In this article, the author discusses the theory and practice of accounting. He differentiated between beliefs and theories, defines propositions and highlights that a theory of accounting includes a collection of propositions or assertions. He emphasizes that recorded experience is not part of a theory of accounting but is one of the sources which give rise to propositions. He explains the two aspects to the study of accounting, namely, the pure aspect and the applied aspect and their provinces. He stresses on the importance of the separation of entities for the purpose of accounting and the inclusion of propositions in a theory of accounting while ignoring the practical procedure. He illustrates different propositions in a theory of accounting which include records, ascertaining profit and determination of depreciation. The net effect of the entity's transactions and the position of the entity have been described as results obtained from the application of propositions to entities and the requirement by law to obtain certain results from certain accounting entities have been enumerated. The author describes accounting as a theory and as a practice.

The cost accountant visiting Europe and England today is struck by the tremendous revival in industrial production that is taking place. Along with this a highly competitive worldwide situation is developing, resulting in a keen interest in any procedure that will increase efficiency. There is an increasing interest in the evolution of accounting procedures. Accountants are interested in improvements that are taking place in other countries as well as in developing ideas of their own. England is faced in particular with a highly competitive international situation. There is, therefore, a lively interest in anything that will improve industrial efficiency. As a result there is to a greater extent than elsewhere a desire to uncover new avenues of improvement in accounting procedures among educators and practicing accountants, and to upgrade the standards of education of the accounting profession including industrial accounting. Accountants and educators are discussing much the same topics as American accountants and educators, and here is brought out an interesting study in semantics.

The article presents a rejoinder to a discussion on a previous article written by the author on the topic, joint cost analysis as an aid to management. The author believes that if the assumption that each dollar is equally profitable is to be true at all times, then the total cost of a joint product must, proportionately, never exceed the total cost of any other joint product, individual sales values being the basis for comparison. In this case the total cost of product A is calculated via the sales value method, as being $2,400,000. This figure is certainly proportional to the respective sales values, but it is not a true total, the separate processing costs of A alone amount to $2,800,000. This refute the suggestion that each dollar invested is equally profitable. The author also argues, that it is impossible to arrive at an individual profit, because each of a series of joint products is based upon the fact that a joint cost is an expenditure incurred in the production of a series of products, all of which must be processed or none.

Reviews the book "Accounting For Intra-company Transfers."

Reviews the book "A Primer to the Automatic Office," by William Eustis.

The article presents the author's view on accounting in general and price inflation in particular in the U.S. Every semester when he reviews with a class of students the impact of price inflation on accounting, and every time he reads a published article on this subject in an accounting or business publication, he becomes more aghast at the complete and universal uncritical acceptance of statisticians' superficial findings on this subject. Students particularly seem to be unhappy about the privations which they attribute to high prices. In his opinion, such sadness is fallacious. It is based on views which are biased because those who hold those views have not considered circumstances that are ignored by the statisticians. Great ability is needed to contest unanimous fallacies. The task probably is beyond his abilities, nevertheless he does not remain silent in the presence of neglected truth and unwarranted sadness. He hopes to bring some joys to saddened hearts through this article where he discusses the topics mentioned above.

Everyone knows that every profession is concerned about the shortage of qualified students entering its field. According to the report, the majority of the schools studied require between 120 and 130 semester hours for graduation with a bachelor's degree, with no school requiring less than 120. The most common over-all division of the total number of hours was for 25 per cent to be devoted to accounting courses, 25 per cent to other business courses, and 50 per cent to nonbusiness courses. Many characteristics are expected of the college graduate including such intangible ones as integrity and ambition. One major criticism of accounting education is that many accounting instructors attempt to teach facts rather than to educate people. One of the unique characteristics of public accounting is the requirement to write memorandums, reports and letters. By far the most important training in public accounting is the day-to-day, on the job supervision. This is as true in memorandum writing as in the actual performance of the audit procedures and of course we devote to such supervision as much time as possible under the pressure of getting the job done.

Reviews the book "How to Communicate Policy and Procedure," by Joseph D. Cooper.

Publication of the long-awaited report on standards of education and experience for CPAs is bound to lead to a review of the present system of professional accounting examinations in the United States. Since the accounting profession in this country is a direct descendent of the earlier development in Great Britain, a brief description of the system of examination in that country should make a useful contribution at this time. There are seven organizations of professional accountants in Great Britain which conduct their own professional examinations as a pre-requisite for admission to membership. The peculiar feature of the Institutes is their rigid reliance on the apprenticeship system. A candidate for membership must serve for five years as an articled clerk with a member who is called the principal. In the past it was customary for principals to charge a premium for the apprenticeship. The Association of Certified and Corporate Accountants was formed through the merger of a number of smaller accounting groups.