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Pennsylvania CPAs see gloomy 1992.

The eighth annual yearend poll of 3,000 members of the Pennsylvania Institute of CPAS found its members worried. When asked in midNovember to rate fourth-quarter business conditions, 86% of the CPAS polled responded "bad." Not a single "good" reponse was received, with the remaining 14% of PICPA members rating business conditions in 1991's fourth quarter as being "normal."

Looking ahead to 1992, 60% of members polled expected no change in business conditions in the first half of 1992. Another 15% believed conditions will get worse, while 25% looked for some business improvement.

When asked to name the most significant factors affecting the national economy in 1992, 54% of the CPAS polled cited consumer confidence, 50% mentioned the federal budget deficit, 42% said unemployment, 33% pointed to the presidential election and 30% were concerned about the banking crisis.

In response to uncertain business conditions, 55% of the CPAS urged clients and businesses to control variable costs in 1992, while 40% recommended controlling staffing requirements, 25% suggested minimizing capital expenditures, 20% advised increased collection efforts and 16% proposed reduced employee benefit costs.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Mar 1, 1992
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