Abstract Reviews the book "Consolidated Statements," by George Hillis Newlove.

Abstract A recent article appeared in the "Wall Street Journal," captioned, "Businessmen, Professors Disagree on Subjects Best for Commerce Career, But No One Favors 'Vocational' College." The occasion for this article was the publication of a study made by the Society for the Advancement of Management concerning the courses businessmen and college professors considered essential for a well rounded education for business. It was not surprising that businessmen and professors were unable to agree in all cases, as educators themselves find numerous areas of disagreement concerning curricula content. The results of this study are interesting because of the emphasis given to the study of accounting as a preparation for business. Of more significance, however, was the recognition given to the so-called cultural courses of study. The demands placed upon accountants are such that a thorough technical training plus a broad general background are essential for success in this area of work. This is particularly true in the field of public accounting.

Abstract The article presents information about last-in-first-out (LIFO) as a method of determining depreciation. The present problem of depreciation that is facing the accounting profession provides a vivid illustration of difficulties that arise only because of the variance between economic and accounting concepts. The problem is a result of the rapidly changing price level, but the inability of the accounting profession to supply an adequate procedure to cope with the situation stems, in the main, from its insistence upon using the historical cost concept in spite of the fact that cost determined by this method bears little or no relation to economic cost. An instance of the inadequacy of the present concept of accounting in this matter can be found in the recent action of the United States Steel Corp. in shifting to the LIFO method for handling long term inventories. In discussing short-term inventories, the United States Steel Corp. made the following statement in its 46th Annual Report, "an accepted procedure for determining the cost of short-term inventories is the LIFO." Commenting further on this procedure, the report states that this method is a generally accepted accounting practice.