In the article, the author presents information on the methods used for evaluating an accounting literature. In his early days as an accounting professional, he devotes his time searching someone else's method to evaluate accounting literatures, as a part of his assignment. However, the search hasn't provide him any positive results. Possible explanations, as cited by the author, are, lack of interest; lack of money; lack of criteria for evaluation; or the sheer size of the task. Another, question which has been cited relates to the magnitudenal difficulty. To improve a literature, it has been suggested that publishers and editors should be careful while examining articles, and check for any sort of redundancy, if present, by implementing annual or biennial review policy. It seems logical to say that "scholarly" articles without footnotes are either built on common knowledge or represent "original" contributions; original, at least, as perceived by their authors. To be or not to be original is a question which we leave to others to resolve. It has been suggested that if accounting literature has to grow properly, must in part results from research in kindred fields for correlative materials.

The article presents information on interest formulae. Several subject areas in accounting require students to employ compound interest calculations: investments, bond issuances and refundings, certain depreciation methods and more recently, the capital-budgeting problems. It would be the exceptional course where all these diverse issues were discussed; accordingly, it seems appropriate to arm the student with a schema easily leaned and almost unforgettable in lieu of several formulae cluttered with negative exponents and unmeaningful symbols. Such a device appears initially as shown in the diagram, in which the four quadrants represent one of the well known "Tables" or categories of problems. The vertical dividing line separates augmentative or "forward looking" problems (amount of) on the right from diminishing or "backward looking" (present value of) problems on the left. The horizontal dividing line separates single sums, on the top, from series of sums (annuities) on the bottom. All symbols are mnemonics, capital letters are employed only below the horizontal dividing line.

Reviews the book "Municipal and Governmental Accounting," 4th ed., by Irving Tenner and Edward S. Lynn.

There is much interest still evidenced by many teachers of accounting on the subject of tests, and specifically, on the advantages and disadvantages of so-called objective tests. It is hoped that this report of some of experiences with these tests will be of help to those currently working with the problem. In his article, "Construction of Objective Examinations," Professor Wallace V. Schmidt did an admirable job in summarizing many of the advantages, which are obtained through the use of objective tests. A conscientious effort will be made here not to duplicate the cogent arguments he offered, but rather, to examine further some of the points he developed and to elaborate on some aspects of objective testing which seem to be most commonly misunderstood. To do this, an attempt has been made here to clarify terms, and to present illustrative materials taken from the direct experience. Specific illustrations may help dispel the common misconception that these objective tests can only be fruitful in fairly narrow circumscribed areas.

Of the problems of making education meaningful one of the most important is the careful construction of specific course objectives. This is not a "one time" task, but rather is something which must necessarily confront the educator continuously. Meaningful objectives do not just grow nor, because of the changing social environment, can they be handed down from generation to generation. To be most meaningful, they must be adapted to the needs of students and the needs of society and they must be in harmony with the philosophy of the institution in which the courses are taught. The purpose of this paper is to reconsider what might be the most meaningful objectives for elementary courses in accounting with consideration given to the needs of students and to the needs of society. Further objectives are considered in both contextual as well as behavioral terms. These are, in a sense, ends for the accounting students who will as accountants be called upon to perform or supervise these activities. It is not likely that the other group will have much need to engage in these activities in connection with their major work. For this group, these skills and techniques are but means to an end, the end of understanding and interpreting accounting reports which they as general managers or other specialists will receive and be required to act upon intelligently.

The subject area of "Consolidations" offers itself as a most suitable workshop for testing many of the notions of accounting. Yet the usual textbook solution involves so much busy work that the student has little remaining time or energy to benefit from theoretical inquiry. Indeed, the drudgery involved in the initial preparation of the worksheet may be sufficient to divert intellectual attention! Another obstacle to the learner is found in the multi-chapter approach to the subject found in many textbooks. With this approach, the student works largely with small discrete parts of the whole. Ordinarily this might be desirable; here, however, his attention is best directed to the whole problem since the answers to the parts are relevant only in the context of the whole. It is usually true that by the time a student undertakes the study of consolidations, he has an extensive and thorough background in accounting methodology and theory. The question as to the proper method for disposition of minority share of inter company profit of the three listed earlier is deliberately not raised here. Probably the answer relates to the purpose of the consolidated statements.

This article comments on obsolescence accounting the background of the article titled "Conclusion of the Atlas Plywood Story," the appeared in the November 1958 issue of the "Journal of Accountancy." The following definitions of obsolescence are found in accounting literature: "This term obsolescence is usually defined broadly to embrace the entire effect of the progress of invention and technical improvement." And "obsolescence in the narrow sense represents the effect of inventions and technical developments upon plant assets in use." Here an asset is considered totally obsolete when its replacement is dictated by economic considerations. Partially obsolete is the state that exists when a replacement for an existing owned asset is made available, but economic analysis does not dictate replacement. That is, the inferiorities of the old asset in relation to the new are not material enough to war-rant the outlay for the new. The effects of technology may either be predictable or unpredictable at the time of asset acquisition. Predictable effects of technological change give rise to what is termed ordinary obsolescence; unpredictable change results in extraordinary obsolescence.

Reviews the book "The Game of Budget Control," by G.H. Hofstede.