In the News the Technical Side Stevenson Trophy Standings

41 N *A 10C . '.

B U LLJ OON EWf Y D e c e m b e r s� r n R In Two Sections 1952 � „� IILr Section 2 ��o

In the News Season's�Greetings�—from�the�National�President 575 Two Trophies Presented to Winning Chapters 576 Charter Presented to Alabama Group 577 French and German Advances in Cost Accounting 579 In the Public Eye 584 We Remember 584 Congratulations to 588

The Technical Side Cost Currents 581 Literature Notes 585

Stevenson Trophy Standings 589

Chapter Meetings 590 N.A.C.A. BULLETIN Volume XXXIV, Number 4

Published by NATIONAL ASSOCIATION OF COST ACCOUNTANTS 505 PARK AvE., NEw Yoxx 22, N . Y.

NATIONAL OFFICERS

President J. BROOKS HECKERT

Vice Presidents CHARLES J. DOUGHERTY CHARLES E. RAWLINSON HERMAN C. HEISER JOHN W. SCHLOSSER CARL E. LINDQUIST GEORGE W. SCHWARZ NELS C. NELSON ROBERT B. SERVICE, JR.

Treasurer PHILIP J. WARNER

HEADQUARTERS' STAFF

ARTHUR B. GUNNARSON Secretary RAYMOND P. MARPLE JOHN L. DORAN Assistant Secretary — Technical Service Assistant Secretary — Chapter Relations and Conferences WALTER B. McFARLAND JAMES A. THOMPSON Supervisor of Research — Member Service Office Manager— Membership Relations

GEORGE F. WYMAN ROBERT F. NOLAN Editor of N.A.C.A. Bulletin Administrative Assistant Season's Greetings—from the National President

IT WOULD be a wonderful thing to write something entirely new about Christmas —something that would deepen the spirit or add to the glow. But that, we cannot hope to do. Perhaps that is why Christmas is so real and abiding. The spirit continues year after year, lasting and unchanging. Each year we turn to the same story, "And there were in the same country shepherds abiding in the field, keeping watch over their flock by night ''; and to the same songs: Franz Gruber's "Silent night! Holy night!," Felix Mendels- sohn's "Hark! the herald angels sing" and all the

J. Brooks Heckert others that we learned as children and that all children will learn down through the ages. Nothing new needs to be added to Christmas only to preserve and inten- sify its spirit within our own hearts and lives. "Peace on earth good will toward men." —the foundation of our Christian faith, the endless crusade to which we must dedicate ourselves, our communities and our nation. Of the many Christmas sentiments, we have come to like this one best— Whatever else be lost among the years, Let us keep Christmas — its meaning never ends; Whatever doubts assail us, or what fears, Let us hold close this day — remembering friends! And to all of you in N.A.C.A. may we at this Christmas time again add to the warm friendly spirit that has endured in our association through the years; and to you and your families A Merry Christmas and a Happy New Year.

DECEMBER, 1952 5 ?5 Two Trophies Presented to Winning Chapters

John Hancock Mutual Life Insurance Co. Mr. Clark addressed the group on the subject "Cost Aspects of the Life Insur- ance Business." Fall River Chapter Honored The occasion of the presentation of the Carter Trophy, awarded to the chapter showing most progress in the Stevenson Trophy standings over the previous year, was a dinner meeting held in Stone Photographed holding the plaque which is awarded the winner of the Remington -Rand Bridge Inn, Tiverton. Henry Speier, Trophy is James T. Dunphy and J. Brooks Heckert. The other two gentlemen are Paul E. Tierney and President of the Fall River Chapter, pre- Paul F. Clark. sided and introduced the National Sec- ATIONAL PRESIDENT J. Brooks Heck- retary who spoke briefly on the advan- N ert and National Secretary Arthur B. tages offered by N.A.C.A. and gave a Gunnarson recently visited two of the short history of the growth of the or- Association's Massachusetts chapters to be- ganization. Mr. Gunnarson then intro- stow trophies won during last year's duced the National President who be- competitions. stowed the trophy on George A. Raw - Traveling first to Boston, the National cliffe, immediate Past President of the President presented the Remington -Rand winning chapter. President Heckert took Trophy to James T. Dunphy, who served the occasion also to recount some of the as President of the Boston Chapter dur- changes in accounting since he started in ing the 1951 -52 trophy year and guided the field in 1916. it to its runner -up victory. Boston Chap- (Continued on page 578) ter and York Chapter, it will be remem- bered, are co- holders of the coveted trophy, both completing the year with 6,106 points. The presentation was a feature of the chapter's second dinner meeting of the current year held at the Hotel Bradford. Past National President Clinton W. Ben- nett served as chairman for the evening's activities and introduced the guest Messrs. Gunnarson, Rawcliffe, Heckert and Speier speaker, Paul F. Clark, President of the pose with the Carter Trophy and plaque.

576 N.A.C.A. BULLETIN Charter Presented to .Alabama Group

EARLY 100 CHARTER MEMBERS, mem- indeed; and at its meeting in October, N bers from other N.A.C.A. chapters the Board of Directors of the Association and their guests gathered at a dinner - approved the group's application for a meeting at the Battle House in Mobile, chapter charter. Alabama, October 31, to witness Na- The 86 charter members are drawn tional President, J. Brooks Heckert pre- from the industrial centers of twelve sent a charter of Organization to Edward counties in Alabama, Florida and Missis- J. Cooper, Chairman of the Organizing sippi with the port city of Mobile as the Committee for the Mobile Chapter. The center of the area's industrial develop- new group is the 115th to which a char- ment. ter has been granted by the National Board of Directors, and the second to Heckert Speaks to Gathering receive one in the State of Alabama dur- A highlight of the evening was an ing the current fiscal year. The first was address delivered by the National Presi- the North Alabama Chapter which was dent on the subject "Distribution Costs." presented a charter six weeks earlier. He discussed the importance of marketing costs generally, and methods of control- Two Years in Planning ling selling, warehousing, delivery and Plans for a new chapter in the Mobile advertising costs, and set forth methods area began two years ago when Mr. by which standards may be established Cooper, the new chapter's first President, for the control of selling and marketing visited National Headquarters and dis- costs. National Secretary, Arthur B. Gun - narson presided at the installation of the cussed the possibilities of establishing a new officers who were elected at the chapter in Southern Alabama. A few months later a number of people became sufficiently interested that a meeting was held to consider the industrial and membership potentialities of the area. At the same time, a similar movement was de- veloping in nearby Pensacola, Florida, and in the natural course of events both groups met together. In the spring of this year the first important organiza- tional meetings were held. Subsequent Mobile Chapter's first President, Edward J. Cooper, accepts Charter from the National Presi- developments indicated the prospects for dent. Viewing the presentation are some of the Officers and Directors of the new chapter and the a successful chapter were very favorable National Secretary.

DECEMBER, 1932 577 meeting. Following is a list of the first Directors officers and directors of Mobile Chapter: Employment —S. W. BROCK, CPA, Smith, Dukes and Buckalew, Mobile.

Officers Meetings —M. B. V. CAZALAS, Aluminum President — EDWARD J. COOPER, CPA, Ore Co., Mobile. Mobile. Member Attendance —R. E. HILL, McBee Co., Mobile. Vice President — GEORGE NARBER, Arm- Membership —R. R. HORNING, Interna- strong Cork Co., Pensacola. tional Paper Co., Mobile. Vice President —L. C. VITTINGL, Ala. Programs—CHARLES R. WADE, Water- Drydock and Shipbuilding Co., Mobile. man Steamship Corp., Mobile. Treasurer— WALTER SMITH, First Na- Publications —JACK M. FOREHAND, New- tional Bank, Mobile. port Industries Inc., Pensacola. Secretary —J. T. ARENDALL, Holling- Publicity— EDWARD MORAVEC, Brookley worth & Whitney, Mobile. Air Force Base, Mobile.

TROPHY PRESENTATION (Continued from page 576) Individual certificates were awarded to ing the presentations, Solomon Barkin, Di- last year's officers and directors whose rector of Research for the Textile Work- cooperation and industry resulted in the ers Union of America, CIO, addressed winning of the progress trophy. Follow- the assembly on "Industrial Relations."

