Abstract Two weeks at this pace is a grueling experience for students and instructors alike. Nevertheless, every applicant who has ever started the course has stayed with it until the end. It will be noticed that the course is concluded with consolidation. Although this may not be the most appropriate sequence it has been deliberately placed at the end because it has been found that most students have a very limited background in this area and are anxious to learn as much as they can about it. It has also been found that if by any chance a student has become over-confident during the sessions, a couple of days on Consolidations will dispel any conceited notions. Despite the intensive nature of the course, two weeks are hardly enough time to prepare adequately for the CPA examinations. It is emphasized that these two weeks are only a beginning. The program is simply an attempt to reorient the student who has lost the habit of systematic study to force him to discipline himself to carry on a program of preparation for the exam after the course has terminated, and to point out specific weaknesses in his background.

Abstract The article focuses on the classification of inventories in the balance sheets of corporations. A balance sheet is primarily an array of the unexpired costs or a listing of the costs of the assets that have not yet been consumed in the operation of the business. the balance sheet is an attempt to record current or replacement values, the proponents of price level adjustments notwithstanding. This definition of unexpired costs however, applies more specifically to the plant and equipment since these are usually recorded at historical cost and amortized periodically as their usefulness depreciates. There is another combination of assets ordinarily classified as the permanent investments. These assets are not normally consumed in the operation of the business so that no periodic write-off is appropriate. These are usually recorded at historical cost and with the passage of time historical cost varies from its current value. The third major classification, current assets, contains those properties which are already liquid or will be liquidated during the normal operating cycle of the business.

Abstract Perhaps the eventual growth in funds statement usage was inevitable due to the discrepancy that often exists between reported profits and available funds and to the recognition that working capital is the circulatory system of a business organization, with its preservation a primary concern to management. No amount of analysis of the income statement will signal approaching difficulty, although comparative balance sheets, if reviewed carefully, will reveal a diminishing supply of working funds. The location of the funds statement in published corporate annual reports varies from its inclusion with the primary financial statements to its appearance anywhere in the president's letter. Since audit reports are almost never published, accounting firms were requested to indicate the status they gave the statement in their long-form reports. It was probably very difficult for many accounting firms to determine, even approximately, the proportion of their clients which prepared their own statements. Distinguishing between cash and funds appears to cause the greatest amount of difficulty and it is in this area that more education is probably needed.

Abstract It is the purpose of this article to explore some of the factors which tie us to the historic basis of cost, and which inhibit all but the very bold from advocating current values along with a concrete plan for carrying their theory into effect. For a good many years from now, perhaps it might be safe to say several decades; most accounting authorities have been against the revaluation of plant assets. Cost or its equivalent has been the time-honored basis for the valuation of fixed assets on the balance sheet. On the other hand, there is no denying that there have been and are outstanding men in the profession who recognize the need for some sort of revaluation under certain conditions. Yet it is the author's impression that very few will ever give their unequivocal endorsement to any basis but cost. This apparent hedging may be due to the fact that no satisfactory substitute has yet been found to replace the cost theory. Also in all references to plant assets, the author has deliberately ignored land or its related natural resources. Revaluations of these assets are necessary in order to give a true picture of the enterprise. For these reason the above assets usually require separate treatment from the so-called man-made possessions.

Abstract Reports in recent years have cited very satisfactory results achieved by scheduling large sections of elementary accounting classes. Increasing enrollments coupled with a shortage of qualified accounting professors have forced many institutions to experiment with large sections. The techniques used have run the gamut from dosed circuit television to large lecture or small quiz section combinations. One advantage of the large class approach is evident that it is economical, given scarce resources. Furthermore, consolidation of students in this manner exposes them to the presumably better teachers while graduate assistants are available to handle the laboratory or quiz sections, which apparently call for less pedagogic skill. Based upon the optimistic reports from other institutions, the article used such a system at the Missoula, Montana based-University of Montana by restructuring elementary accounting classes. However, results of a similar experiment did not succeed. The failure of the lecture and quiz section combination could be attributed to two factors including refusal of students to take the large lectures seriously and lack of time in the two-hour quiz sections to cover the assigned material adequately.

Reviews the book "Accounting for the Flow of Funds," by Hector R. Anton.