Reviews the book " A Critical Study of Accounting for Business Combinations," by Arthur R. Wyatt.

Abstract The article focuses on the desirability of reporting the difference between movements of the general price level and movements in the "value" of specific assets, particularly as related to fixed assets. This difference is identified in Accounting Research Study No. 3 as "holding gains and losses" and defined as "the amount attributable to acquisition of goods or services prior to their utilization." It also presents the concept of income, which includes changes in replacement cost of fixed assets as a part of business income, even though a separately reported part, fails to serve these purposes. The failure of replacement cost as a measure of economic value of specific assets, the failure of fortuitous movements of replacement cost to qualify as an element of a useful figure to report as business income, and the possibility of substantially distorted reported income due to the leverage caused by the size of the stock of assets compared to income, coupled with the impossibility of objective measurement of replacement cost effectively condemn any concept of income proposed to date that would include holding gains or losses on fixed assets.

Reviews the book "Auditing and Theory: A CPA Review," by Mary E. Murphy.

Abstract The article focuses on a cooperative education program in public accounting in the U.S. Public accounting majors in the School of Business Administration of the Rochester Institute of Technology are getting practical experience as well as academic training for the career of their choice. The institute has pioneered in many fields and its cooperative or work-study program began in 1912, just six years after the cooperative plan of education was originated at the University of Cincinnati. In order to improve the program both from the standpoint of employers and students, a new arrangement went into effect in the fall of 1962. Under it, students attend classes for three consecutive quarters during their freshman and sophomore years. In their junior year, students will work two quarters and be in school two quarters, while as seniors; students will work two quarters and be in school three quarters. The public accounting program at the Rochester Institute of Technology has been registered by the State Education Department of the State of New York as an approved program, and therefore, students graduating as public accounting majors have completed the educational requirements for taking the Certified Public Accountants examination in the State of New York.

Reviews the book "Managerial Accounting," by Carl L. Moore and Robert K. Jaedicke.