The Officers and Directors of the recently chartered Trenton Chapter 578 N.A.C.A. BULLETIN French and German Advances in Cost Accounting

NDICATIONS OF THE PROGRESS Of indus- "The study goes on to give an out- Itrial accounting on the continent are line of many of the main techniques contained in a letter received from Dr. evolved to assist management. 'Cost as a measure of and a means to control' Adolph Matz, Philadelphia Chapter, now in Europe with the Mutual Security Ad- introduces budgetary control and stand- ministration, and in a summary of pro- ard costing; a chapter on the problem of the discovery of overheads in the ceedings of the French Accountant's Con- gress, held at Nancy from September 20 cost of the product reviews most current methods of dealing with the to 22, in which the work of N.A.C.A. is problem and describes the uses of flex- specifically recognized. ible budgets, emphasising the vital The Congress at Nancy question of factory capacity. With respect to the French meeting, "A further section is devoted to sell- the Cost Accountant (organ of Britain's ing and distribution costs, a field as Institute of Cost and Works Accountants) neglected in France as it was once here, reports in its November 1952 issue that and arrives at conclusions which might the principal contribution to the proceed- well be considered an application of ings at Nancy might well be subheaded the principles set out in this Institute's "An Introduction to Management Ac- book on the subject. counting" and further states: "After a final chapter on the im- "In the opening chapter, the scene portance of reports and the presenta- is set by a review of the circumstances tion of information to management, which have led to the emergence of the whole study is summarized to show management accounting as an impor- that, as was claimed in the report of tant technique, and developments in the French management accountancy Anglo- American experience are con- team, if all those in industry who are trasted with those which have taken concerned will only give heed, 'the place in France. The need for trained techniques of management accounting cost accountants having been established, would render great service to the na- the view is expressed that a professional tional economy, and would bring home organization for them is needed in clearly the truth of the modern con- France, and the question of the type of ception of accountancy as a measure of organization is canvassed. A descrip- and a factor in productivity.' " tion of two differing types of organi- The Dusseldorf Gathering zation is given, that of the N.A.C.A. of America and that of our own In- Dr. Matz recounts that he attended stitute. the third German Plankostentagung at DECEMBER, 1952 579 Dusseldorf, late in October. He writes voted to a discussion of the experiences as follows about this experience: of various industries including coal, "The third conference under the chemical, metal, textile and electro in- title 'Planungsrechnung and Ration - dustries. The speaker for the chemical alisierung' (Budgets and Standardiza- industry presented his methods not tion) took place under the auspices of only with the aid of slides, but also the Arbeitsgemeinschaft Planungsrech- offered exactly those methods which nung e. V. (Agplan), the Dusseldorf are accepted in our American cost pro- Chamber of Industry and Commerce, cedures: budgets, flexible budgets, sep- and the R.K.W.: 'Rationalisierungs- aration of semi - variable expenses into Kuratorium der deutschen Wirtschaft' their fixed and variable components, (Standardization Board for German monthly reports to supervisors, annual Industry) . The first named group, con- statistical reports in graphic form. Their system, however, still operates sisting of about 125 members, was formed in 1946 in order to work to- outside their accounting system. It is gether, to exchange ideas and to in- of interest to note that the reason for stall budgets and standard cost methods this firm's very progressive and up -to- in German industry. It also was the date cost procedure lies in the fact that driving force at the meeting. The con- the company's quarters had been de- ference took place in the beautiful as- stroyed during the war, that they sembly room of the 'Rheinterrasse' and moved into entirely new quarters and was attended by approximately 700 then also made up their minds to mod- people. ernize their costing methods. This could be done as they were not ham- "The first day's session consisted of pered any more by old records and introductory remarks by the presidents of Agplan, of the Chamber of Indus- methods. try and Commerce, and of the R.K.W. "The afternoon session consisted en- One lecture covered the field of tirely of discussion. The ideas ex- budgets and planning and the other the pressed showed that there is still hesi- field of market research. The latter tation to move away from actual cost subject is especially new for German procedure. In most cases this attitude business men. In the afternoon the is due to dependence upon the multi- lectures treated the following subjects: tude of governmental regulations and standard costs at the cost center, con- the tax structure. But, from my dis- struction and use of standard costs, cussion with many of those present, it cost variances, and finally price vari- can be stated that their interest in ances in standard costs. budgetary control and standard costs "The second day's program was de- is unusually keen."

580 N.A.C.A. BULLETIN r

COST CURRENTS

Short Items of Current Interest to the Industrial Accountant

FROM THE ACCOUNTING FIELD

Meetings dealt with "How Our Company Got Started," "Essentials of Any Plan," "Communications," Besides the European meetings in the cost "Administration," and "Legal Angles." accounting area, featured in a separate story A quiz panel on "Interviewing the Worker" on other pages of this issue, a number of and three simultaneous round -table discussions domestic gatherings in fields related to indus- on applying profit sharing to small, medium trial accounting occurred in October and No- and large business units occupied the afternoon vember and are briefly reported on below. The National Association of Machine Ac- of the first day. The Eleventh Annual Institute on Federal countants (c /o Eugene F. Murphy, Metropoli- Taxation of the Division of General Education tan Life Insurance Co., 1 Madison Avenue, of New York University (100 Washington New York, N. Y.) convened at the Hotel Square E, New York 3, N. Y.) occupied the McAlpin on October 27 for a meeting having period from November 6 to 15 at the Hotel as its general theme, "The Auditor Looks at Barbizon Plaza. Among the topics covered from the Tabulating System." The proceedings, of the tax side were pension planning, business in- which there is a tape recording available to surance programs, executive compensation, other organizations, featured two addresses change of reporting basis, corporate reorgani- bearing the respective titles, "Internal Control zations, sales and purchases of business units, from an Auditor's Standpoint" and "Preparing fraud problems, and the excess profits tax. Not an Installation for an Audit and How to Spot neglected were the many aspects of taxation of a Marginal Installation." income of individuals and estates. The Council of Profit Sharing Industries Lecturers (of whom close to 100 partici- ( First National Tower, Akron 8, Ohio) held pated) were almost wholly from the ranks of its Fifth Annual Conference in Philadelphia attorneys and certified public accountants. Pro- at the Benjamin Franklin Hotel on November ceedings are to be published by Mathew Bender 6 and 7. The program was built around the and Co., Albany 1, N. Y. topic, "Profit Sharing —The Keystone of In- The Finance Conference of the American dustrial Peace." The sessions of the conference Management Association (330 W. 42nd St., combined the address and round -table discus- New York 36, N. Y.), held at the Hotel sion techniques. Roosevelt November 19-21, was built about the Heard at the opening session were three theme, "Charting the Course" and its elabo• talks on business, labor, and the nation in re- ration as "The Company's Financial Planning." lationship to profit sharing. The final day in- Post - election business prospects and current cluded a session for "advanced profit sharers" trends in corporate financing held attention at and covered the following aspects: investment the first morning session. Consideration of the and finance, accounting problems and pro- impact of diversification programs and the re- cedures and legal aspects. During the same lationship of operations research techniques to hours, a program for "initial profit sharers" financial planning occupied the afternoon.

DECEMBER, 1952 581 The second day of the conference was given physical characteristics of eighteen "brand over to "bases for planning financial polity." name" computers. The report was prepared This subject was represented by addresses on by M. E. Davis, Vice - President and Actuary, "What Is a Growth Company ?" and "Incen- Metropolitan Life Insurance Co. (1 Madison tives and Obstacles to Foreign Resource De- Ave., New York, N. Y.) . Mr. Davis is Chair- velopment." In the afternoon session, pension man of the applicable committee of the Society planning and estimating of consumer markets of Actuaries. were taken up as "New Data for Financial An extract from the report appears in the Planning." October 1952 issue of The Controller (1 E. The closing day of the conference offered, in 42nd St., New York 17, N. Y. Single copy the morning, a case study of planning and 50¢), together with a ten -item "electronics bib- controls at Monsanto Chemical Co. and, in the liography." afternoon, an address, "Cooperation for De- velopment Between Public and Private Fi- A "Revised Statement of Principles and nance." Standard Procedures" for municipal accounting, originating with the National Committee The Third Residential Summer School of the on Government Accounting (formed in 1934 Institute of Cost and Works Accountants (63 of representatives of national accounting asso- Portland Place, London W.1, England) was ciations) is reproduced in the November 1952 held at St. Catharine's College, Cambridge, issue of the Journal of Accountancy (270 from September 22 to 27. The subjects taken Madison Ave., New York 16, N. Y. Single up were embodied in the following address Copy 75¢). The statement is also included in topics: "The Productivity of the Office Work- the committee's recent volume on "Municipal er," "Office Mechanization," "Budgetary Con- Accounting and Auditing." With ten points trol," "Electronic Calculating Machines in In- under the caption, "Principles" and eight under dustry and Commerce" and "Productivity in the caption, "Standard Procedures," there is Theory and Practices." It is indicated in a press condensed in a page and one -half representa- release that a limited number of copies of the tions reflecting the characteristic responsibilities addresses given are available, primarily for and the fund accountability situation of munic- editorial use. ipalities. Less technical portions of the proceedings Entitled "Accounting Principles and Taxable dealt with policy in government contract pric- Income," Supplementary Statement No. 4 of ing, with accounting - management liaison, and the American Accounting Association's Com- with labor relations. mittee on Concepts and Standards Underlying Financial Statements, dated August 1, 1952, Developmeoft finds that "differences of specification" (as to The subject of "Electronic Computers and deductibility of cost, etc.) and "differences of Allied Equipment" is treated in a recent report timing" (e.g.; as to period of accrual or de- originating with the Society of Actuaries (last ductibility) embrace the "differences between month, in Cost Currents, mention was made of taxable income and accounting net income" and a report originating with public utilities. Both recommends, among other things, that "neither insurance and public utility managements have the Congress nor the Administrative Authori- special problems to which electronics suggest ties nor the Courts should undertake to modify possible solutions). The text goes well into the the application of generally accepted accounting mathematical and scientific bases for com- principles — solely to alter the timing of recog- puters and there is given in tabular form the nition of income or expense for tax purposes."

