The need for more efficient utilization of the teaching staff is particularly pressing today, as of April 01, 1959. The student body is expected to double in less than fifteen years yet a doubling of the teaching staff is not in sight. Education is far broader than the mere presenting of information which the student is expected to memorize and to write down on some test. All subject matter cannot be acquired merely by reading. Listening to the story, discussing the matter, witnessing a demonstration and practicing are also useful learning devices. Lecture and demonstration can be done before very large groups with mechanical aids. Practice under supervision can be done in large groups if there are assistants roaming the room to help where needed. Discussion groups when kept small and adequately handled can achieve remarkable results. An area to consider for achieving better utilization of manpower is to abandon the time-honored subdivision of subject matter into many small categories. From these, today's student selects a menu of about five courses a term for eight terms.

Thirty years ago footnotes in annual reports to stockholders were rare; today, published statements seldom are without them. Not only are footnotes frequent and numerous, but also they maybe very important in the interpretation of the statements. Footnotes must be read, not because all footnotes are important, but because one may be vital. Some seem to me to contradict what is said on the face of the statements. Others replace that which is ordinarily on the statements. The purpose of this article is to present the results of my analysis of the notes in the statements of one hundred sixty different companies and to offer some suggestions for improving our presentation of financial statement information. Many of the footnotes to financial statements seem to contradict what is said on the face of the statements. Generally accepted accounting principles require disclosure of the facts, yet today's common conventions do not get all the facts onto the statements. These problems are discussed in detail in the article.

The article reviews the economic concept of net income and the accounting procedure in a number of specific business situations, and then suggests a principle, which is compatible with economic theory and at the same time coordinates most current accounting practice. The matching of cost and revenue has grown during the past fifteen or twenty years into a cardinal principle of accounting. Economic theorists since the days of Adam Smith have spoken of land, labor, and capital as the three factors of production. Compensation to these factors has been known as rent, wages, and interest. Under a perfectly functioning system, these three factors receive all the income. Any residual that remains in an actual case is due to the imperfections of the system in the individual case at the particular moment of time. Later economists acknowledged a fourth factor of production: entrepreneurship. Its compensation is known as profit. Profit is the reward for bearing risk; the risk of enterprise, the risk of venturing in business, the risk of owning something in hope of selling it later.