In any consideration or discussion of the methods of teaching in Auditing it would seem that the question of paramount importance, or at least the one causing the most difficulty, is what might be called one of realism or practicability and the developing in the student of the feeling that the course is not just a theoretical course but that it is tangible and practical and has a direct relationship to actual business procedure. There is no particular difficulty in connection with text material covering the theory of auditing. There is an overabundance of printed material explaining what to do in the course of any type of audit engagement, although much of this material consists principally of statements as to what the auditor should do. The chief difficulty is in giving the students an understanding and appreciation of the practical problems of audit procedure and the developing of a sense of realism in the course and in the work. The ideal and most satisfactory method of handling the situation would be to have actual accounting records and to have a wide enough selection to illustrate the variations in form and procedure that would be encountered in actual business and a sufficient number of sets of books so that students could work on these records individually under the supervision of the instructor.

Reviews the book "The Gold Exchange Standard in the Philippines," by George K Luthringer.

Reviews the book "Accounting Principles."

Reviews the book "American Treasure and the Price Revolution in Spain, 1501-1650," by Earl J. Hamilton.

Reviews the book "Security Analysis," by Benjamin Graham and David L. Dodd.

The relation of accounting to economics has been the subject of discussion a number of times, but no program devoted to accounting relationships would seem complete without some expression on the subject of economics. The economist and the accountant have been members of the same family for a number of decades, since the early period in which economics permitted this fledgling to enter the liberal arts colleges under the shadow of its protecting wing. They later became chief partners with business law in the organization of curricula in business and schools of business. However, there are many indications that the two fields are coming closer to a mutual understanding. Economics is developing most rapidly in the field of statistics and statistical method and in this type of study is reaching more and more into fields hither-to largely the habitat of the accountant. Also, finance and marketing, among others, are studying problems closely connected with accounting and in which the accountant is apt to contribute much of the useful material.

In the teaching of accounting systems one finds that it is often difficult for the student to see the practical application of the accounting theories discussed in the classroom. No doubt this is due largely to the lack of practical experience on the part of the student. Some schools overcome this handicap by arranging for part time work in the accounting departments of local business concerns. Other schools find this arrangement impossible, due to the scarcity of such business concerns or the general policies of the college or university. This lack of experience may be at least partially overcome by means of the written report, which may be used to supplement the course in accounting systems. In this report the undergraduate may select a business concern either in the college community or elsewhere, usually near his own home, and make a first hand study of the accounting system of that business. The outline is given to the student early in the semester and soon afterwards he is asked to name the kind of business in which he is interested and on which he would like to make a report.

In this article the author proposes a system for teaching elementary accounting. Because it might be contended that this paper is attempting to make a virtue out of necessity or rationalizing that which had to be, according to the author, the system of teaching accounting at Miami University, Ohio was inaugurated before restrictive legislative appropriations might have forced the same system on accountants. Furthermore, because of the latter factor, it may be that what accountants are doing is not now as unique as it might have been some years before. According to the author, laboring under a delusion in believing there is or ever was anything unique in methods. All students take the same course regardless of whether they are accounting majors, business students interested in other majors, or students in other divisions of the University taking the course for various reasons.

Definition in its popular sense is the process of delimiting a concept or thing with the object of establishing that usage for a word or phrase, which has significance common to all persons. Definition is also popularly understood to be the expression through which the limits of the concept or thing are set up. Without definition, or with more than a single definition in common use, situations frequently arise where no exact medium of communication exists. Probably every person has had the experience of participating in protracted disputatious only to discover in the end that he and his opponent had been talking different languages. Within the realm of logic, definition has as its purpose the determination of the qualities of universals. Hence it may be said that the necessity of a common language and the necessity of building up an adequate background for the introduction of logical principles place upon one as accountants the burden of exploring thoroughly the requirements of good definition.

Reviews the book "A Test of the Consumer Jury Method of Ranking Advertisements," by Neil H. Borden and Osgood S. Lovekin.