Abstract The article reports on the achievements and progress of the American Accounting Association. One of the impressive accomplishments of the association was the marked increase in membership. The widespread interest of professional practitioners in the work, the aims and objectives, the publications, and the activities of the association in the held of accounting education has been gratifying. Many new teachers at the college level have been added to the membership roles. To all of these new members the association extends a warm and cordial welcome and a standing invitation to participate actively in furthering the purposes which are set forth in our by-laws and statement of purposes. The program of the annual meeting gave a glimpse into still another new undertaking, namely, the development of standards rating in the field of undergraduate and graduate study of accounting. It is hoped that extension of this project may become a continuing activity of the association.

Abstract Reviews the book "Industrial Accounting," by Samuel W. Specthrie.

Abstract The topic assigned, that of discussing the graduate accounting curriculum from the viewpoint of schools offering undergraduate concentration in accounting, presents an opportunity to explore various phases of a most interesting and important subject. Prior to the twentieth century graduate work appeared to be limited to a high type of scholarship looking toward an intellectual career as opposed to a professional career. Accounting is universally recognized today as a profession ranking close if not on par with the older professional pursuits. The American Institute of Accountants has made extensive progress in preparing tests to ferret out those individuals with accounting aptitudes. Of late there has been developing some sentiment among some professors in some schools that the time put into writing a formal thesis could be better used in some other direction, such as additional courses or even field work. The MBA candidate should be required to pass a comprehensive test either written or oral or both. This examination to have any meaning and significance should be taken seriously by the examining committee as well as by the candidate.

THE graphic method of determining the level of income which is consistent with a consumption function and given investment is familiar to most students.1 The method is that of plotting the aggregate demand function (consumption demand function with investment superimposed vertically) against national income; the intersection of this line with a forty-five degree line through the origin indicates the level of income at which income equals assumed investment plus derived consumption. But this forty-five degree line method suffers from the disadvantage that consumption must explicitly be related to the national income or gross national product. It is common nowadays to assume that consumption is related to disposable income, and to assume as well that taxes, government transfer payments, and corporate savings are themselves related to gross national product, so that the consumption-gross national product relationship is a derived one. In the graphic solution as ordinarily presented, a change in the tax structure cannot be assumed without having the shape of the derived consumption-GNP relationship affected. So, where graphic methods are desired, an elaboration that allows separate manipulation of the tax function and the consumption function is of some advantage. This paper will present a graphic method which goes one step further than the forty-five degree line method, that is, one which portrays the solution when consumption is explicitly related to disposable income, the latter being explicitly related to the gross national product.2 The method is simple. We have two relationships, here assumed linear for convenience. One is the consumption-disposable income relationship, in the form C a + bDI, in which the parameter b measures the marginal propensity to consume. The other is the disposable income-gross national product relationship, in the form DI = c + dGNP, where the parameter d measures the marginal ratio of DI to GNP.3 Both these relationships are plotted on Chart i. Measuring GNP along the horizontal

Abstract The basic concept in accounting, as in economics, is the concept of income, and accountants are supposed to be experts trained in the procedures of measuring the amount of income earned by or accrued to business enterprises during their fiscal periods. The chief reason for the present-day disagreement in the measurement of income for a given period does not lie in tile necessary use of subjective measurement for certain items of cost, but it does lie in the fact that the basic standards or principles on which the very concept of income rests are not agreed to and generally accepted. If this doctrine of definitive income determination were accepted generally by the profession, it would simplify and make more precise and objective the measurement of annual income. The earnings of American corporations are facts which are strongly affected with a public interest, and the amounts of these earnings have a definite bearing on social and governmental policies, on labor compensation, on taxes and on prices to the consumers. It does not seem to be an overstatement to say that accountancy can become a science once the basic concept of net income is precisely defined and measured in accord with generally accepted principles and standards.

Abstract During the past year a committee was appointed by the American Accounting Association to consider the rating of curriculum and instructional standards among the various institutions of higher learning having accounting courses. It might seem reasonable to require that the accounting work should be offered in a school or college of business and not in some other division of the college or university, in order to secure proper integration of accounting with important related subject matter. It is taken for granted that graduate work requires the extensive use of current periodicals, reference books, and other library facilities, and therefore graduate students in accounting should have access to them. The adequacy of library facilities might be measured quantitatively by the number of bound volumes on hand, or by the amount expected annually for library purposes.

Abstract From the outset the U.S. Securities and Exchange Commission has been sympathetic to this point of view and has sought the advice of leading accounting authorities in teaching, public practice, and among executives of corporations investment bankers, and financial analysts in the preparation of rules, regulations, and forms necessary in the administration of the acts which authorize the Commission to prescribe the forms, items, and details of financial statements to be filed generally, uniform systems of accounts, principles to be followed by registered investment companies in maintaining their accounting records and in preparing financial statements. On individual problems, however, where experience has disclosed serious discrepancies in practice as between companies and accountants and one has felt that uniformity in procedure would benefit investors by rule or regulation of the Commission or in an opinion of the chief accountant. It is imperative, therefore, that the Commission make certain that the financial statements contained in registration statements be completely unequivocal and are not used as a proving ground for innovational presentations.

Introduction: impact of the Nazi economic policy on the cartels, 576. — I. Potash: early developments, 577; the 1919 legislation, 578; operations under the 1919 law, 582; the International Potash Cartel, 582; penetration of the American potash industry, 584; the Potash Cartel and Combines under the Nazi regime, 585. — II. Cement: pre-Nazi market controls, 588; early stages of Nazi control, 589; the cement industry during the war, 591; the International Cement Cartel, 594.

Abstract Reviews the book "Pluration of Income in State Taxation," by George T. Altman and Frank M. Keesling.