Knowledge that Transforms

Reviews the book "Elementary Cost Accounting," by George Hillis Newlove and S. Paul Garner.

Reviews the book "Expenses and Profits of Limited Price Variety Chains in 1939," by Elizabeth A. Burnham.

Reviews the book "Business Reports," 2ed., by Alta G. Saunders and Chester R. Anderson.

The article presents information about the twenty-fifth annual convention of the American Accounting Association was held at the Blackstone Hotel in Chicago, Illinois, on December 27-28, 1940. The Chairman of the first session was Howard C. Greer, Vice President, Kingan and Co. in Indianapolis, Indiana. Papers discussed in the first session includes "Determining the Current Financial Position of a Municipality," by Arthur N. Long, University of Washington "The Accounting Provisions of the Investment Company Act of 1940," by Frank P. Smith, University of Rochester. The second session was headed by Victor H. Stempf, Toucher Niven and Co., New York City, and President, National Association of Cost Accountants. Papers that were discussed in the second session included "Stock Dividends," by Thomas York, The Ronald Company, New York City. President of the Association introduced the guests of the Association and read a telegram from the President of the New York State Society of Certified Public Accountants congratulating the Association on the twenty-fifth anniversary. Secretary-Treasurer of the Association presented a report of the membership and of the financial condition of the Association which is included in the auditor's report.

Obviously it is impossible to approach every economist and ask him if he knows enough about accounting to use accounting material. Only about 20% of the economics departments of universities granting degrees in economics have any semester hour requirement in accounting. These requirements affected only 15% of the philosophy of doctorate graduated in the period. Where course hours in accounting are required, the work usually need not be of graduate character. The group that has had such training has probably not had enough to make full use of the available accounting data. While less than twenty per cent of the economics department members above the rank of instructor are prepared to teach accounting at the college level, about sixty per cent of heads of these departments feel that teachers of accounting should be so trained that they may be able to teach economics at college level. The distinction between accounting and economics is more apparent than real and forces are at work to bridge the gap between the two disciplines.