Abstract The proposed course constitutes an introduction to the discipline of accounting as a whole, and has a concentration in financial accounting (meetings 6–24 and 26–32). All parts contain conceptual, mechanical, analytical (quantitative and qualitative) and evaluative emphases, and the course is also somewhat issue oriented. Coverage of social and management segmentations in addition to financial accounting, serves the purpose of introducing the student to the whole discipline. Coverage of financial accounting is not as intensive nor extensive as some aspects of the traditional introductory course, but includes an evaluative dimension in the form of various valuation methods, as well as coverage of the final stage in the communication process (attest function). This specific coverage taken together with the different manner in which all aspects of the financial accounting function are introduced, provides an appropriate perspective of the financial accounting segmentation.

The California One-Variety Cotton Law is an important example of technological regulation, in this case intended to serve as a de facto quality control and to mitigate externalities in production that can arise from the mixing of cottonseed at the gin. This paper describes and interprets the economic history of the law, presents a theoretical model of its economic effects, and provides quantitative estimates of the impacts on output, prices, and economic welfare, following a partial deregulation under a 1978 amendment to the law. The analysis shows that large social costs have arisen from concentrating control over the genetic base for California cotton production in the hands of a single government cotton breeder and restricting production to the use of a single selection of a single variety. Some of these costs have been eliminated by the partial deregulation in 1978 to permit private breeders to compete in the provision of genetic material, but production is still restricted to the Acala variety of cotton. While the regulation has benefited some, perhaps even a majority, of the industry participants, it has been increasingly harmful to some other growers and costly overall. The persistence of this costly regulation may be due to the distribution of its impacts: the partial deregulation yielded large increases in aggregate producer surplus but many growers experienced small losses.

Abstract The article reviews the book "Generally Accepted Accounting Practice: A South African Viewpoint," by G. K. Everingham and B. D. Hopkins.

Abstract Reviews the book "Equity Valuation: Models, Analysis and Implications," by David F. Hawkins and Walter J. Campbell.

Abstract This article describes a taxonomy of cognitive skills which has been designed by a group of educational psychologists and identifies the implications thereof for the development of accounting courses and the accounting curriculum. The taxonomy is designed to give precise direction to the learning process and is expressed in terms of expected student behavior at each level in the accounting program. The primary focus of this paper is on the financial accounting program. The taxonomy is relevant to the development of curriculum in that it reveals the elements in the learning process, orders them in an educationally logical sequence, and helps explain the interrelationships among them. It raises questions not only of what should be taught, but also of when and why it should be taught.

Abstract This article presents comments on an article written by M.E. Francis, published in the April 1973 issue of the journal "The Accounting Review," which contends that accountants are ill-equipped to contribute in a constructive way either to improve the methods of assessing the state of society and social programs or to the application of evaluative procedures in the allocation of resources to the efforts to improve social well-being. The article provides a useful service to the profession by cautioning accountants against jumping upon the social accounting bandwagon without knowing its ultimate destination or their own ability to steer it in an appropriate direction. The argument of Francis against a potential role for accountants is three-fold: accountants lack the expertise to attest to sampling methods and statistical series derived from samples; accountants do not have the knowledge or experience to determine the relevant statistical information to be collected, analyzed, and reported; and accountants lack the statistical training to improve the accuracy of economic data. The accountant, as a member of a team which is likely to include specialists from other disciplines, independently appraises program results and reports his findings to the policy makers. Contrary to the implications of Francis, accountants seldom, if ever, work with numbers that are finitely accurate.

Abstract This article presents information on the results of a survey which reflects the views of practicing auditors on the issue of appropriate content for a second course in auditing at the university level. The results of the survey constitute some thoughts on an appropriate direction for auditing and professional education at the graduate level. A questionnaire was sent in batches to participating coordinators in 19 offices representing 16 different CPA firms in Texas. These coordinators distributed the instrument randomly to their respective audit staff personnel. In the analyses of responses which follow the mean importance response was used to rank the topics in order of descending importance, educators may thus be able to compare their judgments with the opinions of practitioners. The mean time assignments for each topic may give educators a starting point for design of the desired auditing course. For purposes of this study, the desired course was viewed as being a part of the fifth year of accounting study by reason of its coverage of material beyond the introductory theory and elementary principles of auditing.

Abstract The article discusses a new emphasis for introductory accounting instruction. The purpose of this note is to present a proposed outline for a two semester introductory accounting course. The outline reflects beliefs regarding the direction in which introductory accounting education should and will evolve in the near future. It is hoped that this paper will stimulate discussion and research directed at improving the introductory accounting course, and in particular will encourage experimentation with new approaches in the development of teaching materials for the course. Basically it is felt that the outline provides a broader perspective of accounting, and a more balanced emphasis on breadth and depth, to the beginning student of accounting. People are critical of many, if not most, contemporary introductory accounting courses for providing too narrow a perspective by means of an overemphasis on the procedures and techniques of accounting. Accountants certainly do not advocate that procedures and techniques are not an integral part of introductory accounting. However, the outline does entail a reduction of emphasis on procedures and techniques, which is counterbalanced by an increase in emphasis on such matters as normative as well as positive views of the accounting function, the role of accounting in economic and social processes, an historical perspective, and an exposure to the variety of activities and dimensions which are encompassed by the accounting discipline, including not only financial and managerial accounting, but also auditing, information systems, taxation, quantitative methods, behavioral accounting and accounting theory.

Reviews the book "Organizational Planning and Control Systems," by James C. Emery.

Abstract The article reports that accountants need to reach unanimity on the fundamental question of the nature of external accounting exchanges before guidelines can be completed for the valuation of the "two-way flow of goods." It is, in essence, a contention that writers will continue to be at odds on the issue of the method for attaching values to the exchanges until agreement is reached on the question of the nature of the exchanges. The writers agree that a valuation scheme is not complete unless developed for both internal exchanges, e.g., recording of depreciation, and external exchanges, e.g., recording of purchase of an automobile. However, it seems reasonable to conclude that most internal exchanges are mere reclassifications of prior external exchanges, and that it is therefore fundamentally more important to have an appropriate understanding of external exchanges. The paper covers aspects of the overall valuation problem, but it does not seek to argue for or against the hypotheses of S & F and N & P.