Abstract A survey of consolidated financial statement practices conducted by the American Institute of Certified Public Accountants in the mid-fifties pointed up the lack of, and consequently the need for, uniformity in consolidation practices. In an apparent attempt to get some degree of uniformity in the consolidation area the Institute's Committee on Accounting Procedure in the late fifties issued Accounting Research Bulletin No. 51. While only time will tell whether the recommendations of the Committee are widely adopted in practice, they have already had, in this writer's opinion, far-reaching effects upon the teaching of consolidations. The Bulletin has had and will undoubtedly continue to have a tremendous influence on teaching in such areas as what to consolidate, when to consolidate, and how to consolidate. Its greatest impact, however, from the teaching standpoint has probably been felt in the area of intercompany profit transactions.

Reviews the book "Opportunities in Accounting," by Raymond G. Ankers.

Abstract According to a recent issue of "The Occupational Outlook Handbook" the number of students graduating from college each year in the field of accountancy declined between the years 1950 and 1954 by nearly 50 per cent. Paradoxically the need for qualified accountants has never been greater than at the present time. With demand far exceeding supply the prospect of this situation continuing, and even worsening, should give cause for deep concern and even alarm. The fulfillment of this responsibility calls for a merger of the academic and practical. This need has been evidenced by the receipt during the past few months of hundreds of requests not only for "Young Eyes on Accounting," the career pamphlet published by the Association of International Accountants in cooperation with the American Institute of Certified Public Accountants and the Institute of Internal Auditors, but also by the desire expressed by high school faculty members to be placed on the Association's mailing list for any subsequent mailing of material of this kind. The high schools are endeavoring to do the best job possible.

Abstract The article presents findings by the author on the progress made with respect to the distribution of a career pamphlet called "Young Eyes." The Task Committee on Student Personnel of the American Accounting Association was charged with the responsibility of preparing a career pamphlet describing the varied opportunities and depicting some of the challenges offered by the accounting profession. An article with the cooperation of the American Institute of Certified Public Accountants and the Institute of Internal Auditors, was published in January 1958 under the title "Young Eyes on Accounting," in an attempt to show what had been done so far and what it was hoped would be done in the future with Young Eyes. Two phases were decided by the Task Committee for distribution. In the first phase over two hundred editors of selected accounting, educational, and vocational periodicals were contacted and asked to run a news item on the nature and availability of Young Eyes. The second phase was one of following up and trying to maintain, and, wherever possible, increase the interest created during the initial phase. According to the findings 137, 340 copies of the pamphlet were distributed.

Abstract The article asserts that accounting teachers have a definite responsibility, not only to accounting students but also to the accounting profession, to keep abreast in this ever-changing accounting world. Although these teachers have certain resources available, at times they may be inadequate and as a consequence they may have to look elsewhere for assistance. When looking elsewhere perhaps the faculty fellowship, if available, will fulfill this need. The faculty fellowship is considered a definite step in the right direction, and it is his hope that other firms will initiate similar programs. In addition to acquiring new, or as the case may be, broadening old technical knowledge the fellowship is also an excellent morale builder or interest stimulator. After teaching for several years and then being exposed to the interest and enthusiasm of the various staff members, it challenges one to want to get back in the classroom and turn out the best product he can possibly produce. Teaching from the textbook from day to day may not be as stimulating as it should be, so perhaps teachers need to be reminded occasionally that they are members of a vital and dynamic profession.

Abstract Forces, both within the accounting profession and without, are constantly subjecting the accountant to ever-increasing pressures in an attempt to induce him to change some of his basic principles. Many of these forces can be attributed, either directly or indirectly to economists. It is the writer's belief that accounting and economics are more closely related and thus more interdependent than is commonly thought. It is also his belief that if the accountant and the economist were both more aware of their relationship and interdependency, both might derive mutual benefit there-from. Both accounting and economics are concerned with property and with human activities relating to the production, exchange, and consumption of this property. Generally speaking it is the point of view that differentiates one from the other. Whereas economics treats a society as a whole, of wealth in general, of the wants of people, and the satisfaction of those wants; accounting treats the individual units in society, the property of each unit, the requirements of each unit, and the efforts and accomplishments of each unit.

Abstract The article focuses on the statistical relationship of accounting and economics. Pressures, from both within the accounting profession and without, are constantly being brought to bear on the accountant in an attempt to induce him to change the basis of accounting reports. These ever-increasing pressures often make technical judgment formations by the professional accountant difficult. Many of these forces can be attributed, either directly or indirectly, to ideas of economists. It is the author's belief that accounting and economics are more statistically related and thus more interdependent than is commonly thought. It is also his belief that if the accountant and the economist were both more aware of this relationship, some of these pressures might subside and as a result both professions might derive mutual benefits therefrom. If one considers accounting and economic statistics as merely types of the quantitative method of analysis, the similarities of accounting and statistical methodology must be sought in the characteristics of the quantitative method itself.

Reviews the book "CPA Review Manual," 3rd ed., edited by Herbert E. Miller.

Abstract Students of accounting commonly have trouble with the so-called "goodwill method" of recording the admission of a new partner into a firm. Under this method, wherein the recorded capital equity of the old partners is not to be reduced and the credit to the new partner can be no less than his investment, there are the two problems of calculating the amount of goodwill to be recorded, and determining which partner or partners' capital accounts are to be credited when the goodwill is recorded. The determination of the amount of goodwill involved is approached by first calculating two amounts, both called recorded capital. The amount of goodwill involved is determined by subtracting what is termed invested capital from the larger of the two amounts of calculated recorded capital. Invested capital is the sum of the existing partners' capital equities before any adjustment for goodwill plus the contribution of the new partner. In presenting the material, the instructor must keep in mind that the students are not accounting majors. Further, he must remember that the students have enrolled in order to gain some practical knowledge. Due to the subject matter the course is difficult. Its usefulness, however, makes it a very popular elective.

Abstract Fundamental income tax concepts should be taught in the elementary accounting course. The important reasons for this contention are: (1) Students are interested in the subject of income tax, and they have a need for tax knowledge. (2) Some accounting topics are taught better through the comparison of income tax and conventional accounting treatment. (3) A benefit may accrue to the teaching of the income tax accounting courses since accounting students will bring a better grounding in tax fundamentals to the course. Greater depth of treatment may be possible than is presently the case in courses in income tax accounting. (4) Students majoring in business education will be better prepared for their teaching duties.