Abstract The statement of financial position describes the ship and its hardware, the amount of fuel on board, and a measure of the weight to be supported in flight. It gives no run down on management skill, but it does indicate the readiness of the vehicle which they will pilot. Management's primary task in an enterprise is to make optimum use of the funds at their disposal. This activity is most readily understood when it is thought of as a process of spending cash for something which ultimately brings back a greater amount of cash. The cash-to-cash cycle is the pattern against which all transaction cycle variations are referred. The fact that some cash investments, or expenditures, are not directly reconverted to cash is common experience. Everybody recognizes cash owned, cash expected, and cash owed. The dynamic nature of the statement of financial position has been obscured by a lethargic perpetuation of an inherited format and name. Liquidation cycles have priority to investment cycles on realized cash because of contracted or legal obligations. Hence, amounts of cash required to liquidate liabilities are reported in order of maturity.

Abstract The article says that accounting profession includes the practitioner, the accountant in private employment and the accountant who teaches, provided he has measured up to professional standards of proficiency, attitude, and conduct. Thus, the article presents an educational program for communicating to potential accountants the body of professional knowledge and techniques and for instilling in them the attitudes and sense of values found in a professional accountant. It says that the renaissance of the decade is the reaction from overspecialization, the rediscovery that a man with an extremely narrow background of education and experience is at a disadvantage, in many ways, with a competitor having a broader understanding of human experience and culture. The evolution of educational system, however, has set the model of a pyramid, with the early years devoted to the general cultural inheritance, later years to the pursuit of more specialized knowledge in limited areas, and a final topping of concentrated study in a narrow field. Professional training in accounting cannot escape the effects of this pattern. The five-year program described in the article is a first stage program subject to modifications indicated by experience.

Abstract This article presents the report of the Committee on Doctoral Programs in Accounting. The committee made various recommendations on how to improve the Doctoral programs. It suggested that the doctoral program is the principal educational process for preparing students both for university teaching and for basic research in accounting. Hence the primary objective of the study program for the doctorate should be to develop in the student original and incisive thinking and to create an attitude conducive to study and research. As wide variations in the backgrounds of doctoral students call for individually designed programs of course work, instruction in methods of teaching and familiarity with the learning process should be a part of the doctoral program. At the end of the study program the doctoral candidate should demonstrate proficiency in accounting and a reasonable understanding of economics, statistics, the functional areas of business, the behavioral sciences, and mathematical methods. And finally the demand for college teachers of accounting should not be an excuse for lowering the standards for the doctoral program.