Academic journal article Journal of Accountancy

1992 Economic Census under Way

Academic journal article Journal of Accountancy

1992 Economic Census under Way

Article excerpt

More than 3.5 million American businesses will receive 1992 Economic Census questionnaires from the U.S. Census Bureau in December. Businesses are required by law to return the completed forms by February 15.

"CPA firms should inform their clients about the census and its legal requirements and assist them in complying with its provisions," advised Arthur J. Renner, American Institute of CPAs vice-president-division for CPA firms.

According to the Census Bureau, this will be the most comprehensive economic census ever taken, measuring for the first time activity in finance, insurance, real estate, communications and utilities.

Sectors traditionally covered include real and wholesale trade, services industries, transportation, manufacturers, mining and construction industries.

Taken every five years, the census identifies trends in business activity. The federal government relies on census data to develop measures of economic change, such as monthly retail sales and the gross domestic product.

State and local agencies also use the census data in regional planning, in economic development and in efforts to attract and keep business activity in their areas. Businesses use the data for calculating market share and strategic planning. …

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