382 N.A.C.A. BULLETIN The statement as a whole is comprehensive communities where new plants have been lo- in approach and occupies four pages in the cated and the decentralizing effect on industry October 1952 issue of the Accounting Review of plant expansion policies. (c /o Charles Gaa, David Kinley Hall, Univer- Related largely to the manner of use by col- sity of Illinois, Urbana, Ill. Single copy lege accounting departments and public ac- $ 1. 50 ) . counting employers, of personnel selection methods developed by the American Institute S u r ve ys of Accountants, a Report of the Committee on "Trends in Industrial Location" is the title Selection of Personnel of the American Ac- of a recent study by the National Industrial counting Association, appearing in the October Conference Board (247 Park Ave., New York 1952 issue of the Accounting Review, narrates 17, N. Y.) and identified as its "Study in results of a survey of over 200 schools in re- Business Policy No. 5 9 : ' The report, as sum- spect of use of the "testing materials" involved, marized in the board's release covering the sur- including the Strong Vocational Blank and the vey, deals with the general rate of plant ex- "Orientation and Level I Achievement Tests." pansion, its incidence upon the several sections Extensive lack of interest on the part of ac- of the country, and the factors influencing ex- counting teachers plus apparent lack of inter- pansion. Several kinds of expansion are differ- est on the part of students and employers are entiated and observations made on the size of discussed in the light of the materials.

WITH THE GOVERNMENT

Administration the time of granting an exemption for a prime contract whether related subcontracts will also The broad picture of the renegotiation case be exempted." The board's release, No. 45- "load," for years ended prior to January 1, 52, refers readers to the November 7 issue of 1952 and subject to the Renegotiation Act of the Federal Register for the text of the 1951, is afforded by a release (No. 42 -52) amended regulation. Copies of the Federal issued by the Renegotiation Board (Washing- Register are available from the Government ton 25, D. C.) under date of October 31. Printing Office, Washington 25, D. C. Receipt is reported of some 20,000 returns The "regular dealer or manufacturer" pro- from contractors, about 14,000 of which in- visions of the Walsh -Healy Act, limiting award dicate renegotiable volume (receipts from de- of government contracts to such contractors, fense business of $250,000 or more in the has been eliminated with respect to small busi- year), with only half of these, or 7,000, in- ness production pools approved by the Small dicating profits which require study on the Defense Plants Administration, it has been an- possibility that they are excessive under the nounced by the Wage and Hour and Public Act. This load estimate is specified as based Contracts Division of the United States De- on samplings of contractors' reports, not department of Labor, ( Washington 25, D. C.) tailed analysis. in a release dated October 6, 1952. The ex- Rescinding automatic exemption from re- emption, effected under the provisions bf an negotiation of subcontracts under an exempted Executive Order not identified in the release, prime contract, heretofore provided for in reg- broadens one granted a year ago June to pro- ulations, the Renegotiation Board (Washing- duction pools approved by the Defense Pro- ton 25, D. C.) on November 7 amended the duction Administration. Other provisions of regulations to provide for "determination at the Walsh -Healy Act are not affected.

DECEMBER, 1952 383 I N T H E P U B L I C E Y E

Atlanta's Ethleen Lasseter addressed the Joint Columbus's James R. McCoy has been elected Annual Meeting of the American Wom- President of the Columbus Chapter, Ohio an's Society of Certified Public Account- Society of Certified Public Accountants. ants and the American Society of Women - Accountants at Houston's Shamrock Ho- Rochester's Past President W. LeRoy Jordan tel last month. She spoke also to the has been named Industrial Development Houston Business and State Planner's Director of the Rochester C. of C. Council. Miss Lasseter is Past National Detroit's To m Hurns was elected National President of AWSCPA. President of the Tax Executives Institute, Birmingham's Simmie J. Slay is the new Presi- Inc., at its seventh annual conference. dent of the National Office Managers As- Boston's Russell H. Hassler has been elected sociation, Birmingham Chapter. President of the American Accounting Los Angeles' Robert G. Chapman has been Association. elected Vice President of the Southern St. Louis's C. Arthur Weis, was elected Presi- California Alumni Association of Kansas dent, Institute of Newspaper Controllers State College. and Finance Officers: Hampton Roads' Thomas Hutton was re- Piedmont's Ted R. Hosick will speak on "Re- cently crowned National Service Run- cent Developments in Cost Accounting," about Champion for Class D Boats at the Robert Lloyd will appear on a tax panel International Regatta conducted by the and Martin Black will serve as inter- Buffalo, N. Y., Launch Club. He has locutor for a special program for Junior named his boat "Let's Go." Accountants —at the Accounting and Tax- Hawaii's Vice President Joseph Dickson has ation Symposium, North Carolina Associ- been elected President of the Hawaii So- ation of C.P.A.'s. ciety of Public Accountants. Toledo's James B. Fenner, was recently elected Waterbury's Gilbert R. Boutin had an article a Regional Vice President of the Control- entitled "Here's Minimum Paperwork for lers Institute. Effective Stores Control" appear in the Albany's Andrew M. Rabuck received the Most October issue of "Factory Management Valuable Player Trophy for the BTC and Maintenance." Inter - Departmental Softball League.

WE REMEMBER...

E. B. McClain, 59, MEMPHIS, Edward B. Donald P. Tucker, 46, PROVIDENCE, Cranston McClain Co. Print Works Co. Louis Tengg, 60, SAN ANTONIO, Almo Iron Alexander M. Higgs, 67, DALLAS. Works. Earle M. Wood, 58, NORWICH, Ponemah John W. Donnelly, 54, TULSA, Braden Winch Mills. Co. George J. Sauter, 57, BUFFALO. Dent K. Burk, 45, BRISTOL, Virginia, Dent K. Alfred F. Hesse, 63, TWIN CITIES, Bureau of Burk Associates. Engraving, Inc. Fred P. Carleton, 56, DENVER, Resident Carl G. Jensen, 71, PITTSBURGH, A. M. Partner, Haskin & Sells. Byers Co. Mark C. Allen, 65, HARTFORD, American J. H. Bernard, 50, SAGINAW, Foundry Div., Hardware Corp. Eaton Mfg. Co. Herbert G. Meyer, 51, MILWAUKEE, E Z Thomas B. Griffith. 37, PEORIA, Central Illi- Painter Corp. nois Light Co. Elton F. Smith, 59, MOHAWK VALLEY. James H. Malloy, 59, NEW YORK, Burroughs George B. Elegg, Jr., 66, PROVIDENCE. Adding Machine Co. William Balee, 46, SAN FRANCISCO, Account- Frederick W. Scholz, 66, NEW YORK, Sproull, ant, Port of Embarcation, Fort Mason. Scholy & Co. 584 N.A.C.A. BULLETIN 1 i

LITERATURE NOTES

Books

Theory and Technique of Cost Ac- Budgeting, standard costs and reporting to counting management are principal subjects. Appendices Lawrence L. Vance, Foundation Prem, 268 (referred to as "annexes "), ten in number, Platburh Ave. Ext., Brooklyn 1, N. Y., 1952, 612 pp., $5.50 include a list of firms visited by the mission. For a one - semester course, but intended by its author to be usable in longer courses, this new Case Problems in Internal Auditing cost accounting textbook, runs from the "Na- and Control Institute of Internal Auditory, Prentice -Hall, ture and Uses of Cost Accounting" to "Man- 70 Fifth Ave., New York 11, N. Y., Paper agerial Cost Analysis" in a twenty - chapter Bound, 1952, 74 pp. $1.65. sequence which highlights also standard costs The thirteen chapter groups in which are ar- and budgeting. ranged the fifty -five problems in internal auditing, contained in this volume and intended for Cost Accounting and Productivity use in advanced classes in accounting or specifi- Organization for European Economic Coopera- cally in internal auditing, include procurement tion. Available from Mutual Security Agency, Wafhington 25, D. C., 1952, Paper Bound, of materials and services, scrap and by -prod- 127 pp. ucts, advertising and sales promotion, route Subtitled "the use and practice of cost account- sales operation, and retail store control, to- ing in the U.S.A.," the present volume is a gether with eight other perhaps better known "report by a group of European experts." areas of internal audit operation.

