Introduction, 117. — The neoliberals' negative message: critiques of alternative programs, 120; central planning, 120; interventionism and syndicalism, 123; “full-employment” programs, 127; the “welfare state,” 129; laissez-faire and historical capitalism, 131. — The positive message: the neoliberal program, 133; the creation of Ordo, 133; antimonopoly policy, 140; monetary policy, 144; social policy, 148.

The most pervasive feature of "businessman's culture" atmosphere is change. Change, in a commercial culture equates to progress, something new, something different, is intrinsically valid. Change results in new markets, new jobs, new opportunities for investment and for profit. This enthusiasm for innovation, for obsolescence through social temperament rather than through physical necessity, is so much a part of conditioning that one hopefully embrace every new gadget, nostrum, or notion, whether social, medical, or managerial, without really critical examination. Computer systems have an important place to play in part of faculty education and ultimately in student education for management. The scope of these kinds of systems is so large that only high-speed processing systems can let one experiment with whatever ideas one dream up. One can fly businesses many times without the danger of getting hurt by crashing. One become more sophisticated in refining management games and process simulators, one will be able to deal more and more with the unpredictable's that affect business results. And will also be moving slowly toward discovering a real "science of management."

Series on the early stages of the Federal Government spending process--new obligational authority and obligations incurred--can be prepared from available operational statistics. Consideration should be given by the Federal agencies involved to preparing and publishing such series on a regular basis. Such budget information would be useful and complementary additions to the sections on government expenditures in such publications as the Treasury Bulletin, the Economic Indicators, the Federal Reserve Bulletin, and the Survey of Current Business.

The article focuses on the accounting education in the U.S. According to the author, any discussion of the present or future of accounting education must recognize the position to which the accountant has advanced today, and, more importantly, where he might be expected to be tomorrow. The accountant has surpassed those in all other professional groups in becoming the foremost advisor to business. An accountant is now called upon to counsel on matters and to serve in capacities not generally considered within his normal competence until recent years. The adequately educated accountant of the future must have greater breadth and greater depth of understanding of the many facets of business. Many accounting students seem to have a tendency to hold fixed ideas about how certain things must be done, with seemingly little appreciation of the fact that under appropriate circumstances alternative and equally effective ways may exist to accomplish the same end. They have been too well learned in the sense of being committed to memory without an understanding of their real nature and purpose.

The word "reserve" has been used to describe a diversified grouping of accounts on the right-hand side of the balance sheet. The various uses and capacities in which the word serves, as well as the many different methods of its creation, have caused perplexity for a long period of time. The ambiguity of the term prompted the Committee on Accounting Procedure of the American Institute of Certified Public Accountants in 1953 to recommend to its members that only certain types of liabilities, known and unknown, be designated as reserves. The Committee on Terminology of the Institute corroborated in the limited use of the term "reserve" with the recommendation that amounts for betterments or plant extensions and for excess cost of replacement of property be included. The conditions surrounding the actual definitive processes make it difficult to draw the line between true reserves and "so-called" reserves although the Institute recommendations to accountants make clear and definite distinctions.

The article presents an algebraic model for working capital. The balance sheet equation in slightly expanded form can be utilized algebraically to demonstrate all the potential increases or decreases in working capital. There are four mathematical equations to demonstrate these changes in balance sheet. The first mathematical equation is asset is equal to the sum of liability and owner's equity. The second equation is that sum of the values of current assets and fixed assets is equal to sum of current liabilities, fixed liabilities and owner's equity. The third equation is that difference in current assets and current liabilities is equal to the difference of the sum of fixed liabilities and owner's equity with fixed assets. The fourth equation is the working capital is equal to the difference in sum of fixed liabilities and owner's equity with fixed assets. Fourth equation defines working capital in terms of three general classifications of accounts and actually equates working capital to their algebraic sum.

The significance of survey sampling as a useful tool for accounting has become more apparent in recent years. There is increasing evidence that accountants should become familiar with the characteristics of the various sample designs. It has been argued that the methods of statistical sampling can benefit accountants and auditors in two ways. First, the methods permit them to make' mathematically supportable estimates of Universe characteristics and second, because sampling is used in lieu of 100 percent count or itemization, the timeliness of reports to management can be increased. This article reports on one such instance, the verification of a physical inventory of motor vehicles of the U. S. Air Force by the Auditor General of the U. S. Air Force. The system for controlling and reporting vehicles within the Air Force is quite strong if it is followed. Essentially, the system requires that, at the time of procurement, a registration number will be assigned by the vehicle prime depot and a permanent registration card will be prepared in triplicate.