Abstract The Standards Rating Committee was appointed in 1949 for a period of five years upon authorization of The Executive Committee, meeting in Columbus, Ohio in May 1948. This committee continued the work of similar committees appointed and serving during the calendar years 1947 and 1948. A portion of the program of study by the committee has now been tentatively completed. This report is therefore submitted with the hope that it will be given full publicity to the members of this Association and generally to all interested persons. The primary objectives of the Committee were agreed upon at the first meeting. These objectives may be suggested by the needs expressed in the following statements adopted unanimously by the Committee. The Committee has therefore attempted to bring out a suggested program of acceptable standards. It is important that proposals herein be accepted generally and put into effect as quickly as feasible in the framework of educational institutional procedure or that objections, criticisms and suggestions be made for the purpose of restatement and revision.

Abstract It is always difficult to disagree with the logic of an argument presented by Professor W. A. Paton. His article published in the January 1949, issue of the journal "The Accounting Review," presents a devastating barrage of reductio ad absurdum, invective, and fascinating wit, which may too readily be accepted by his readers. The issues at stake should be drawn dearly. Irrelevant comments and argument based upon false assumptions should be discarded before there is any disposition to repudiate the statement, Accounting Concepts and Standards Underlying Corporate Financial Statements. It should not be assumed that because of insistence upon the use of recorded cost as the only available objective information there is any suggestion of belief in or advocacy for the proposition that careful consideration should not be given to important changes such as may be found in price level changes and many other considerations. However, such considerations lie wholly beyond and outside of the area of basic corporate financial statements and at the same time may be said to lie within the area of managerial judgment, investment analysis, and interpretation. In the latter area, it is to be assumed that the accountant of integrity, competence and social responsibility may make a valuable contribution.

Abstract The article discusses various aspects of cost inspection in the U.S. Navy. The writer has made a number of appointments of college graduates who have had training in accounting, but have had limited or almost no experience. These have, of course, been in the lower grades under civil-service classifications. The results produced by such appointees have been extremely gratifying. In the opinion of the writer, there is neither a basis nor justification for any adverse criticism or reservation concerning the adequacy of the training, the capacity, the devotion to duty, the loyalty, or the general adaptability of these appointees. It is believed that many employers of college graduates who insist upon the "top ten or fifteen per cent" of a senior class are overlooking many fine opportunities for obtaining capable, loyal, and efficient workers. It must not be overlooked, however, that the excellent results observed in the experiences mentioned above may be attributed in part to a capable and trained technical principal accountant and accountant, thus affording excellent supervision and direction of the less experienced personnel.

Reviews the book "The Cultural Significance of Accounts," by D.R. Scott.

Abstract This article focuses on attraction and selection of accounting teachers. The need of selection of accounting teachers is for a greater number of fine scholars to the collegiate schools of business or to business courses offered in liberal arts colleges. Secondly, having attracted fine scholars to the study of commerce, industry, and finance, it is equally important that they should not be alienated from accounting because of an early and intensive exposure to record keeping. The third important thing is to hold before the promising student the incentives, the variety of opportunities, the fascinating life which a career in accounting offers. Some of the criteria's for selection of accounting teachers are, good physical appearance, neatness in dress, professional bearing and attitude, and a good voice and speaking ability, sound underlying education having sufficient breadth and depth to provide a cultural background, technical proficiency through study, research, and practice and cheerful and enthusiastic disposition with an interest in people.

Abstract The article reports on the achievements and progress of the American Accounting Association. One of the impressive accomplishments of the association was the marked increase in membership. The widespread interest of professional practitioners in the work, the aims and objectives, the publications, and the activities of the association in the held of accounting education has been gratifying. Many new teachers at the college level have been added to the membership roles. To all of these new members the association extends a warm and cordial welcome and a standing invitation to participate actively in furthering the purposes which are set forth in our by-laws and statement of purposes. The program of the annual meeting gave a glimpse into still another new undertaking, namely, the development of standards rating in the field of undergraduate and graduate study of accounting. It is hoped that extension of this project may become a continuing activity of the association.

Abstract The present Standards Rating Committee of American Accounting Association was appointed in 1949 for a period of five years upon the authorization of the Executive Committee of the Association Committee. The present committee was officially constituted and began functioning on January 1, 1949. Meetings of the committee have been held at intervals throughout the last five years. After extended discussion and rewriting over a period of two years this committee published an interim report in the January 1951, issue of Accounting Review. Full publicity was given to this interim report; suggestions, comments, and criticisms were solicited. Several members of the Association and other interested persons responded to the invitation. This committee appreciates the excellent suggestions made by correspondents. Their recommendations have been reviewed carefully along with the further thinking of the committee members themselves. After further weighing for about a year the problems confronting the committee, it was decided in early 1953 to prepare a final report in order to bring its current activities to a conclusion. Following this decision the committee has quite actively pursued its objectives and the present report represents the culmination of its efforts for the past five years.