Articles

A Proposal for the Adoption of the author before last June's Sixth Interna- Standards of Disclosure for Chang- tional Accounting Congress, continues his ef- ing Price Levels Paul Grady, Journal of Accounting, Novem- forts to assist in directing the development ber 1952 of accounting responses to changes in the "value Pointing to general agreement that "during of the monetary unit." He asks, "Why should the past dozen years reported income of cor- we not now have a ... period of experimenta- porations has greatly exceeded disposable busi- tion in methods of dealing with inflation ness income," the author of this paper includes within the framework of official accounting and as exhibits financial statements illustrating full disclosure ?" application of price level adjustments and pro- poses a new official pronouncement on the What Internal Auditors Should Know revelation of inflationary factors in the accounts. About Cost Accounting A. E. Bishop, The Internal Auditor, Septem- ber 1952 Accounting in Time of Price Inflation The part which internal auditors might share George O. May, The Accountant, October 18, 1952 in making sure that cost accounting is on This paper, an amplification of one given by firm foundations and renders the best in

DECEMBER, 1952 585 SELECTED ARTICLES FROM ACCOUNTING PERIODICALS THE ACCOUNTANT, October 18, 1952 (Moorgate Place, London E. C. 2, England. Single copy Is.bd.) *Accounting in Time of Price Inflation. G. O. May THE ACCOUNTING REVIEW, October 1952 (c /o Charles Gaa, David Kinley Hall, University of Illinois, Urbana, Illinois. Single copy $1.50) Limitations on the Significance of Invested Cost. George O. May Changes in Monetary Values and Problems of Conversion. J. M. Yang An Effort to Define Business Income. H. T. Scovill The Accountant's Role in Our Present Economy. Brig. Gen. T. R. Rampy *An Experience with Small Random Samples in Auditing. Lawrence L. Vance *Sampling Tables: An Important Statistical Tool for Auditors. John Heber Some Accounting Limitations of Statement Interpretation. Lloyd F. Morrison Disposition of Special Post -War Reserves at Close of World War II. Stuart B. Mead Revaluation and Depreciation of Plant Assets. Jack J. Kempner A Plan for a Balanced Training Program for Accounting Students. J. Rowan Taylor ARTHUR ANDERSEN CHRONICLE, October 1952 ( 120 S. La Salle St., Chicago 3, III.) *Electronics in Accounting and Business. John Spellman AUDITGRAM, October 1952 (38 South Dearborn St., Chicago 3, III.) Are Your Internal Controls Steal- Proof? Robert S. MacClure Work Simplification. Everett J. Livesey The Importance of Good Audit Control and Operations. J. B. Fitzer CANADIAN CHARTERED ACCOUNTANT, October 1952 (10 Adelaide St. E., Toronto, Ontario, Canada. Single Copy 50¢) Accounting in Relation to Changes in the Purchasing Power of Money. George G. Richardson THE CONTROLLER, October 1952 (1 E. 42nd St., New York 17, N. Y. Single copy 50 ) Who Wants a Tax Loss? Robert S. Holzman Needed: Hospital Controllers. Leo E. Stevens The Place of the Controller in Management Planning and Control. Bradshaw and Van Pelt THE INTERNAL AUDITOR, September 1952 (120 Wall Street, New York 5, N. Y. Single c o py $1) Communications and Internal Co nt r ol . M. B. T. Davi es *W hat Internal Auditors Should Know About Cost Accounting. A. E. Bishop Education for a Career in Internal Auditing. B. C. Lemke Auditing the Internal Auditing Department. D. T. Barber Current Experiences With Defense Contracts. E. F. Ratcliff The Influence of Human Relations on Our Work As Internal Auditors. Fladger Tannery Case Studies of Service to Management. W. T. Hamilton Detection of Fraud and Scientific Sampling. A. M. Cannon (Continued on next page)

timely reports, is considered in this article, John Never, Arcounling Revi ew, October 1952 al ong with comments on the array of account- Unde r the first of the two titles given above ing- related staff talent which serves indus- is set forth an application of sampl ing in suc- trial management today and the importance of cessive audits of a county. In the second cooperation among specialized units. article, there is described "tabl es . . . whi ch furnish audi tors wi th information about the An Experience W i th Small Random required sample size as well as the interpreta- Samples in Auditing tion of the sample results without the necessity Laurence L. Vance. And Sampling Tables: A n Im portant Statistical Tool for Audi tors . of any computations. . . ."

5 8 6 N.A.C.A. BULLETIN (Continued from preceding page) SELECTED ARTICLES FROM ACCOUNTING PERIODICALS JOURNAL OF ACCOUNTANCY, November 1952, 270 Madison Ave., New York 16, N. Y. Single copy 750 *A Proposal for the Adoption of Standards of Disclosure for Changing Price Levels. Paul Grady Accounting System for Small Home Builders Increases Contractor's Financial Control. R. L. Drummot and D. A. Thomas. Two Costs of Poor Internal Control: Fraud and Unreliable Accounting Information. Robert L. Williams NEW YORK CERTIFIED PUBLIC ACCOUNTANT, October 1952 (677 Fifth Avenue, New York 22, N. Y. Single copy 500) Accounting for Magazine Publishers. Reinhold Dreher General Principles of System Work. Arthur B. Toan, Jr. Institutional Unit Cost. Earle L. Washburn The Revised Manual on College and University Business Administration. Howard A. W ;they Allocation of University Endowment Fund Income. Francis X. Fields The Terms "Surplus" and "Reserves" as Applied to Nonprofit Institutions. Max Wasser A Report on the Cash Discount Fiction. Arthur Blake RETAIL CONTROL, September 1952 (100 West 31st Street, New York I, N. Y. Single Copy 75e) Expense Control And Productivity Measurement. Kenneth P. Mages and Robert B. Wolfe * Further mentioned in accompanying notes on particular articles.

SELECTED ARTICLES FROM THE BUSINESS PRESS ADVANCED MANAGEMENT, September 1952 (411 Fifth Avenue, New York 16, N. Y. Single copy 75¢) The Basis of the Flexible and the Variable Budget in An Expanding Economy. Charles C. James Replacement Analysis. E. S. Roscoe Organization Manuals Improve Communication. Lawrence L. Parrish FACTORY MANAGEMENT AND MAINTENANCE, Octobr 1952 (330 West 42nd Street, New York 36, N. Y. Single copy 500) Here's Minimum Paperwork for Effective Stores Control. G. R. Boutin OFFICE, THE, November 1952 (270 Madison Avenue, New York 16, N. Y., Single copy 25fi) Clerical Bandits. Sidney Feldman Management's Responsibility for Dishonesty Losses. George A. Conner Check Forgeries Can Be Prevented. Ewald Mayer OFFICE EXECUTIVE, November 1952 (132 West Chelten Avenue, Philadelphia 44, Pa., Single copy 504 ) Leveling Peak Loads. C. L. Littlefield

Electronics In Accounting and Busi- treated here quite carefully. Scientific and ness business uses of electronic equipment are identi- John Spellman, Arthur Andersen, Chronicle, October 1952 fied, the computer and input and output mech- This now popular, stimulating and (still to anisms described, and the pattern and prob- most of us) somewhat mysterious subject is lems of business application reviewed.

DECEMBER, 1952 587 CONGRATULATIONS TO .

