In the fifty years since the first law was enacted to license certified public accountants, there have been increasing efforts toward standardization within the profession. For the most part, the progress toward uniformity has been on a national scale through the efforts of national organizations. From a theoretical standpoint, at least, it would appear that the education and training of accountants for the profession should also approach uniformity on a national scale. The important question for CPA examiners is: "What type and how much training must a candidate have before he can be allowed to practice?" This question, of course, includes formal education or training in accounting schools or colleges, as well as what is termed "practical experience" in accounting work, and particularly in public accounting. Theoretically, the answer to this question should be the same in one U.S. state as in another. And it is reasonable to believe that approximate uniformity in answering the question will affect the degree to which high standards of public accounting practice are adopted and maintained throughout the U.S.. If, in some states, little or no training is required before candidates enter the profession it is possible, but by no means certain, that some will obtain additional education and practical training before practicing on their own account. But others, having the stamp of approval from a CPA board, will plunge into engagements for which they are not qualified and will make mistakes which a longer training period would have prevented.

The article presents a discussion on the application of accounting principles to governmental-accounting practice in the U.S. Problems of governmental accounting may be divided into three groups, first are problems in accounting for transactions of the Federal government and its agencies; second, problems in accounting for affairs of the several states; third, municipal accounting problems and those of other political subdivisions of The U.S. states, such as counties and districts. This article will confine itself to the application of accounting principles to practice only in municipalities and other political subdivisions of states. Fifteen such principles have been set forth by the National Committee on Municipal Accounting as recommendations or suggestions to be followed as a guide in establishing governmental accounting systems. The article concludes that emphasis must be given to the human or personal difficulties involved in making changes in governmental accounts. In order to install a uniform accounting system, it is essential that the legislative body and, at least, the major executives of the city be in sympathy with the project. without cooperation in the budgeting, purchasing, departmental reporting, and even in the departmentalizing of the city, it is difficult to install a system which is based upon the recommended principles.

It is now generally recognized that the principles of accounting for the business of government cannot follow exactly the patterns of accounting for private business enterprises. As yet, the principles of governmental accounting, with standard classifications and terminology, have not been completely developed. Tremendous strides in that direction have been taken through the work of the National Committee on Municipal Accounting, which was organized in January 1934 in the U.S. This committee by its' work has stimulated the interest of accountants in the problems of municipal accounting, and it has produced definite recommendations, which are being accepted as fundamental and sound in principle. The purpose of this article is not to review the work done by the National Committee, but rather to present problems that as yet may not have been answered in the recommendations of the Committee. Specifically, this discussion will consider problems that may arise in presenting operating statements of municipalities, and in maintaining the accounts to obtain the operating statements, particularly as to items of income, revenue or receipts.

It is the purpose of this paper to consider problems encountered in attempting to portray the exact financial status of a college or university, and more particularly the endowed college or university. In preparing a balance sheet for an educational institution it will he observed that certain principles which are basic in all balance sheet presentation are applicable, whereas other principles are not. The purpose of any balance sheet is to set forth the assets and liabilities and the excess of assets over liabilities in the way which most clearly exhibits the financial condition of the institution. There are three main purposes which have been recognized for the assets of a college institution. Certain assets are held for use in a physical way; that is, as the educational plants. Other assets are held in the form of investments to produce income. This second group consists of the endowment assets, and they are to be maintained permanently as income producing investments. The third group of assets are those available for current purposes.

Reviews the book "Accounting and Finance," by Leon E. Brownell.