Education is presently set in an environment that is curiously paradoxical in nature. Curricula which give appropriate emphasis to the multivariate character of business problems should not be circumscribed unduly, yet, an overexposure to the myriad of complex influences which compound the difficulty of problem solution may well create for the average student a greater measure of confusion than resolution. Educators have long recognized this phenomenon and have increasingly sought to provide the student with an atmosphere of business and to develop in him an appreciation of the relevance of his field of special interest. This belief in the importance of relating the various business stimuli and the collateral disciplines in a climate which focuses attention on the practical problems of decision-making has resulted in a number of significant educational innovations. In general, they are all essentially variants of two basic concepts namely interim work experience programs and scale simulation, in the classroom, of the interaction of the various business influences

The article presents a report of the executive committee of the journal The American Review on general concepts and standards of accounting. The charge of the committee was to consider and to advise the Executive Committee through the Director of Research, what subjects should be reviewed and studied by task-groups of the Association in the preparation of statements supplementary to Accounting and Reporting Standards for Corporate Financial Statements. The committee has considered an extensive list of specific accounting problems. But this has led to the conclusion that the greatest need would be served by study and clarification of six underlying accounting concepts: business entity, the matching concept, realization, materiality, consistency and objectivity. According to a research report, the idea that the existence of a distinct business entity is something, which the accountant universally assumes, is not a current innovation; but its importance has recently been stressed. The concept of matching costs and related revenues in the determination of periodic income is firmly embedded in accounting literature and in accounting practice