John W. Ebert, President of ST. Louis, was W. Blickwede Treasurer of the Richard- appointed Comptroller of the Wabash son Corp. Railroad Co., and Subsidiary Lines. . . Paul Nye has been elected a Partner of Ralph Pershing, DETROIT, was recently named Price Waterhouse & Co. . George Assistant Treasurer of Reichhold Chemi- Gilmore is now Comptroller of E. E. cals, Inc. . . . Max L. Romisch now heads a cost estimating department for Funsten Co. the Ford Motor Co. Jack T. Paul, DAYTON, is now Accounting Machine Territory Manager at National Kenneth Boos, BUFFALO, is now Treasurer of Cash Register's Evansville branch. . the Upson Co. Richard C. Steiner is now Agency Man- Allison Campbell, BOSTON, has accepted a ager of Mansfield, Ohio's Marchant Cal- position as Office Manager and Account- culator Co. office. ant with Lowell General Hospital, and Harry Pounds, CHICAGO, has been made Con- Russell Kelley has accepted the Man- troller and Assistant Vice President of agership of the Air Force Auditing Dept. Booth Fisheries. . Stafford Davis is ... James Richardson is the new Assist- now Controller and Assistant Secretary of ant Treasurer of the Draper Corp., and Schneider - Cogswell, Inc. Past President Frank Swisher has been promoted to Controller of the Dennison Eugene A. Horvath, Worth L. Meigs and Manufacturing Co. Clyde Williams, BALTIMORE, have been promoted to Assistant Divisional Comp- John 0 . Nicklis, GREENWICH- STAMFORD, troller, Chief Factory Accountant and newly - elected Treasurer of Pitney -Bowes Supervisor of the Price Redetermination Inc. Section respectively of the Bendix Corp. Arthur S. English, MOHAWK VALLEY, now James Diver, Los ANGELES, has joined the Vice President, First Bank and Trust Co. Dresser Industries, Inc., Dallas, as Staff Glenn K. Sparbler, promoted to Cost Accountant. . . Robert J. Rein- Purchasing Agent, American Emblem Co., hart serves the Beverly Hills Clinic as Inc. Comptroller. . Phil L. Anderson is now a Partner in Windes and Irvine. Edward A. Gaiiskis, NEW YORK, has accepted a position as Assistant Comptroller J. Inman Kidd, CHATTANOOGA, has been proof John Chatillon & Sons, Inc. moted to Controller of the Chattanooga Gas Co. JosE J. BaSYlto, CUBA, has been promoted to Vice Treasurer & General Manager, Frederick Gordon, PHILADELPHIA, is now Punta Alegre Sugar Sales Co. . Chap- Controller of the Colonial Mortgage Serv- ter Past President Raul E. Alzcorbe is ice Co. . . . Adolph Mats has accepted now Treasurer of Campania Azucarera a two -year assignment with the Mutual Aildntica Del Golfo and of Central Vio- Security Agency, Department of State, in leta Sugar Co. the Paris office. George McConeghy, BROOKLYN, promoted George W. Smith, Jr., YORK, has been ap- to Chief Internal Auditor, W. L. Maxson pointed Assistant Treasurer of the S. Corp. Morgan Smith Co. Frank Ryan, WORCESTER, promoted to Super- Jordan H. Stover, PHILADELPHIA, leaves visor by Peat, Marwick, Mitchell & Co. soon for Pakistan to manage a fertilizer Chemical plant for the Bureau of Mines. Raymond A. Powell, WATERBURY, is now . Madeline Minder has accepted a Assistant Plant Controller at Chase Metal position with the Department of Defense. Works, Daniel G. Schuman, ROCHESTER, has been Robert J. Welliver, SAN DIEGO, is the appointed Comptroller of the Stromberg- newly - promoted treasurer of High Seas Carlson Co. Frederick W. Hewitt Tuna Packing Co., Inc. . Louis J. has been elected President and George Meters is Comptroller at Station KFMB. 58 8 N.A.C.A. BULLETIN STEVENSON TROPHY COMPETITION Standings of Chapters -Five Months Ended November 1, 1952

PLACE CHAPTER POINTS PLACE CHAPTER POINTS I. LOUISVILLE 2,570 58. NASHVILLE 1,591 2- SHREVEPORT ...... 2,217 59. PITTSBURGH ...... _...... 1,585 3. BATON ROUGE...... 2,196 60. ERIE ...... 1,580 4. MILWAUKEE ...... 2,178 61. SPRINGFIELD 1,574 S. JACKSON ...... 2,087 62. LANSING ...... 1,554 6. FORT W ORTH...... 2,075 63. TOLEDO ...... 1,542 7. ANNISTON ...... 2,059 64. PEORIA 1,535 8. BRIDGEPORT 2,016 65. READING...... 1,530

...... 9. BOSTON 2,010 66. YORK 1,529

...... 10. MEMPHIS ...... 1,960 67. HARRISBURG 1,526 II. MERRIMACK...... VALLEY...... 1,935 68. NO. WISCONSIN...... 1,525 12. NEW ORLEANS 1,930 69. ELMIRA AREA ...... 1,521

...... 13. SAN FRANCISCO...... 1,917 70. SOUTH BEND 1,520 14. BINGHAMTON 1,912 71. NEW YORK ...... 1,515

...... 15. DES MOINES 1,897 72. WORCESTER 1,500

...... 16. PHILADELPHIA 1,881 ...... 73. MUSKEGON 1,498 17. FORT WAYNE ...... 1,864 74. PORTLAND ...... 1,496 18. FOX RIVER VALLEY...... 1,863 75. TW IN CITIES...... 1,493 19. CINCINNATI ...... 1,844 76. BALTIMORE 1,483 20. BIRMINGHAM 1,828 77. CEDAR RAPIDS...... 1,476

...... 21. PATERSON 1,823 78. HARTFORD 1,469

...... 22. JAGERTOWN...... 1,801 78. W ATERLOO ...... 1,469 23. HOUSTON 1,798 80. SABINE 1,453

...... 24. DALLAS ...... 1,792 81. ST. LOUIS ...... 1,418 24. WILLIAMSPORT...... 1,792 82. CALUMET 1,409 26. DENVER 1,784 83. CHICAGO ...... 1,408

...... 27. CHARLOTTE...... 1,780 84. TRI- CITIES ...... 1,401 28. LANCASTER ...... 1,769 85. SYRACUSE 1,399 29. ROCKFORD 1,760 86. DAYTON ...... 1,385

...... 30. BUFFALO 1,756 87. KNOXVILLE 1,384

...... 31. TULSA ...... 1,731 88. SAGINAW VALLEY 1,380 32. COLUMBUS...... 1,729 89, LEHIGH VALLEY ...... 1,375 31. SAN DIEGO ...... 1,729 90. DETROIT ...... 1,360 34. AKRON ...... 1,726 91. NORWICH 1,353 35. INDIANAPOLIS...... 1,724 92. SEATTLE ...... 1,349 36. CLEVELAND 1,709 93. BANGOR 1,337 ......

...... CITY ...... 37. KANSAS 1,690 94. HAWAII ...... 1,330 38. BROOKLYN 1,687 95. SCRANTON ,304 ...... 38. EVANSVILLE 1,687 96. PIEDMONT ...... 1,301 ...... 40. OMAHA 1,684

...... 97. WASHINGTON 1,293 41. LOS ANGELES 1,662 ......

...... 98. RICHMOND 1,285 42. GREENWICH-STAM FORD 1,661 _ ......

...... 99. NEW HAMPSHIRE 1,284 ...... 43. ROCHESTER 1,660 100...... MASS. NORTH SHORE 1,258 44. ATLANTA ...... 1,651 ...... 101. CHATTAHOOCHEE VAL. 1,252 45. SOUTHERN MAINE 1,646 ......

