Looking back: the journal in World War II."Inevitable speculation as to whether the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. will become involved in the conflict will remind many accountants of the demands on them in 1917 and 1918. Supervision of accounting related to cantonment construction; cooperation with government departments in scrutinizing contracts for supplies; service with government boards for review of excess-profits taxes, for price fixing price fixing n. a criminal violation of federal anti-trust statutes, in which several competing businesses reach a secret agreement (conspiracy) to set prices for their products to prevent real competition and keep the public from benefiting from price competition. , for property accountability, and for review of interallied transactions are some of the activities which will be remembered. The accounting profession proved its mettle met·tle n. 1. Courage and fortitude; spirit: troops who showed their mettle in combat. 2. Inherent quality of character and temperament. then, and if the call comes it will serve again." --October 1939 "Accountants played their part in bringing about [the war's] successful conclusion. In uniform and out, they did what was required of them to keep in working order the complex network of financial transactions, which might be described as the nervous system of a free-enterprise economy engaged in total war. Without the accounting profession's aid the intricate procedures for procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of war material, price control, war taxation, renegotiation and termination of war contracts would hardly have been possible; nor could the civilian economy have kept from bogging down in the maze of record-keeping and reporting requirements imposed upon it. The profit system might have had to be suspended for the duration; or exploitation of the war emergency might have been wide enough to earn the lasting enmity of all the people for private business. The second half of the double war [Editor's note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : The writer refers to the war in Asia, which had not yet ended] remains to be won, and accountants will continue to do their part in winning it. But it is reasonable to suppose that problems of a different nature will soon confront the profession--problems related to surplus-property disposal, reconversion Reconversion A method used by individuals to minimize the tax burden of converting by recharacterizing Roth IRA-converted amounts back to a Traditional IRA and then converting these assets back to a Roth IRA again. , expansion, new financing, international trade, and government regulation designed to improve the living standards living standards npl → nivel msg de vida living standards living npl → niveau m de vie living standards living npl of the people, rather than to fight a war. Accountants will have great opportunities to help their clients and the whole public in the solution of these problems. Their training and experience--particularly in the rigorous experience of the war years--equip them admirably to take a leading part in the rebuilding of a peaceful economy." --June 1945 |
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