Knowledge that Transforms

The Joint Financial Management Improvement Program is a cooperative and constructive effort of Federal agencies to bring about needed improvements in budgeting, accounting, and other financial management practices in the Federal Government. The broad overall objective of this program is to promote better management and greater efficiency and economy in Federal Government operations and better financial information for the public as to those operations. The existence of a program with such far-reaching objectives is a matter of interest and concern not only to administrators, officials, and employees of Government agencies, but to all segments of the public who are affected by Government operations. Such a program may be assumed also to be of direct interest to the various segments of the accounting profession public accountants, industrial accountants, government accountants, and educators-all of whom have a stake in the contributions that accounting and related financial management functions can make to the biggest enterprise of all-the United States Government.

The National Association of Accountants (NAA) plans to continue its program of supplying copies of the technical sections of the NAA Bulletin to students. The practice was authorized on October 10, 1959, when the Executive Committee of NAA established a Student Bulletin Service in order that students of accounting would be able to obtain the technical section of the NAA Bulletin for use in conjunction with their classroom work. A three week program in Public School Fund Accounting was offered at the Michigan College of Mining and Technology, Michigan in July. It was designed to serve those connected with public school fund accounting in any capacity and included guest lecturers from the Michigan Department of Public Instruction, the Association of School Business Officials of the U.S. and Canada, the Michigan School Business Officials, the Michigan Association of Certified Professional Accountants, the Michigan Association of School Administrators, and the Office of Education, Washington, D.C. The Eleventh Annual Tulane Tax Institute will be held in New Orleans between October 25 and 27 at the University Center, Tulane University, New Orleans, Louisiana.

This article summarizes the information provided by 95% of the living accounting graduates of Drake University, Des Moines, Iowa who responded to a written questionnaire during the winter of 1959-60. This survey resulted in considerable data on occupation by function, job titles, geographical location, and income of accounting graduates. Approximately sixty-two per cent of all accounting graduates over this 38 year span are currently engaged in accounting work of some type. An additional twenty six percent are in some phase of management, including many who are doing accounting work at that level. The next largest group, totaling six per cent is engaged in sales or sales management. The remaining six per cent of the graduates are in other occupations. Income statistics were reported for over 90% of the 544 graduates covered. Although statistics were compiled for each graduating class, only the classes of 1929, 1939, 1949, and 1959 are presented here. Analysis of income data for all graduating classes would seem to indicate that accounting graduates employed in public accounting receive considerably greater income on the average both ten years and twenty years after graduation than those in other types of jobs.

Reviews the book "Sample Design in Business Research," by W. Edwards Deming.

Reviews the book "Taxation and Operations Abroad."

The executive training program has become one of the more interesting post-war developments in business education. A major portion of these program is concerned with the use of quantitative data for business controls and decision-making. Hence Accounting has an important role in these programs. Executive development program is concerned only with the uses of quantitative data as a basis for controls and decision- making, the instructor should avoid depth discussions of the more technical aspects of the disciplines involved. The course in the use of quantitative data should not be regarded as an entity separate and apart from the other courses in the program. Only the relevant elements of accounting, statistical, and economic theory should be employed. Major emphasis should be placed on the planning, control, and decision-making phases of the course. It involves the most careful selection of material. In the context of previous background this article discusses the structuring of the quantitative data course .

This article focuses on the managerial accounting. Many textbooks which make some claim to the managerial approach are organized in much the same way as they have been for the past twenty years. The bookkeeping cycle and type of bookkeeping records are described in detail, the variations in the particular techniques applicable to different types of business situations are considered, and valuation and classification of different items for statement purposes are given considerable emphasis. The managerial aspects of the test are limited to some description of the use of ratios and comparative statements. Having attempted to describe managerial accounting and to indicate how it might be employed, the authors would like to offer some defense of accounting instruction as it has existed. Accounting instruction has been condemned in high circles because of its emphasis on techniques. The managerial approach, although described in rather vague terms, is offered as the innovation to cure the ills of accounting instruction. Certainly it can not be denied that frequently techniques have been over emphasized. Despite this over emphasis, however, the accounting profession has attained a position of importance in business, a stature that every one recognizes.

This article presents several news related to accountancy published in the journal of "The Accounting Review." Two substantial contributions to the American Accounting Association Fellowship Fund were accepted on behalf of the Association by President Charles J. Gaa at the annual meeting in Columbus. John P. Goedert, executive partner of Alexander Grant & Company, presented a check for $5,000 contributed by his firm. Mr. Goedert called the contribution a business investment in the future of our profession." He cited recent surveys indicating a shortage of qualified accounting teachers despite large enrollments of students in accountancy and increasing demands for trained accountants by industry, government, and public accounting firms. The accounting research division of the American Institute of Certified Public Accountants has added two items to its active research agenda: Accounting for the Costs of Pension Plans and Cash Flow Statements and Analysis. Anyone interested in submitting comments, suggestions, or other material for the use of the research staff is invited and urged to do so. Advance notice of the intent to participate in the projects in this way will be appreciated. All correspondence relating to the studies should be addressed to Mr. Maurice Moonitz, Director of Accounting Research, American Institute of Certified Public Accountants, 270 Madison Avenue, New York.

Reviews the book "Mathematics of Accounting," fourth ed., by Arthur B. Curtis, John H. Cooper and William James McCallion.

Reviews the book "Management Services by CPAs."