...... 102. SANGAMON VALLEY 1,249 ...... 46. WICHITA 1,636 ...... 103. NEW HAVEN 1,225

47. WABASH VALLEY I ...... 104...... OAKLAND -EAST BAY 1,218 ...... 48. MID - HUDSON 1,619 ...... 105. YOUNGSTOWN 1,198 49. FALL RIVER 1,617 ...... 50. HAGERSTOW...... N 106. CHATTANOOGA 1,186

1,616 ...... 51. KALAMAZOO 2 7. PROVIDENCE 1,185

1,614 ...... 8. WATERBURY 1,132 51. SAN ANTONIO 1,614 ...... 53. GRAND RAPIDS 1,610 109. SALT LAKE CITY ...... 1,115 ...... 110. 54. ALBANY 1,608 NO. ALABAMA 1,100 ...... III. HAMPTON ROADS 1,099 55. LONG ISLAND 1,601 . . . 56. NEW ARK ...... 1,600 112. COLUMBIA 1,033 ...... 57. MOHAWK VALLEY 1,596 113. CUBA ...... 926 ...... DECEMBER, 1952 589 CHAPTER MEETINGS

AKRON, Ohio December 17 BOSTON, Mass. December 17 Woman's City Club Hotel Bradford Outlook for 1953 —W. E. UMSTATTD, Federal Income and Excess Profits Tax Pres., Timken Roller Bearing Co., Can- Problems —DAVID BOYD CHASE, Partner, ton, Ohio. J. K. Lasser & Co., New York, N. Y. ALBANY, N. Y. December 16 BRIDGEPORT, Conn. December 16 DeWitt Clinton Hotel Barnum Hotel Clerical Con Control Comes of Age Outlook for Business — RICHARD GAR - RICHARD F. NEUSCHEL, Mgt. Consultant, LOCK, Ass't Vice Pres., Bank of the McKinsey & Co., New York, N. Y. Manhattan Co., New York, N. Y. ANNISTON, Ala. December 18 BROOKLYN, N. Y. December 17 Y. M. C. A. Clements Club Using the Machine in Accounting — Corporate Tax Problems of Current In- Panel of five members in Business Ma- terest —LEON O. STOCK, Principal, Tax chine Field. Department, Peat, Marwick, Mitchell & ATLANTA, Ga. December 16 Co., New York, N. Y. Ansley Hotel BUFFALO, N. Y. December 11 Tax Administration Under the Reorgani- Trap and Field Club Cheektowaga zation Plan —W. J. CARTER, SR., Partner, The Economic Outlook for 1953 — Mount & Carter, Atlanta, Ga. GEORGE NEWBURG, Exec. Vice Pres., Manufacturers & Traders Trust, Buffalo, BALTIMORE, Md. December 16 Sheraton-Belvedere Hotel N. Y. Office Expense Can Be Controlled —CARL CALUMET, Ind. December 16 E. LINQUIST, Sales Comptroller, Western Phil Smidt's Restaurant Hammond Electric Co., New York, N. Y. Proper Reporting to Management —FRED GARDNER, Sr. Partner, Fred Gardner & BANGOR, Me. December 15 Assoc., Milwaukee, Wis. Bangor House The Importance of Tax Planning in CEDAR RAPIDS, Iowa December 16 Modern BusineSS— WILLIAM A. SCHAN, Montrose Hotel Tax Consultant, Price, Waterhouse & Ordeal by Planning— WILLIAM M. DU Co., Boston, Mass. VALL, Public Relations Representative, Iowa Electric Light & Power Co., Cedar BATON ROUGE, La. December 17 Rapids, Iowa. Bob & Jake's Steak House How Good Is Your System of Internal CHARLOTTE, N. C. December 12 Control ?: Panel Discussion —FRANK N. Hotel Mecklenburg SCHLIER, U. S. Rubber Co.., J. M..STON- Current Textile Problems —F. SADLER NELL, Copolymes Corp., AzRo L. MEAD - LOVE, Sect'y & Treas., American Cotton ORS, Delta Tank Mfg. Co., ROBERT H. Manufacturers' Institute, Inc., Charlotte, COWLISHAW, Ethyl Corp., Baton Rouge, N. C. La. CHATTAHOOCHEE VALLEY December 15 BINGHAMTON, N. Y. December 18 Ralston Hotel Columbus, Ga. Arlington Hotel Current Developments in Federal Taxa- Cost Control— LILLIAN GILBRETH, Gil - tion—KENNETH L. HEWITT, Attorney, breth, Inc., Consulting Engineers, Mont- Swift, Pease, Davidson & Chapman, clair, N. J. Columbus, Ga. BIRMINGHAM, Ala. December 16 CHATTANOOGA, Tenn. December 18 Tutwiler Hotel Hotel Patten Responsibilities of the Accountant — Incentive Pay and Its Effect on Costs— WILLIAM C. JONES, Controller, Alabama ALBERT B. CORD, Albert B. Cord Co., By- Products Corp., Birmingham, Ala. Stamford, Conn. 59 0 N.A.C.A. BULLETIN CHICAGO, III. December 4 DES MOINES, Iowa December 17 Furniture Mart Standard Club Impact of Tax Planning on Business Municipal Financing — LEONARD HOW- Operations for 1953 —J. K. LASSER, Sr. ELL, City Mgr., Des Moines, Iowa. Partner, J. K. Lasser and Co., New DETROIT, Mich. December 11 York, N. Y. Parke, Davis & Co. CINCINNATI, Ohio December 18 The Romance of Medicine —DR. HAR- VEY M. MERKER, Director of Inventor- Sheraton- Gibson Hotel ies & Consultant to Chemical and Phar- Outlook for Business in 1953— GEORGE maceutical Manufacturer, Parke, Davis & W. MITCHELL, Vice Pres. in Charge of Co., Detroit, Mich. Research, Federal Reserve Bank, Chi- cago, III. ELMIRA AREA December 16 Mark Twain Hotel CLEVELAND, Ohio December 18 Suggestion Plan: Its Use by Management Hotel Carter for Cost Reduction and Work Simplifi- The Priceless Ingredient —RALPH M. cation —FRED A. DENZ, Suggestion Dir.,

BESSE, Vice Pres. & Gen'I Counsel, Remington Rand, Inc., Buffalo, N. Y. Cleveland Electric Illuminating Co., ERIE, Pa. December 9 Cleveland, Ohio. Moose Club COLUMBIA, S. C. December 18 Corporate Organization— MORTIMER E. GRAHAM, Secty., Hammermill Paper Co., Jefferson Hotel Erie, Pa. The New Era of Farming and Cost Problems—A. D. GRIFFITH, Pres., EVANSVILLE. Ind. December 18 Southland Provision Co., Orangeburg, Alpine House S. C. Modern Science and Its Effect on To- day's Economy —JOHN S. LONG, Dir. of COLUMBUS, Ohio December 17 Research, Devoe & Raynolds Co., Inc., Ft. Hays Hotel New York, N. Y. Profit, Path, Control —FRED V. GARD- FALL RIVER December 11 NER, Pres., Fred V. Gardner Associates, Stone Bridge Inn Tiverton, R. 1. Milwaukee, Wis. Recent Developments in Federal Taxa- tion—ARNOLD R. CUTLER, Member, CUBA December 17 Lourie & Cutler, Law Offices, Boston, American Club Havana Mass. Los Retiros SOcialeJ —DR. RAMON GU- TIERREZ GAMONEDA, Prof., University FORT WAYNE. Ind. December 16 of Havana, Partner, Salas and Gutierrez Chamber of Commerce Gamoneda. The Human Side of Cost Accountants — REV. MR. ROBERT J. MACDANEL, Pas- DALLAS, Texas December 19 tor, Third Presbyterian Church, Fort Melrose Hotel Wayne, Ind. A Plan for Interviewing, Evaluating and FORT WORTH, Texas December 18 Employing Accounting Personnel — Worth Hotel DAVID H. STANLEY, Business Mgr., Significance of Changes in Financial Rick Furniture Co., Dallas, Texas. Statements —E. W. KORSMEYER, Sect'y., Cities Service Refining Corp., Lake DAYTON, Ohio December 16 Charles, La. Engineers Club FOX RIVER VALLEY December 10 Some Aspects of Steel Industry Econom- Fairbanks Cafeteria Aurora, III. ics—H. H. TULLIS, Vice Pres. of Fi- nance, Armco Steel Corp., Middletown, Inventory and Production Control as It Affects the Accountant —J. E. DEMOTS, Ohio. Materials Control Dept., International DENVER, Colo. December 16 Harvester Co., Chicago, III. University Club GRAND RAPIDS, Mich. December 16 Research in Federal Taxation— RICHARD Pontlind Hotel M. BARNARD, Divisional Manager, (Se- Selling Prices Under Competitive Con- attle, Wash.), Prentice -Hall, Inc., New ditions —FRED L. HEATH, Fred L. Heath York, N. Y. & Co., Chicago, III. DECEMBER, 19 5 2 59 1 GREENWICH- STAMFORD December 16 KALAMAZOO, Mich. December 16 Half Way Nouse Darien Columbia Hotel Direct Cost Accounting —I. WAYNE The Accountant Looks at Distribution KELLER, Ass't. Controller, Armstrong COJt—JAMBS E. CALDWELL, Asst. Cork Co., Lancaster, Pa. Comptroller, Goodyear Tire & Rubber NAGERSTOWN, Md. December 18 Co., Akron, Ohio. Home Spun Inn Chombersburg, Penna. KANSAS CITY, Mo. December 15 Trends of Modern Banking — EDMUND Hotel President THOMAS, Pres., The First National Accounting Concepts of Profit— ARTHUR Bank, Gettysburg, Pa. L. BALDWIN, Sr. Partner, Baldwin & HAMPTON ROADS December 18 Baldwin, CPA's., Denver, Colo. Bells Restaurant Norfolk, Va. KNOXVILLE, Tenn. December 16 Labor Cott Control — OLIVER J. ED- Furragut Hotel WARDS, Sect'y., Perfection Mattress & Effective Tax Planning — HILARY H. Os- Spring Co., Birmingham, Ala. BORN, Partner, Osborn & Page, Nash- HARRISBURG, Pa. December 15 ville, Tenn. PenroHarris Hotel LANCASTER, Pa. December 19 Federal Corporation Taxes—ADDISON B. Brunswick Hotel CLOHOSEY, Director, Washington Tax Bureau, The Research Institute of Amer- A Crystal Ball for the Cost Accountant ica, Inc., Washington, D. C. —CLAIR W. BENDEL, Mgr., Cost Ac- counting, New Holland Machine Div. HARTFORD, Conn. December 16 of the Sperry Corp., New Holland, Pa. Indian Hill Country Club Newington Special Tax Problems— HERMAN STUET- LANSING, Mich. Decmber 18 ZER, JR., Tax Consultant, Herman Stuet- Hotel Noyes Jackson zer, Jr., Boston, Mass. The Cost Accountant and His Contri- bution to the Financial Slatement —J. HAWAII December 19 FRANKLIN MELLEMA, Mgt., General Commercial Club Honolulu Accounting Dept., Central Controllers Cost Phases of Tourist Travel Promo. Office, Ford Motor Co., Dearborn, Mich. tions —BRYCE SPENCER, Representative, International Travel Service, Honolulu, LEHIGH VALLEY December 19 T. H. Hotel Bethlehem Bethlehem, Pa. Current Federal Tax Problems —MAUR. HOUSTON, Texas December 15 ICE AUSTIN, CPA, Klein, Hinds, & Bon Milam Hotel Finke, New York, N. Y. Taxation of Carried Working Interests — MARVIN COLLIE, Attorney, Vinson, LONG ISLAND, N. Y. December 9 Elkins & Weems, Houston, Texas. Garden City Hotel Garden City INDIANAPOLIS, Ind. December 10 Year -End Closing Problems: Forum — Moron Hotel JAMES TOOLE, Vice Pres., Sperry Gyro- The Business Outlook for 1953 — scope Co., Div, of Sperry Corp., GEORGE GEORGE W. MITCHELL, Vice Pres., Fed- MAHE, Partner, O. F. Taylor & Co., eral Reserve Bank of Chicago, Chicago, EDWARD G. CARSON, Lybrand, Ross Ill. Bros. & Montgomery.

