Journal Article Realism and Relevance in Consumer's Surplus Get access E. J. Mishan E. J. Mishan London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 15, Issue 1, 1947, Pages 27–33, https://doi.org/10.2307/2295925 Published: 01 April 1947

Abstract Reviews the book "Studies in Income and Wealth," Vol.8.

Abstract Reviews the book "Elements of Economics," by Edmund Whittaker.

Abstract Reviews the book "Advanced Accounting," 4th ed., by Roy B. Kester.

Abstract Reviews two books by Sidney G. Winter. "C.P.A. Review"; "C.P.A. Review. Answers to Questions and Solutions to Problems."

Abstract The training of students in auditing courses for the passing of the CPA examination in auditing is, of course, considered secondary to the successful training of those students to the extent that they are enabled to enter the public accounting profession well qualified to perform expeditiously the auditing tasks assigned to them. While this examination is not the major objective of the students or their instructors, it does provide the accepted measurable means by which the technical knowledge of the applicants is judged. This article, presented from the viewpoint of one who has had years of public accounting experience and who is a teacher of auditing in a metropolitan university; reviews this medium, the auditing phase of the CPA examination, in an objective manner, and presents material for consideration and discussion on various phases relating to the subject. This paper has made a review of the examinations prepared by the Board of Examiners of the American Institute of Accountants as presented from 1942 to May, 1946.

Abstract The subject of packing-house accounting is very broad. If only those phases are discussed which relate to the slaughtering of cattle and calves, no more can be done than to touch upon the more important salient points. This segment of the meat-packing industry has been selected for discussion because bovine animals furnish nearly half of the meat produced in the U.S. today and it is the source of about fifteen per cent of the farmers' gross cash revenue from the sale of farm products, as of July 1947. In the installation of an accounting system, the certified public accountant or management consultant should be familiar with the activities of the client, the sources of supply, problems of marketing, methods of distribution, the outlets for the client's products and with problems of personnel. For such knowledge is lacking, the accountant may experience difficulty in satisfying management that he possesses the necessary qualifications to handle the engagement properly. Although the author is primarily concerned in this article with the accounting problems related to the slaughtering of cattle and calves, the article also discusses briefly other activities which the board of directors of a packing-house plant may be empowered to undertake.

Abstract The article presents information about surplus reserves. In recent years, published statements have reflected a rather significant expansion in the use of those reserve accounts which are typically presented either within the net worth section or immediately above that section under a "Reserves" caption. In an attempt to acquire an impression of their nature, a number of these reserve accounts were analyzed. For this purpose, the financial statements of ninety-three business corporations, filed with the Securities and Exchange Commission during the six-year period 1937-1942, were examined. No attempt was made to select a "normal" period. However, it did seem desirable to include several pre-war years. The ninety-three companies selected for analysis are among the largest business corporations in terms of total assets, accounting for approximately 30% to 35% of the total assets in the manufacturing, trade and service industries. This bias toward size is believed to be justified because the statements of larger corporations are frequently used as examples of acceptable accounting practices and in this way exert an influence on corporate accounting.

I. British postwar problems of adjustment, 368. — Possible avenues of escape from lower living standards, 372. — II. The government's double mandate, 374. — Comparison with the current American situation, 376. — Prospective capital shortage, 377. — III. Basic needs, 381. — Conflicting objectives, 383. — Resulting dangers: effect on exports, 386; on business incentives and voluntary savmgs, 388. — New outlooks, 390. — IV. The dilemma in terms of the balance of payments, 392. — Compromises inevitable, 393. — Conclusion, 395.