Reviews the book "Managerial Accounting: Concepts for Planning, Control, Decision-Making," by Ray H. Garrison.

This paper presents the results of a study conducted to identify and measure achievement of four educational objectives for introductory accounting and to analyze the importance of the objectives, in conjunction with other control variables, as predictors of intermediate accounting performance. Results tended to support the hypothesis regarding the usefulness of knowledge of achievement of specific introductory accounting objectives in predicting intermediate accounting performance. In addition, general ability and demographic control variables were shown to have significant explanatory impact. Generalizable conclusions were not reached concerning the relative importance of specific introductory accounting objectives.

Accounting Principles Board Opinion No. 29 provides that an exchange of nonmonetary assets normally should be accounted for as if the exchange involved monetary assets. One exception to this provision is the case in which a productive asset not held for resale is exchanged for a similar productive asset in which case the asset received is recorded at the book value of the asset relinquished. However, an interpretive problem arises if a significant amount of cash is included in such an exchange. This paper describes the problem and suggests a solution.