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.

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.

During World War II the United States Office of Education authorized many of our leading universities to conduct intensive courses in connection with the Engineering, Science, and Management War Training Program. Air Transportation Management was one of the selected subjects. The students eligible to take this course were, for the most part, employees of various airlines who were selected by university registrars as most likely to benefit from a course of this type. Through this undertaking, our government endeavored to promote the usefulness of airline employees at a time when the airlines were handling numerous war contracts. Air transportation is carried out today through the operation of approximately fifteen major airlines. Yet this type of transportation is relatively small in comparison with transportation by land, or water. Airlines are subject to a greater degree of control than most private business corporations. The control lodged in the Civil Aeronautics Board over air carriers is similar in many respects to tile control vested in the Interstate Commerce Commission over railroads and other common carriers by land.