Abstract The article presents the report of the Committee on Auditing Education appointed by the American Accounting Association. The concern of the committee was to secure an evaluation of the job the colleges are doing in preparing students for public accounting. The committee solicited the opinions of public accountants along the above lines by the use of a questionnaire which was mailed to 98 local firms and ten national firms. Responses were received from 57 per cent of the local firms and from all of the national firms. The questionnaire invited an expression of opinion regarding which objective colleges should adopt in preparing students for the public accounting profession. Poor English and lack of ability to write and speak effectively are the most serious of the weakness of college graduates reported by the public accountants. The public accountants believe that such weaknesses can be corrected by requiring accounting students to take more courses in grammar and public speaking slanted to the interests of accountants.

Abstract The article presents devices and techniques developed by the member of accounting profession for the presentation of the knotty aspects of accounting. The first method presented focuses on the accounting problems related to business income and the cash basis. Money profits are basic to the management of a business. The cash basis, where properly applied, involves considerably more than receipts and disbursements. Accounting on the cash basis means that net income is determined by including income and gains actually or constructively received and deducting those expenses actually or constructively paid, losses sustained, and allowable depreciation or amortization for the period. Cash includes not only money but also commercial paper redeemable in money on demand such as money orders, bank drafts or checks. It does not include notes or similar promises to pay money at some future time. The general rule is that a bank check received constitutes an actual or conditional receipt, even though the holder refrains from depositing or cashing the check until a later date. Transactions near the end of the year call for decision as to the exact time receipt occurs.