Academic journal article Journal of Accountancy

Looking Back: The Journal in World War II

Academic journal article Journal of Accountancy

Looking Back: The Journal in World War II

Article excerpt

"Inevitable speculation as to whether the United States 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, for property accountability, and for review of interallied transactions are some of the activities which will be remembered.

The accounting profession proved its mettle 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 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. …

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