Abstract Reviews the book "Basic Internal Auditing," by John B. Thurston.

Abstract The article focuses on the determination of the most efficacious way of valuing assets on a consistent basis in accounting. A primary function of accounting is to provide entrepreneurs and other interested persons with useful data upon which to base their decisions. This objective can logically be attained best by valuing assets in real terms by adjusting their monetary expressions to changes in the general price level. The shift of emphasis from the balance sheet to the income statement during the preceding two decades has spotlighted the inherent fallaciousness of the doctrine of conservatism. The understatement of an asset in the balance sheet of one account big period means an overstatement of profit in another period when the asset is physically consumed in the process of production. One way of retaining conservatism in the balance sheet, and of avoiding the perils of profit overstatement, has been suggested by the proponents of the base-stock method and of Last-in, First-out method.

Abstract Before commenting on the organization of courses in tax accounting or discussing the methods of instruction which might be most effective, the author wants to review the responsibilities of the accountant in connection with tax work. The nature and extent of the tax work ordinarily done by accountants are important considerations in deciding matters of organization and method, if the tax accounting courses are to provide professional training. Federal, state, and local tax returns are usually prepared either in the accounting department of the taxpayer or by a public accountant. In either case, the accounting department must assemble the information required by the various taxing agencies. Also, the chief accounting officer should provide counsel and guidance in connection with management decisions, which may involve tax consequences. Unfortunately, this last mentioned service is often neglected and possible tax economies overlooked. Tax instruction for students who are specializing in the field of accounting should reflect both the nature and extent of the accountant's tax work.

Abstract Reviews the book "Essentials of Accounting," by William A. Paton.

Abstract It is believed that one of the major postwar industrial developments will be the consideration of the subject of overhead as it applies to government contracts. Many types of contracts are being written today to meet the varying conditions of procurement of materials. The principal types which are being negotiated are (1) fixed price agreements, (2) contracts whereby the price is re-determined at some stage of completion or delivery, (3) contracts which provide for reimbursement of all allowable costs, (4) cost plus-a-fixed-fee contracts which are similar to cost reimbursement contracts except that they also provide for a fixed fee, and (5) time and material contracts. The legal and accounting requirements of each type of contract differ. Of the three elements of cost to be reimbursed, the most difficult of application to contracts is usually overhead. There is no rigid formula or set procedure for preparing reports covering overhead studies. The auditor's findings should always be written in clear and concise language and with an orderly presentation of significant information. The scope of the report should include the following: origin of the study, a summary of findings, the scope of the examination, details of the auditor's findings, recommendations and conclusions, and such pertinent exhibits and schedules as may be necessary in each instance.

Abstract The article presents information about the accounting faculty of several universities in the U.S. Walter Meigs of University of Southern California, has served recently as chairman of the accounting section at the meeting of the Pacific Coast Economic Association. From the same university. George T. Altman has given addresses on tax matters to the Pomona Valley Bar Association, the American Society of Women Accountants, the California Society of Certified Public Accountant's, the Life Insurance and Trust Council of Los Angeles, and the National Tax Association. H. T. Scovil of the University of Illinois, was selected for the annual award for "outstanding service to the accounting profession" by the American Institute of Accountants at the annual meeting in Los Angeles, Illinois, on November 1, 1949. This is the first time an educator has been given this award. Scovil has been head of the Department of Business Organization and Operation at the University of Illinois since 1917, was the first educator on the Board of Examiners for the National Certified Public Accountant examination.

Abstract The article presents various developments related to professional accounting and accountants in the U.S. Edward J. Kelley has been appointed to succeed the late Myron M. Strain as Dean of the School of Accountancy. Dean Kelley practiced as a Certified Public Accountant in San Jose prior to 1936, during which time and until 1941, he was Dean of the College of Business Administration of Santa Clara University. He has been serving until this appointment as Controller of Hastings Clothing Company in San Francisco. Howard W. Wright has been granted a leave of absence for the academic year 1950-51. Wright has been appointed Assistant to the Controller of Economic Cooperation Administration. The University of Tulsa, together with seven other sponsoring agencies, was host in April to the fourth annual Conference of Accountants. The two-day program was devoted to the general topic "Humanizing Accounts and Accountants." Noted speakers participated from all parts of the United States and representing many specialties related to accounting.

Abstract This article discusses various developments related to the field of accounting. In Great Britain, the Association of University Teachers of Accounting held its 1950 conference at Manchester University in September. The secretary of the Association is David Solomons of the London School of Economics. In the George Washington University, Ralph Dale Kennedy, currently head of the department of business administration, has been named head of the newly created department of accounting. In Catholic University of America, District of Columbia, Richard J. Bannon has been appointed instructor in accounting. In University of Alabama, Alabama, Richard Brewer is on leave for the current year teaching at the University of Hawaii. Lee Glover from Hawaii is teaching here on an exchange basis. At University of San Francisco, California, A. D. McNeil, director of CPA training, addressed the California Society of CPA's on the impact of accounting on government and business, at their annual meeting in San Francisco in June.