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OR $15.00 per volume, $7.50 per issue.
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? #1 A Reference Chronology of Events Significant to the
Development of Accountancy in The United States,
by Knight, Previts & Ratcliffe $ 5.00
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? #3 E. L. Kohler: A Collection of His Writings (1919-1975),
Eds., Cooper, Ijiri & Previts
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Accounting History Seminars, ed., James F. Gaertner $ 15.00
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HISTORIANS NOTEBOOK

? 1978-83 (2 per year), $1.00 per copy $ 12.00
WORKING PAPERS (see separate announcement/
ordering information in this issue)
ACCOUNTING HISTORY CLASSICS SERIES (see separate announcement/ordering information in this issue)

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Mail to: Secretary
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Announcement
Working Paper Series

In 1974, The Academy of Accounting Historians established the Working Paper Series as a means of circulating preliminary his-torical research. The Working Paper Series currently includes sixty papers which are available in three single bound volumes (see announcement on the next page concerning Volumes 1 and 2).

Manuscripts submitted should be presented in duplicate, typed on 8/4x 11 inch paper, and double spaced. Footnotes should be numbered sequentially and placed at the end of the manuscript. Bibliographies should contain complete sources arranged in alpha-betical order by author. Manuscripts ranging in length from 8 to 30 pages are deemed most appropriate for this Series. Copies of current working papers are provided to members free upon request. There is a cost of $2 per paper to non-members.

All matters pertaining to the Working Paper Series should be addressed to the Editor of the Series, Don-Rice Richards; School of Business; James Madison University; Harrisonburg, Virginia 22807 U.S.A. In addition to the forty working papers appearing in Volume 1 and Volume 2 listed on the next page, Volume 3 is now available.
Working Papers 41-60 Volume 3

41. “Factors Shaping the Independent Public 52. “The Ideas of Stuart Chase: Pioneer Social Auditing Profession in the United States Accountant and Economist,” by Robert from 1905 to 1933,” by Bruce E. Committe. Bloom.

42. “Frederick W. Taylor and the Evolution of 53. “The Accounting Review: 1935-39 A Digest, Standard Overhead Costing,” by Rosita S. Survey, and Commentary,” by James H. Chen and Sheng-Der Pan. Potts.

43. “A Synthesis of the Inquiry into the Con- 54. “An Update and Overview of the German tribution of Double-Entry Bookkeeping to Accounting Profession Post-1973,” by Hans Capitalism,” by James L. Strachan. J. Dykxhoorn and Kathleen E. Sinning.’

44. “Philosophies of History—Their Basic Ten- 55. “Development of Accounting in a Cenets,” by Owen B. Moseley and Milton F. trally-Planned Economy,” by Wlodzimierz Usry. Brzezin and Alicja A. Jaruga.

45. “The Development of the Auditor’s Report 56. “Internal Controls Then and Now: Tontines in the United States,” by Tonya K. Flesher and Life Annuities in Old Regime France,” and Dale L. Flesher. by Robert M. Jennings and Andrew P.

46. ” The Evolution of Accounting in Indone- Trout. sia,” by Abd. Fawzy Siddik and Herbert L. 57. “An Historical Analysis of the Financial Re- Jensen, porting Practices of Philips Industries of the

47. “On the Evolution of Accounting Objec- Netherlands for Tangible Fixed Assets and tives,” by Robert Bloom. Inventory 1915-1981, by Richard Vanger-

48. “The Pioneer of Accounts Theory in Ja- meersch. pan: An Appraisal of the Methodology of 58. “The Financial Statements of U.S. Steel,
Wasaburo Kimura,” by Yoshiaki Jinnai. 1902-1951: A Half Century of Leadership in

49. Accounting for Investments in Common Reporting,” by Ed Younkins, Dale L. Stock in the United States of America from Flesher, and Tonya K. Flesher. 1900 to the Present,” by Edward A. Becker. 59. “SFAS 52 in Perspective: Background of

50. “An Historical Perspective of the Account- Accounting for Foreign Currency Translation-ing Environment: A General Outline of a in Financial Reports of United States Multi-Western European and North American national Corporations,” by Dahli Gray. Linkage,” by Stanley C. W. Salvary. 60. “The Development of Accounting m the

51. “The Nature of Historical Research,” by West, China and Japan,” by Robert Owen B. Moseley and Milton F. Usry. Gardella.

