EMH, CMR and the Accounting Profession

Article Abstract:

The efficient market hypothesis (EMH) has accounting implications. Security prices do not fully reflect all information available, but probably near all information publicly available. Capital market research (CMR) examines the effect of information on stock prices. Research suggests a strong correlation between stock price movements and accounting income and that prices seem to be based on economic reality. Accountants should be aware of EMH and CMR because they may affect client counseling, disclosure, evidence for damage claims and for their use in standard setting.

Prices and rates, Stocks, Industrial efficiency, Economic efficiency, Stock prices, Information theory

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Accounting for Churches

Article Abstract:

Volunteers handle much of the work at churches and they need an accounting system that can be handled by people of little experience. A budget may be a useful tool to allocate spending and to give more substance to annual pledges. The receipt of cash is the major internal control problem and should be handled by at least two people. Church financial statements should be designed to be informative for the laymen and might include a comparative receipt and expenditure statement or a cash basis statement of changes in financial position. Exhibits are included.

Nonprofit organizations

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