Reviews the book "Essentials of Accounting," by Robert N. Anthony.

Abstract We have given formulas to aid in the computation of real rates of return and present values if price-level changes have occurred or are anticipated, in order to better evaluate the performance of various assets or the feasibility of acquiring an asset. It has been demonstrated that price-level changes can seriously distort the rate of return realized on an investment. Finally, it has been argued that one should consider price-level changes, actual or anticipated, before appraising the performance of an asset or purchasing one.

Abstract Focuses on a project by the American Accounting Association's Committees on Professional Examinations which evaluated the professional examinations for accountants. Objectives of the project; Methodology of the projects; Comparison of examinations and accounting curricula; Recommendations.