JACKSON, Miss. December 11 LOS ANGELES, Calif. December 16 Walthall Hotel Elks Club Partnerships vs. Corporations in Missis- The Chief Executive and the Industrial sippi —HON. FRED LOTTERHos, Attorney Accountant— ROBERT J. CANNON, Pres., at Law, Lotterhos & Dunn, Jackson, and RAY O. HILL, Controller, Cannon Miss. Electric Co., Los Angeles, Calif.

JAMESTOWN. N. Y. December 16 LOUISVILLE, Ky. December 16 Hotel Jamestown Kentucky Hotel Direct Cost Accounting Objectives — Current Problems from a Financial JONATHAN N. HARRIS, Comptroller, Viewpoint —DEROY SCOTT, Vice Pres., Dewey & Almy Chemical Co., Cam- Lincoln Bank and Trust Co., Louisville, bridge, Mass. Ky. 5 9 2 N.A.C.A. BULLETIN MASSACHUSETTS NORTH SHORE December 16 NEW ORLEANS, La. December 11 Hotel Hawthorne Salem, Mass. Lenfonf's Boulevard Room The Economic Outlook for Real Estate Information Please: A Panel Discussion — DANIEL WISEBERG, Prof., College of —Past Presidents as Panel Members. Business Admin., Boston Univ., Boston, Mass. NEW YORK, N. Y. December 15 Belmont Plaza Hotel MEMPHIS, Tenn. December 17 Impact of Tax Planning on Business Op- Hotel King Cotton erations for 1953 —J. K. LASSER, Sr. Tax Planning — GEORGE S. RAPIER, Partner, J. K. Lasser & Co., New York, CPA., New Orleans, La. N. Y. MERRIMACK VALLEY December 19 NEWARK, N. J. December 11 Haverhill Country Club Haverhill, Mass. Robert Treat Hotel The Scanlon Participation Plan—GEORGE Multiple- Factor Incentive Plans —HUGH P. SCHULTZ, Prof. of Industrial Rela- A. BOGLE, Consultant, Mgt. Engineering tions, Mass. Institute of Technology, Section, E. I. Du Pont de Nemours & Boston, Mass. Co., Inc., Wilmington, Del. MID-HUDSON December 15 NORTH ALABAMA December 15 Nelson House Poughkeepsie, N. Y. Athens College Athens, Ala. There Is No Accounting for Wo me n — Instrumentation for Quality and Produc- WESLEY HAINES, Ass't. to the Pres., tion Control —FLOYD B. McCoy, Superv. Keuka College, Keuka Park, N. Y. of Pyrometric Dept., Reynolds Alloys Co., Sheffield, Ala. MILWAUKEE, Wisc. December 15 Milwaukee Athletic Club NORTHERN WISCONSIN December 16 The Accountant Looks at Distribution Elks' Club Appleton, Wis. COIIS —JAMES E. CALDWELL, Ass't. Internal Auditing —E. M. GHERMAN, Comptroller, Goodyear Tire & Rubber Principal, E. M. Gherman Co., Chicago, Co., Akron, Ohio. Ill. MOHAWK VALLEY December 15 NORWICH, Conn. December 18 Hotel Utica Utica, N. Y. Commerce Club Across the Tax Conference Table —Jos- Profit Leaks: How to Find Them and EPH P. McVoY, Tax Consultant, Joseph How to Plug Them — EDMUND J. Mc- P. McVoy, Buffalo, N. Y. CORMICK, McCormick & Co., Consulting Engineers, Yonkers, N. Y. MUSKEGON, Mich. December 8 The Cottage Inn OAKLAND -EAST BAY December 18 Merit Increases a Factor in Cost Reduc- Milani's Restaurant Oakland, Calif. tion—WARREN L. JOHNSON, Chief Ac- Simplified Accounting —L. R. EDEN - countant, Wrought Washer Mfg. Co., HOLM, Branch Mgr., Monroe Calculating Milwaukee, Wisc. Machine Co., Oakland, Calif.

NASHVILLE, Tenn. December 16 OMAHA, Nebr. December 16 Andrew Jackson Hotel FONTENELLE HOTEL Internal Control —W. C. KING, CPA., Income Tax Panel— Moderated by: JOHN Ernst & Ernst, Atlanta, Ga. P. BEGLEY, Prof, of Accounting, Creigh- ton Univ., Omaha, Nebraska. NEW HAMPSHIRE December 16 Calumet Club Manchester PATERSON, N. J. December 10 A Short Cut Approach to Break -Even Tree Restaurant Point Analysis —T. L. MORISON, Ass't. Mechanical Accounting & Internal Con- to the Pres., Bentley School of Account- trol— GEORGE C. WATT, Mgr., N. Y. ing & Finance, Boston, Mass. Office, Price Waterhouse & Co., New York, N. Y. NEW HAVEN, Conn. December 9 Seven Gables Towne House New Haven PEORIA, III. December 17 The General Accounting Office and De- JeBerson Hotel fense Contracting —FRANK H. WEITZEL, Psychology Contributes to Personnel Asst to the Comptroller General, Gen- Evaluation— CHARLES S. DEWEY, Prin- eral Accounting Office, Washington 25, cipal, Charles S. Dewey and Associates, D. C. Chicago, Ill. DECEMBER, 1 9 5 2 5 9 3 PHILADELPHIA, Pa. December 18 SABINE December 1S Kugler's Restaurant Wayside Inn Orange, Texas Cost Accounting for New Plant Con- Business Cycles— RICHARD W. SETZER, struction and Establishing a New Ac- Director, Business Div., Lamar State counting Dept.— JOSEPH R. DEMBECK, College of Technology, Beaumont, Tex- Works Auditor, Fairless Works, United as. States Steel Co., Morrisville, Pa. SAGINAW VALLEY December 17 PIEDMONT December 12 Hotel Zehnder Fronhemnath Mich. Greensboro, N. C. InteProluction—ration ofWILLIAMDefense H.withDOERFNER,Peacetime Accounting Developments in the Atomic Energy Enterprise MARTIN L. BLACK, Gen'l. Mgr., Saginaw Steering Gear JR., Head of School of Acc'tg., Duke Div., General Motors Corp., Saginaw, Univ., Durham, N. C. Mich.

