulted to determine their perceptions of the usefulness of various management accounting topics in their work experiences. A group of faculty met to consider what topics should be included in such a survey. A list of thirty-nine topics was chosen from consulting the indexes and table of contents in several managerial and cost accounting texts, as well as from discussion with a small group of management accounting practitioners. An analysis of the results of the survey indicated there were five major rank-order groups of topics, namely, performance evaluation, responsibility accounting, internal control, tax factors in business decisions and profit planning and control. These groups were determined by searching for gaps between topics in the scale-weighted averages.

This article presents a straightforward decision rule for selecting an inventory valuation price at lower-of-cost or market. This decision rule avoids the complexities of decision tables and algebraic equations; thereby, allowing students of accounting to concentrate on mastering the concepts of lower-of-cost or market valuation. Accounting educators concerned with student achievement continually seek decision tables and algebraic equations which clarify or hasten an understanding of accounting concepts. Usually, such educators prefer straightforward decision rules which do as good as or better than these devices.