Announcement
Working Paper Series
Available in two single bound volumes are the first 40 working papers published by The Academy of Accounting Historians. These 6″ x 9″ books include the following papers and their authors.

Working Papers 1-20 Volume 1
Working Paper Number

1. “The CPA’s Professional Heritage, Part I,” by John L. Carey.

2. ” The Audit of Historical Records as a Learning Device in Studying Environmental and Socio-Economic Influences on Accounting,” by Richard H. Homburger.

3. “The Accounts of Ancient Rome,” by Kenneth S. Most

4. “Survey of the Development of Auditing in Germany,” by Rosa-Elisabeth Gassmann.

5. “The CPA’s Professional Heritage, Part II,” by John L. Carey.

6. “A Chronological Index Prepared for John L. Carey’s The Rise of the Accounting Profession, Volume I, 1896-1936,” by Gary John Previts

7. ” The State of Bookkeeping in Upper Germany at the Time of the Fuggers and Welsers,” by Hermann Kellenbenz.

8. “A Chronological Index Prepared for John L. Carey’s The Rise of the Accounting Profession, Volume II, 1937-1970,” by Gary John Previts.

9. “A Bibliography on the Relationship Between Scientific Management and Standard Costing,” by Marc J. Epstein.

10. “A Significant Year (1873) in the History of Bookkeeping in Japan,” by Kojiro Nishikawa.

11. “Historical Development of Early Accounting Concepts and Their Relation to Certain Economic Concepts,” by Maurice S. Newman.

12. “Thirty-six Classic Articles from the 1905-1930 Issues of The Journal of Accountancy,” by Richard Vangermeersch.

13. “The Development of the Theory of Continuously Contemporary Accounting,” by R. J. Chambers.

14. “The CPA’s Professional Heritage, Part III,” by John L. Carey

15. ” Two Papers on the History of Valuation Theory (I. Management Behavior on Original Valuation of Tangible and Intangible Fixed Assets. II. The Significance of Writeups of Tangible Fixed Assets in the 1920’s),” by Richard Vangermeersch.

16. ” The Golden Anniversary of One of Accounting History’s Mysterious Contributors: Albert DuPont,” by Gary John Previts and S. Paul Garner.

17. “Evidential Matter Pertaining to the Historical Development of the Concepts of Disclosure and Its Uses as a Teaching Aid,” by Hans V. Johnson.
” The Evolution of Pooling of Interests Accou burning o Fran f Interests k R. Ray-Accounting: 1945-1970,” by

18. The Study of Accounting History,” by Vahe Baladouni. The Evolution of Corporate Reporting Practices in Canada,” by George J. Murphy.

19. Working Papers 21-40 Volume 2

20. Working Paper Number
21. “Early Greek Accounting on Estates (Fourth Century B.C.),” by George J. Costouros.

22. ” The Traditional Accounting Systems in the Oriental Countries—Korea, China, Japan,” by Jong Hyeon Huh.

23. “The Evolution of Ethical Codes in Accounting,” by Joyce C. Lambert and S. J Lambert, III.

24. “The Oldest Book of Double Entry Bookkeeping in Germany,” by Kiyoshi Inoue.

25. “An Annotated Bibliography for Historical Research in Cost Accounting,” by Edwin Bartenstein.

26. ” The Role of Academic Accounting Research: An Historical Perspective,” by Eric Flamholtz.

27. “The Structure of Scientific Revolutions and Its Implications for the Development of Accounting Policy,” by Diana Flamholtz.

28. ” The Development of Accountancy in Hungary Since 1946. . . ,” by Rezso L. Scholcz.

29. “Historic Origins of the Purchase vs. Pooling of Interests Problem,” by Wesley T. Andrews.

30. “Current Efforts to Develop a Conceptual Framework for Financial Accounting and Reporting,” by William G. Shenkir.

31. ” Influence of Nineteenth and EarlyTwentieth Century Railroad Accounting on Development of Modern Accounting Theory,” by James L. Boockholdt.

