I. Introduction, 448. — II. Crises and social change, 451. — III. Some major crises in the United States, 455. — IV. The present problem, 459. — V. Conclusion. 462.

Reviews the book "Budgeting and Cost Analysis for Hospital Management," by Leon E. Hay.

The purpose of this article is to describe a method of reducing the time required for preparing a statement of source and application of funds. It consists of substituting two T-accounts for the formal working papers commonly used in source and application of funds preparation. The method is especially useful in examinations because of the great saving of time effected in organizing the information required for the statement. Of the two T-accounts, one is used to accumulate information for determining and explaining the amount of funds provided by operations. The second T-account is used to list funds provided and funds applied, the balance, of course, representing the change in working capital as shown in detail by the statement of working capital changes or determined in some other manner. In preparation of the formal statement of source and application of funds, if time is limited, the student may be allowed to show funds provided by operations as a single figure, since he has already shown the details in his T-account.

Three main areas bearing attention upon professional education in accounting are the nature of professional education, the objectives of professional education and the implementation of professional education. Most of the recent articles and discussions propose as cures new administrative frameworks, within which accounting education would proceed, and⁄or recommendations to extend the formal educational time period. The study of accounting requires a student to take several courses in sequence before he can take very many courses in accounting concurrently. Professional education in accounting should encompass all collegiate educational preparation for an accounting career, including Liberal, cultural and non-business collegiate study, basic education in accounting, business and related fields and advanced study in accounting, business and related fields. Professional education in accounting, then, involves a well-rounded collegiate program utilizing problem materials drawn from practice and from the current literature, with instruction in the hands of a faculty which is well grounded both in theory and in practical experience. Professional education in accounting is achieved when the educational program successfully fulfills the various objectives in preparing the student for a career in accounting.

The article presents views of professor Sidney I. Simon on accumulated depreciation that should not be deducted from the assets, but shown on the other side of the balance sheet as a reserve. He recalls that, in the days before it was generally realized that depreciation ought to be recorded consistently and systematically, there was a tendency to allow it only in years of good earnings. It was also customary at that time to post the credit directly to the asset account. It is therefore a great pity that the conferring of a title such as reserve or provision, or allowance should induce many to attribute to this collection of credits some sort of independent existence. Accumulated depreciation is not too different from a surplus reserve because failure to record depreciation costs would overstate profit and surplus, and tempt directors to dissipate assets in dividends. Failure to record any cost would overstate profit. Simon refers to the danger of misleading the layman if the asset appears in the balance sheet at the net figure, which he believes may be interpreted as the "true value" of the asset.

In making the decision to enter graduate training for business there are certain factors that you should consider. These are 1. The philosophy of education of the particular schools and your possible reaction to its training techniques. 2. The need for planning; a. To present the best transcript your talents will allow. b. To take the aptitude examination in your junior year, or certainly midway through your senior year. c. To secure letters of recommendation that will give an accurate portrayal of you. d. To visit the school of your choice so that first hand knowledge of the school is yours, as well as other things such as housing, scholarship and loans, and physical facilities. This sort of preparation will assure your application timely and considered attention and enhance the possibilities of admission.

Reviews the book "Management Principles and Practices," by Dalton E. McFarland.

Reviews the book "New Federal Estate Tax Regulations."