The article discusses the present outlook of accounting students in accountancy. The article asserts that accounting practitioners are ever on the alert for promising neophytes, hence graduates of collegiate schools of business are reasonably certain of positions, and, the immediate monetary reward is considerably higher to a beginner than it was in the decade next preceding the Second World War. Chances for promotion, too, are better than heretofore because of the internal growth of accounting firms, and the diversification of clientele activities that offers chances for specialization. As always, advancement depends upon the aptitude of, and the interest displayed by, the employee. Interest may be shown by close observation while auditing, and later offering suggestions to the staff leader for improvements in clients' accounting systems, and for procedural changes in the audit programs to conform with altered conditions in the concerns under audit. Also, the acquisition of the certified public accountant certificate is an indication of sincerity in the decision to make public accounting a career.

Mergers give the concept of big business. The combining of accounting firms of moderate size with others to become a nationally known organization can lead certified public accountants away from professional status. In the mind of the layman, the practitioner of a profession is one who gives personal attention to the intimate affairs of a client or a patient, and although some actual service may, as in the case of public accountants, be delegated to staff assistants, yet the client of the smaller firm is acquainted with, and feels he has the personal interest of, one of the principals. It may be said that the same relationship can be continued under the new firm name, and it is true there are clients who may like the idea of the larger organization, but there are a great many persons who do not desire information concerning their private affairs to be in the flies of a widespread copartnership. Public accounting has come a long way in the past fifty years and enjoys a well earned high place in the public esteem, but if big business with all that description connotes, is the aim of many of its practitioners, then all pretense to professional rating should be dropped. Merely to state that a vocation is a profession does not make it such. Actions speak louder than words.

This article focuses on the private or public accounting. Colleges offering courses in accounting have lately been besieged by applicants for admission. For the most part those desiring to enroll are honorably discharged veterans whose educational programs were interrupted by induction into the services. Among those accepted many are taking refresher courses and all are faced with the perplexing problem of choosing sooner or later between a position in the accounting division of a business, institutional, or governmental activity and a career in public accounting. Any statement regarding the advantages and disadvantages of the two accounting fields must be related to the temperament dandy the ultimate goal of the aspirant In business organizations accountancy-trained persons find their principal work opportunities in positions leading to cost accountant, internal auditor, chief accountant, credit executive, controller, and treasurer. In governmental departments investigative accountants, tax auditors, and analysts are in demand. The ultimate vocational opportunity in practice is that of staff supervisor and principal.

The article presents information on bank reconcilement. The agreement of the cash balances in banks as they appear in the books of record with the amounts shown to be on deposit by the statements of those banks at certain dates involves different procedures under dissimilar circumstances. The bookkeeper-cashier of a business concern follows the procedure of making necessary adjustments for items in transit or in process of collection omitted in error from either the bank's statement or his employer's records. The auditor however, is interested in more than this mere arithmetical agreement of the two balances. An important initial procedure is the comparison of each paid check returned by the bank with the individual debit charged on the bank statement. This step may be omitted, or reserved for the final procedure in the event of a remaining unallocated difference. If the client's bank statements and paid checks, with other debit and credit memoranda, are sent by the bank to the auditor's office. Deposits also require the careful attention of the auditor, not only in checking the daily totals lodged in the banks, but also in the comparison of the details of some of the daily deposits as indicated in the cashbook with the details as shown on the deposit slips in the possession of the banks.

For many years, the accounting professionals in the U.S. have recognized the need for the preparation required by accountancy students in the field of auditing, and conceived the idea of the link between theory and practice as a business clinic where students might work among the records of actual transactions. In 1914, Robert H. Montgomery, a professor at the Columbia University, New York City obtained a number of sets of used account books which formed the basis for the course of study which has been given since 1915, termed as the Auditing Laboratory. From time to time since, additional records have been obtained until at the present time there are approximately 100 workable sets of books of greatly diversified activities. Questions and problems, to be solved only by an actual examination of the books and other records, provide the basis of the student's work. This gives him a practical working test under conditions which very closely correspond to those met in actual practice. All through the work done by the student, the preparation and care of his work papers are carefully watched and criticized; the preparation of audit programs and the proper filing of work papers in the permanent and current files for the different engagements are also stressed. The Auditing Laboratory contains labor saving devices, such as adding and other computing machines, slide rule, etc., etc., in the legitimate use of which the student is urged to become adept.

The article focuses on the Auditing Laboratory course offered at Columbia University for the past twenty years. The course prepared for accountancy students, provides a link between the theory and practice of auditing as a business clinic where students might work among the records of actual transactions. A number of sets of used account books form the basis for the course of study which has been given since the spring of 1915. These records present many interesting and complicated problems, and offer a wide scope for analysis and investigation. Questions and problems, to be solved only by an actual examination of these records and books, provide the basis of the student's work. This gives hint a practical working test under conditions which very closely correspond to those met in actual practice. Other problems taken from the actual experience of practitioners are given for home study and solution. These deal not only with auditing practice but also indicate the unusual situations which public accountants are expected to meet.

The film is an intangible value and it is impossible to measure its value directly. Since it is an article liable to very rapid depreciation, film amortization is a key factor. An appraisal based on anticipated earnings is the method used to measure the value of a film. Any difference in the relative value of released films results from the difference of writing such values off from time to time. As films are frequently marketed on a deferred payment basis and production costs are written off on a deferred charge basis, this contravenes good bookkeeping, which says profits should not be taken on the books until earned. As a result of better inventory methods and accounting techniques films are inventoried at production cost. The production or negative costs include studio and staff overhead, location, film, title, effects, lighting, props, set, wardrobe, acting, star, directing, scenario, and miscellaneous costs. Involved is the accumulation of all the expenses incidental to making a film and, from an accounting point of view, they represent a sizable amount of deferred charges, even though they are included in current and working assets.