32. ” The Historical Development of Standard Costing Systems Until 1920,” by Nathan Kranowski.

33. “The CPA’s Professional Heritage, Part IV,” by John L. Carey.

34. ” The Evolution of Accounting Theory in Europe from 1900 to the Present Day and Its Implications on Industrial Management of Tomorrow,” by Paul Weilenmann.

35. “Sombart on Accounting History,” by Kenneth S. Most.

36. “A Most Unforgetable Accounting Historian: Frederic G. Gamble,” by Paul Garner and Reza Espahbodi.

37. “Historical Overview of Developments in Cost and Managerial Accounting,” by M. Zafar Iqbal.

38. “Comments on Accounting Disclosures in the Baltimore and Ohio Annual Reports from 1828 Through 1850,” by Richard Vangermeersch.

39. “A Contemporary Review of the Evolution of Value Concepts (1500-1930),” by J. W. Martin.

40. “Tracing the Development of a Conceptual Framework of Accounting—A Western European and North American Linkage: A Partial Examination,” by Stanley C. W. Salvary.

Order From: Don-Rice Richards School of Business James Madison University Harrisonburg, Virginia 22807 U.S.A. Cost: $5 to members of The Academy of Accounting
Historians; $7.50 to non-members Make check payable to: The Academy of Accounting Historians

Announcement
Reprints in the ACCOUNTING HISTORY CLASSICS SERIES
under the auspices of The Academy of Accounting Historians
and
The University of Alabama Press Dale A. Buckmaster, Series Editor
Volume 1 S. Paul Garner Evolution of Cost Accounting to 1925
$11.95 430 pp. paperback edition. November, 1976.

ISBN 0-8173-8900-8
Volume 2 James Don Edwards, History of Public Accounting in the United States
$11.95 368 pp. paperback edition. August, 1978. (out of print)
Volume 3 A. C. Littleton, Accounting Evolution to 1900 $11.95 373 pp. paperback edition. 1981.

ORDER NOW
Mail to: The University of Alabama Press
Box 2877 University, Alabama 35486
Make check payable to: The University of Alabama Press

Announcement

He A ccounting Historians Journal
announces that the TWELFTH ANNUAL
HOURGLASS AWARD
for the most notable contribution to the literature of Accounting History
has been awarded to
Esteban Hernandez Esteve
for his publication

CONTRIBUCION AL ESTUDIO DE LA HISTORIOGRAFIA
CONTABLE EN ESPANA (A Contribution to the Study
of Accounting Historiography in Spain)
Previous Recipients of the Award
1973 —Stephen A. Zeff 1974 —Michael Chatfield
1975 — Hanns-Martin Schoenfeld
1976 — Osamu Kojima and Basil Yamey
1977 — A. Van Seventer
1978 — David Forrester
1979 —Murray Wells
1980 — Gary John Previts and
Barbara D. Merino
1981 — H . Thomas Johnson
1982 — Williard E. Stone
1983 — Richard P. Brief

Announcement

ACCOUNTING AND BUSINESS RESEARCH
Number 54 Spring 1984
A research quarterly published by
the Institute of Chartered Accountants
in England and Wales
Editor: R. H. Parker, University of Exeter, England

CONTENTS

In Defence of Profit Measurement: Some Limitations of Cash Flow and Value Added as Performance Measures for External Reporting
The Accuracy of Brokers’ Profits Forecases in the UK
Contract Value Accounting and the Monitoring of Managerial Perform-ance: An Agency-Based Proposal
Improving the Communication Function of Published Accounting Statements
Another Look at the Levels of Assur-ance Issue in Auditing
Consensus Between Preparers and Users of Municipal Annual Reports: An Empirical Analysis
Budgetary Attitudes: The Effects of Role Senders, Stress, and Performance Evaluation
Market Efficiency and Legal Liability: Some Extensions and an Illustration
Book Reviews

D. A. Egginton
K. N. Bhaskar R. C. Morris
J. A. Forker
Malcolm Smith Richard Taffler
Anthony Steele Walter A. Robbins
Frank Collins Robert E. Seiler Donald K. Clancy
James A. Anderson Morton Pincus

Subscriptions should be sent to City House, 56-66 Goswell Road, London EC1M 7AB, England. Subscription rates are: UK £18, Overseas £24, Airmail Overseas £29.