PITTSBURGH, Pa. December 10 ST. LOUIS, Mo. December 9 William Penn Hotel Sheraton Hotel Cost Analysis for Management Guidance Accounting at the Grass Roots: Panel —I. WAYNE KELLER, Asst. Controller, Discussion— Discussion Leader: H. A. Armstrong Cork Co., Lancaster, Pa. SCHUSTER, Vice Pres. & Treas., Fulton PORTLAND, Oregon December 16 Iron Works, St. Louis, Mo. Heathman Hotel SALT LAKE CITY, Utah December 29 Cost Accounting for Plywood Industry — Hotel Utah CHARLES R. ENGLISH, Pres., Production Management Engineering Assoc., San Accounting in Coal Mining— WILLIAM Francisco, Calif. J. O'CONNOR, Pres., Independent Coal and Coke Co., Salt Lake City, Utah. PROVIDENCE, R. I. December 1S Crown Hotel SAN ANTONIO, Texas December 16 The Role of Cost Accounting in the Manger Hotel Economic Development of New England The Accountant in Management —PAUL — ALFRED C. NEAL, First Vice Pres., C. TAYLOR, Prof., Tulane Univ., New Federal Reserve Bank of Boston, Boston, Orleans, La. Mass. SAN DIEGO, Calif. December 3 READING, Pa. December 12 Cuyamaca Club Wyomissing Club Accounting "Inforamtion Please": Panel Cost Analysis for Management Guid- Discussion— CHARLES PORTER, Leverts ance —I. WAYNE KELLER, ASs't. Con- & Eseenoff, FRANK SHERLOCK, McCrac- troller, Armstrong Cork Co., Lancaster, ken & Malicki, and GORDON HOPPER, Pa. Crandall & Reuter, San Diego, Calif.

RICHMOND, Va. December 18 SAN FRANCISCO, Calif. December 16 Hotel William Byrd Veneta's Restaurant The Accountant Looks at Christmas — Some Things to do to Avoid Trouble RAYMOND B. PINCHBECK, Dean, Rich- mond College, Univ. of Richmond, Under the Anti -Trust Laws —BEN C. DUNIWAY, Corporation Counsel, Cush- Richmond, Va. ing, Cullinan, Duniway & Gorill, San ROCHESTER, N. Y. December 17 Francisco, Calif. Seneca Hotel SANGAMON VALLEY December 16 Planning for Increased Profits —ALLEN H. OTTMAN, Vice Pres. and Controller, Decatur Club Decatur, 111. American Hard Rubber Co., New York, Year -End Tax Planning— JACKSON L. N. Y. BOUGHNER, Partner, Tenney, Sherman, Bentley & Guthrie, Chicago, Ill. ROCKFORD. III. December 8 LaFayefte Hotel SCRANTON, Pa. December 16 Tax Planning and the Accountant —AD- Scranton Club DISON B. CLOHOSEY, Director, Washing- Basic Cost Accounting —W. R. WRIGHT, ton Tax Bureau, The Research Institute Partner, Stevenson, Jordan & Harrison of America, Inc., Washington, D. C. Inc., New York, N. Y. 594 N.A.C.A. BULLETIN SEATTLE, Wash. December 10 WABASH VALLEY December 16 Sorrento Hotel Hotel Deming Terre Haute, Ind. How Inflation Distorts Financial State- Current Developments in Federal Taxa- ments and Conceals the Capital Levy — tion —DAVID G. BARTMAN, Partner, JOHN G. LARSON, Ass't. Mgr., Ernst & Bartman, Boyle & Co., 'Terre Haute, Ind. Ernst, Seattle Office. WASHINGTON, D. C. December 17 SHREVEPORT. La. December 18 Caddo Hotel Willard Hotel Some Aspects of Internal Control — Taxation By- Products —EDGAR J. GOOD- PAUL C. TAYLOR, Prof. of Accounting, RICH, Attorney -at -Law, Guggenheimer Tulane Univ., New Orleans, La. & Untermeyer, Washington, D. C.

SOUTH BEND, Ind. December 16 WATERBURY. Conn. December 9 Morris Inn Expense Control— KENNETH C. TIF- Hotel Elton FANY, Vice Pres., Burroughs Adding State and Local Taxes—WILLIAM CON - Machine Co., Detroit, Mich. NELLY, State Tax Commissioner, Hart- ford, Conn. SOUTHERN MAINE December 19 Elm Hotel Auburn, Me. WATERLOO, Iowa December 17 Municipal FinanCe —PROF. LAWRENCE Black's Tea Room PELLETIER, Dir., Bureau for Research in Municipal Government, Bowdoin Col- Bankers Are Human Beings —J. F. KEN- NEDY, Pres., First National Bank, New lege, Brunswick, Me. Hampton, Iowa. SPRINGFIELD, Mass. December 17 Notel Sheraton WICHITA, Kansas December 16 Methods- Time - Measurements and Its Broadview Hotel Application to Industrial Accounting — Discussion Panel on Economic Trends — JOHN L. SCHWAB, Vice Pres., Methods ARTHUR A. WICKMANN, Chairman, Engineering Council, Bridgeport, Conn. Prof., Economics, Wichita Univ., Wi- SYRACUSE, N. Y. December 18 chita, Kansas. Hotel Syracuse Review of LIFO Inventory Practices— WILLIAMSPORT. Pa. December 8 H. T. MCANLY, Gen. Partner, Ernst & Republican Club Ernst, Cleveland, Ohio. Past President's Night —Panel Discus- sion, Various Aspects of Cost Account- TOLEDO, Ohio December 9 ing. Secor Hotel Payroll Shortcuts — R. W. MCLEOD, WORCESTER, Mass. December 18 Superv., Industrial Sales, Burroughs Adding Machine Co., Detroit, Mich. Putnam & Thurston's Personal Income Taxes in Massachusetts TRI•CITIES December 16 —HENRY F. LONG, Commissioner of Blackhawk Hotel Davenport, Iowa Corporations and Taxation, Common- Meet the Tax Accountant: Panel Discus- wealth of Massachusetts, Boston, Mass. sion of New Individual Income Tax Law —W. C. BOLDT, L. S. HASSELQUIST, A. YORK, Pa. December 17 W. WURBs, E. E. BURKS, C. T. GASKIN. Yorktown Hotel TULSA, Okla. December 17 Tax Aspects of LIFO Inventory Valua. Mayo Hotel tion— HERBERT T. MCANLY, Resident A New Citizen Looks at America —M. Partner, Ernst & Ernst, Cleveland, Ohio. B. T. DAVIES, Mgr., Accounting Dept., Deep Rock Oil Corp., Tulsa, Okla. YOUNGSTON, Ohio December 10 TWIN CITIES December 10 Tippecanoe Country Club Calhoun Beach Club Minneapolis, Minn. The Expanding Opportunities for the Inventories and Your Income Statement Accountant —HARRY E. HOWELL, Part- — ROBERT BEYER, Partner, Touche, Ni- ner, DeWitt, Pepper & Howell, New ven, Bailey and Smart, Milwaukee, Wisc. York, N. Y. DECEMBER, 19 5 2 595 U J w w e x Y1111LG ?,

TOPICAL INDEX SUPPLEMENT

JUST RELEASED, the TOPICAL INDEX SUPPLEMENT is a "must" for your N.A.C.A. Publications Library. This new fifty -eight page contribution to the field of accounting literature provides a ready reference to the titles, authors and dates of hundreds of articles, listed under approximately 200 topical categories, which have appeared in the N.A.C.A. Bulletin and Conference Proceedings from May 1946 - August 1952. The SUPPLEMENT is an extension of the coverage earlier provided by the TOPICAL INDEX TO N.A.C.A. PUBLICATIONS, APRIL 1920 -APRIL 1946, published originally as Section II of the May 1, 1946 issue of the N.A.C.A. Bulletin, and now being reissued in photo -offset reproduction simultaneously with the publication of this SUPPLEMENT.

The TOPICAL INDEX SUPPLEMENT (1946-1952), is available to members at 50¢ per copy ($1.00 for nonmembers), and the TOPICAL INDEX (1920 -1946) also at 50¢ per copy ($1.00 for nonmembers).

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