This article focuses on the author' views about staff training programs. The author says that along with other accounting firms everyone faced during the war with the necessity of devoting more and more time to the training of staff. As one know, the number of junior accountants turned out by colleges during this period was cut to a mere trickle. Many of accountants saw service in the armed forces while others went into war industries. As a result the quality of staff was considerably impaired. To maintain professional standards, everyone was forced into a more intensive training program. The cessation of the war, of course, has relieved but it has not cured the situation. The author further says that one still find it necessary to devote a very considerable time to the continued training of staff. In view' of this condition, the author is happy to see once again a healthy flow of qualified graduates from colleges which he is sure will in time do much to improve the quality of the entire accounting profession.

The phase of inventory reserves consideration should be given to the application of inventory reserves to two other areas namely, the valuation reserves, and reserves for replacement of inventories involuntarily liquidated applicable to inventories priced on the basis of last-in, first-out. Valuation reserves are provided to cover the adjustment of inventory pricing to the lower of cost or market, adjustments that be necessitated by physical deterioration, obsolescence, or price change. Generally, however, the use of such reserves for pricing purposes is not widespread in as much as valuation adjustments. Inventory reserves are provided for estimated future losses, losses measured not in their entirety by strict adherence to a rigidly fixed base price of the past but by objectively applying the experience of the past with reasoned judgment as to the future. It is better objectively to approach such a situation through the means of an inventory reserve than to be compelled to follow either a technical "fifo" or "lifo" form in the face of a compelling conviction that something else is right.

Reviews the book "Intermediate Accounting," by Arnold W. Johnson.

In 1943; the American Institute of Accountants appointed a committee on selection of Personnel to investigate procedures for selecting and guiding into public accounting well qualified young people and to develop a program of selection. After preliminary investigation, the Committee secured the cooperation of several specialists in evaluation to serve in an advisory capacity and to handle the technical aspects of the project. The Educational Records Bureau, a non-profit making organization of schools arid colleges, which had many years of experience in handling a test service program, was chosen as the operating agency for the project. From the outset, the Committee took a broad-gage view of both the technical and social aspects of the total problem. They recognized from the outset that the personnel in the profession at any given time was the result of a long process ranging from original recruitment of students through selection at the point of employment, and elimination, retention, and promotion after employment.