Announcement
THE ACCOUNTING REVIEW

The Accounting Review is the official journal of the American Accounting Association, and is published quarterly. The Asso-ciation is a voluntary organization of persons interested in ac-counting education and research. Membership in the Association entails annual dues of US$25 for residents of the United States and Canada and US$12 for others. Libraries may take out subscriptions to the Review. All communications regarding membership and subscriptions should be sent to the American Accounting Association, 5717 Bessie Drive, Sarasota, Florida 33583.

TABLE OF CONTENTS

Vol. LIX October 1984 No. 4
MAIN ARTICLES
Bond Raters’ Use of Management Financial
Forecasts Paul Danos, Dons L. Holt and Eugene A. Imhoff, Jr.
Earnings Releases, Anomalies, and the Behavior of
Security Returns George Foster, Chris Olsen and Terry Shevlin
Income Smoothing as Rational Equilibrium Behavior Richard A. Lambert
Distributive Justice and Tax Policy Thomas M. Porcano
The Effects of Incomeplete Outcome Feedback on
Auditors’ Self-Perceptions of
Judgment Ability William S. Waller and William L. Felix, Jr.

NOTES

Management Preferences over Accounting
Standards A Replication and Additional
Test A. James McKee, Jr. Timothy B. Bell and James R. Boatsman

EDUCATION RESEARCH

On the Benefits of Cumulative Exams:
An Experimental Study Thomas P. Edmonds
A Worksheet for Demonstrating the Articulation of
Financial Statements Harvey Mann
A Descriptive Analysis of Authorship in
The Accounting Review Paul F. Williams and C. Edward Arrington
FINANCIAL REPORTING,
An Empirical Analysis of the Relationships Between
CPA Examination Candidate Attributes and
Candidate Performance W. Marcus Dunn and Thomas W. Hall
Current Cost and ACRS Depreciation Expense
A Comparison Rosanne M. Mohr and Steven C. Dilley
BOOK REVIEWS

Announcement
ACCOUNTING AND FINANCE
Journal of the Accounting Association of Australia and New Zealand
Vol. 24, No. 1 May 1984
REGULATING THE ACCOUNTABILITY OF CHARITABLE INSTITUTIONS?
David J. Williams 1
COMMUNICATION SKILLS OF ACCOUNTANTS IN AUSTRALIA
R. Juchau & M. Galvin 17
THE ROLE OF INFLATION-ADJUSTED ACCOUNTING
DATA IN CORPORATE RISK ANALYSIS AN
EMPIRICAL INVESTIGATION
Mostafa M. Maksy 33
THE INFORMATION CONTENT OF UK ANNUAL
EARNINGS ANNOUNCEMENTS: A NOTE
Michael Maingot 51
EDUCATION NOTES 59
EVALUATING MULTIPLE SIGN CHANGE AND
MIXED PROJECTS USING IRR AND NPV PROFILE GRAPHS
Robert Capettini, Richard Grimlund &
Howard R. Toole 61
BOOK REVIEWS 77
POST-GRADUATE DEGREES AWARDED IN
AUSTRALIA AND NEW ZEALAND 1983 95
NEWS FROM INSTITUTIONS 119
Accounting and Finance is published twice yearly in May and November by the Accounting Association of Australia and New Zealand. The membership fee is $20 per year and members receive the Journal and any published supplement. Non-members, i.e. libraries etc., can take out a subscription for the Journal for $20 per year. Editorial correspondence should be addressed to Professor R. R. Officer, Editor, Department of Accounting and Finance, Monash University, Clayton, Victoria, 3168, Australia. Applications for membership should be addressed to The Membership Secretary—A.A.A.N.Z., c/o Professor R. R. Officer, Department of Accounting and Finance, Monash University, Clayton, Victoria, 3168, Australia.

Announcement

TO ALL MEMBERS OF THE ACADEMY OF ACCOUNTING HISTORIANS
Please ensure that the Library of your university, firm or corporation
is a subscriber to The Accounting Historians Journal

Announcement

Annual membership dues for individuals, institutions, and libraries for 1984 are twenty U.S. dollars ($20.00). Membership dues for doctoral students actively pursuing their program, $7.50.

