Reviews the book "Yardsticks for Industrial Research," by James Brian Quinn.

Reviews the book "Budgeting, Principles and Practice," by Herman C. Heiser.

Reviews two books about accounting "Guides to Successful Accounting Practice"; "Accounting Aids to Management."

The article presents a survey accounting problems on accounting problems warranting additional research. In an attempt to provide a guide to prospective researchers as to which accounting and financial problems are of greatest current importance to industry, the writer surveyed the controllers or other chief financial officers of the eighty corporations which in 1957 derived at least half of their total revenues from manufacturing or mining and which had sales of more than $500 million. The most frequently mentioned problem was that of inflation and its effects on depreciation charges of companies. Many respondents believe that it is an extremely serious financial problem and one which adversely affects the overwhelming majority of businesses in the U.S. The statements on this subject were almost evenly distributed between the problem of how to obtain the legislative changes necessary to halt the taxation of business capital which is presently occurring and the problem of how to account for and present price level changes in financial statements.

This paper emphasizes these points: 1. The minority interest is a stockholder equity interest and should be shown as such. 2. The variety of classifications presently used in showing the minority interest indicates that doubt exists as to its nature--liability, quasi-liability, or stockholder equity. 3. If the majority interest point of view is adopted, statements can be prepared from this standpoint and the minority can be brought along as a special stockholder equity interest. 4. Particularizing the minority share in retained earnings appears to be unnecessary since the total earnings is the same in the method described, and control over its disposition remains in the majority.

Reviews the book "The Education of American Businessmen," by Frank C. Pierson and others.

Reviews the book "Auditing: Principles and Case Problems," by Arnold W. Johnson.

Current auditing standards are not in conflict with the law and are to some extent supported by the law. The personal standards appear to be based on legal concepts recognized by statutory and case law. The field work standards are supported by SEC opinions and by legal decisions with respect to the need for adequate evidence. Reporting standards are in agreement with SEC decisions and rules. The doctrine of lull disclosure finds support in case law and the Securities Acts also. The public accounting profession needs to evaluate existing auditing standards and promulgate revisions which will best serve the interests of the profession and the public which benefits from the services of the profession. Legal concepts should be considered by the profession in making revisions in order to avoid conflict with the law, but should be taken only as indications of minimum performance. In order to serve the public accounting profession better as guides for performing tasks and to serve the law better as criteria for judging the adequacy of the work done by public accountants, standards which are more specific and which go beyond the general statements used today are desirable.

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.