Abstract There has been in recent years a tremendous increase in research and writing in accounting, and in studies and publications by committees and professional organizations. The efforts of the latter have been devoted almost entirely to the problems of business enterprises privately-owned and conducted with a profit objective. It is but natural that the interests of practicing accountants should be primarily in this area, as their activities and income are principally from that source. It thus follows that the interest of teachers of accountancy and of their students also lie heavily in these directions. In spite of these facts professional accounting associations have not officially recognized the work done in these fields, nor the fact that principles have been authoritatively developed and sufficiently applied to make them "generally accepted." There is need and opportunity for greater interest in and attention to the field of nonprofit activities, and particularly for more definite recognition of the important work done in this great area. There is need for a more positive pronouncement and identification of the applicable principles so that these principles will be recognized and accountants will be guided thereby.
Lloyd Morey (Tue,) studied this question.