Members residing outside the United States are asked to remit payments in U.S. funds drawn on U.S. banks. The collection costs on non-U.S, fund remittances have risen sharply in recent years and we can no longer absorb these charges.

THE ACADEMY OF ACCOUNTING HISTORIANS
APPLICATION FOR MEMBERSHIP

Name (please print) Street Address
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Accounting History Areas of Interest
Our fiscal year ends December 31.
MEMBERSHIP DUES (U.S.) $20.00
(Entitles member to: semiannual Accounting Historians Journal; semiannual newsletter; annual member roster; and discounts on specified Academy publications.)
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Make checks payable to: THE ACADEMY OF ACCOUNTING HISTORIANS
Mail to: Secretary
The Academy of Accounting Historians
P.O. Box 658
Georgia State University
Atlanta, Georgia 30303 U.S.A.

Announcement
AVAILABLE FOR IMMEDIATE DELIVERY

SELECTED CLASSICS IN THE HISTORY Of BOOKKEEPING A Reprint Collection

SERIES I Reprinted 1974

1. ANYON, James T., Recollections of The Early Days of American Accountancy 1883- 1893. New York 1925. Reprinted 1974. 68p. Cloth $15.00

2. CRIVELLI, Pietro, An Original Translation of the Treatise on Double-Entry Book-Kecping by Frater Lucas Pacioli. London 1924. Reprinted 1974. XVIII, 125p. Cloth $26.00

3. GREEN, Wilmer L., History and Survey of Accountancy. Brooklyn 1930. Reprinted 1974. 288p. Cloth $30.00

4. JÄGER, Ernst Ludwig, Die ältesten Banken und der Ursprung des Wechsels: Supplement. Stuttgart 1881. Neudruck 1974. VIII, 91 S. Ln. $15.00

5. JÄGER, Ernst Ludwig, Die Berechtigungder einfachen Buchhaltung gegenüber der italienischen. Dritte. durch die Geschichte der
Buchhaltung und deren Unterwendung auf die Landwirtschaft, sowie bezüglich des kaufmän-nischen Theils vermehrte Aufl. Stuttgart 1868. Neudruck 1974. IV. 147 S. Ln. $26.00

6. JÄGER, Ernst Ludwig, Der Traktat des Lucas Paccioli von 1494 über den Wechsel Vortrag gehalten am 22. März 1878 vor dem kaufmännischen Vereine von Stuttgart. Stuttgart 1878. Neudruck 1974. 40 S Ln. $15.00

7. JÄGER, Ernst Ludwig, Der Wechsel am Ende des 15. Jahrhunderts Ein Beitrag zum Paccioli Jubilaum 1494-1894 Stuttgart 1895. Neudruck 1974 .29 S. + 1. Ln. $15.00

8. KHEIL, Carl Peter, Benedetto Cotrugli Raugeo: Ein Beitrag zur Geschichte der Buch haltung. Wien 1906. Neudruck 1974. 36 S. Ln $15.00

9. PERAGALLO, Edward, Origin and Evolution of Double Entry Bookkeeping: A Study of Italian Practice from the Fourteenth Century. New York 1938. Reprinted 1974. 156p. with Author’s errata. Cloth $35.00

10. SIEVEKING, Heinrich, Aus Genueser Re-chnungsund Steuerbüchern: Ein Beitrag zur mittlelalterhchen Handels und Vermögensstati- stik. Wien 1909. Neudruck 1974. 110 S.
Ln. $15.50

11. SIEVEKING, Heinrich, Genueser Finanz-wesen vom 12. bis 14. Jahrhundert. Leipzig/Tübingen 1898. Neudruck 1974. XV, 219 S. Ln. $29.00

12 WOOLF, Arthur H., A Short History of Accountants and Accountancy. London 1912. Reprinted 1974. XXXI. 254p. Cloth $25.00

SERIES II Reprinted 1975

1. DE WAAL, P.G.A., Van Paciolo tot Stevin: Een Bijdrage tot de Leer van het Boekhouden in de Nederlanden. Roermond 1927. Reprinted 1975 IX, 318p. Cloth $34.00

