The article presents an economic analysis of scholar R.J. Chambers' normative standards by the author. Chambers raises the issue with the notion that not all choices between accounting or information alternatives can be rationalized without admitting individual preferences, beliefs and opportunities into the analysis. His argument is that a form or type of accounting that is preferred to all others does indeed exist and that choice between any pair of inferior alternatives rests upon whose product most closely approaches, that of the preferred form or type. Such belief and attendant prescription are the essential cornerstone in the approach taken to accounting theory that many, including Chambers, follow. An alternative approach, one that some of us follow, is based on economic analysis of accounting alternatives. No universally preferred alternative is posited and preferences, beliefs and opportunities provide the essential cornerstone in the analysis. In short, resolution in the economic domain is ultimately based on aspects of the problem that are not admitted in the universality or necessity approach.

Reviews the book "Full Cost vs. Successful Efforts in Petroleum Accounting: An Empirical Approach," by John H. Meyers.

Reviews the book "MIS in Action," by Robert G. Murdick and Joel E. Ross.

Reviews the book "Social Accounting: Theory, Issues, and Cases," edited by Lee J. Seidler and Lynn L. Seidler.

This article focuses on the accounting significance of current cost and present value in the measurement of a firm's economic income. Practical difficulties have led to a search for surrogate measures of income and this search is aimed to identify that information capable of providing users of accounting statements with the best means of estimating the firm's value and changes in that value. Current cost income has been suggested as a surrogate for economic income. In a perfectly competitive economy, this surrogate relationship is based on the equality of the components of replacement cost income to their corresponding counterparts within economic income. The marginal present value of a particular fixed asset depends upon a host of factors, such as, the discount rate, the length of time over which the asset is to be used, and the state of the firm's complementary equipment and capacity. Given these factors, the marginal present value of an asset changes with variations in the level of investment. The marginal present value of a one-unit increase in the number of assets purchased depends on: the marginal productivity of the additional asset; the marginal revenue the firm would obtain by selling this additional future output; and the marginal operating cost the firm would incur by utilizing the additional asset.

Discusses a study on the accounting practice and education problems in developing countries which was conducted by the American Accounting Association's Committee in Accounting in Developing Countries. Comments on accounting education in developing countries; Limitations of the study.

This article reports the results of an empirical study which has bearing upon issues of the accuracy of management forecasts of income in particular and the time series properties of earnings data. From the standpoint of whether corporate forecasts of earnings should be disclosed, the question of accuracy is relevant. This article utilizes the Box-Jenkins methodology in the determination of the most appropriate time series model for each firm in the sample. The proposition that management forecasts of income should prove fairly accurate is not supported by the results of this study. In cases in which management forecasts proved reasonably accurate, overall they were not more so than those generated from the time series models. It remains possible that the management forecasts may contain additional information regarding risk or return. For example, market participants may use management forecasts and time series analysis. With respect to the time series properties of quarterly earnings, the results clearly demonstrate the significance of seasonality in quarterly earnings.

Focuses on a project by the American Accounting Association's Committees on Professional Examinations which evaluated the professional examinations for accountants. Objectives of the project; Methodology of the projects; Comparison of examinations and accounting curricula; Recommendations.