2. ELDRIDGE, H.J., The Evolution of the Science of Book-keeping. Second Edition by Leonard Frankland. London 1954. Reprinted 1975. 70p. Cloth $15.00

3. GEIJSBEEK. John B., Ancient Double-Entry Book-keeping: Lucas Pacioli’s Treatise (A. D. 1494 – The Earliest Known Writer on
Bookkeeping) Reproduced and Translated with Reproductions, Notes and Abstracts from Manzoni, Pietra, Ympyn, Stevin and Dafforne. Denver, 1914. Reprinted 1975.IV, 182p. Folio. Cloth $46.00

4. GOMBERG, Léon, Histoire critique de la Théorie des Comptes. Genève 1929. Reprinted 1975. 88p. Cloth $15.00

5. LEYERER, C., Theorie und Geschichte der Buchhaltung: Ein Leitfaden. Brünn 1919. Neudruck 1975. 40S. Ln. $15.00

6. SIEVEKING, Heinrich, Aus venetianische Handlungsbüchern: Ein Beitrag zur Geschichte des Grosshandels im 15. Jahrhundert. [Jahrbuch für Gesetzgebung, Verwaltung und Volkswirt- schaft im Deutschen Reich: Neue Folge. 25.- 26. Jahrg.] Leipzig, 1901/2. Neudruck 1975. 72 S. Ln. $15.00

7. SYKORA, Gustav, Systeme, Methoden und Formen der Buchhaltung: Von ihren Anfangen bis zur Gegenwart. Wien, 1952. Neudruck 1975. 114 S. Ln. $15.50

SERIES III Reprinted 1977

1. DE ROOVER, Raymond, Le Livre de Comptes de Guillaume Ruyelle. Changeur a Bruges (1369). [Extrait des Annales de la Société d’Emulation de Bruges, Tome LXXVIII] Réimpression 1977. Bruges, 1934. pp. 15-95 (81p) Cloth $15.00

2. DE WAAL, P.G.A., De Engelsche Vertaling van Jan Impyn’s Nieuwe Instructie. [Economi-sch-Historisch Jaarboek: Bijdragen tot de Economische Geschiedenis van Nederland uitge-geven door De Vereeniging het Nederlandsch Economisch Historisch Archif, Achttiende Deel, 1934] Reprinted 1977. ‘s-Gravenhage, 1934. 58p Cloth $15.00

3. HÜG LI, Franz, Die Buchhaltungs- Systeme und Buchhaltungs-Formen: Ein Lehrbuch der Buchhaltung. Mit über hundert Formularen und zwei Holzschnitten. Neudruck 1977. Bern, 1887. xii, 680 S. Ln. $69.50

4. KEMPIN, W., Vom Geist der Buchführung. Neudruck 1977. Köln, 1910, 192 S. Ln. $28.00

5. LION, Max, Geschichtliche Betrachtungen zur Bilanztheorie bis zum Allgemeinen deutschen Handelsgesetzbuch. Neudruck 1977. Berlin, 1928. iii, 39 S. Ln. $15.00

6. MURRAY, David, Chapters in the History of Bookkeeping, Accountancy and Commercial Arithmetic. Reprinted 1977. Glasgow, 1930. viii, 5l9p. Cloth $42.00

7. NIRRNHEIM, Hans (Bearb.), Das Hand-lungsbuch Vickos von Geldersen. Hrsg. vom Verein für Hamburgische Geschichte Neudruck 1977. Hamburg/Leipzig, 1895. lxxix, 199 S. Ln. $37.00

8. SIEVEKING, Heinrich. Die Casa di S. Giorgio. [Genueser Finanzwesen mit besonderer Berucksichtigung der Casa di S. Giorgio, II] Neudruck 1977. Freiburg, 1899. xvi, 259 S. Ln. $36.00

9. STROOMBERG, J., Sporen van Boekhouding voor Paciolo. [Overdruk uit J. G. Ch Volmer: Van Boekhouden tot Bedrijfsleer, een Bundelopstellen ter Gelegenheid van zijn Vijfentwintig Jarig hoogleeraarschap door oud-studenten aangeboden] Reprinted 1977. Woessen, 1934. pp. 246-269. (24p.) Cloth $15.00

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