The enterprise is divided into any number of funds William J. Vatter, The Fund Theory of Accounting and Its Implications for Financial Reports the author summarizes his fund theory In Corporate Stock Equities Part I, in Morton Backer, Handbook of Modern Accounting Theory. Neither the proprietary theory nor the entity theory la a wholly satisfying frame of reference for accounting. Dependence upon personality and personal implications in accounting theory, even as a convention, does not contrlbute to that objectivity toward which all quantitative analysis is aimed. Vatters Fund Theory contains a wealth of penetrating oriticism of conventional concepts and conventional financial statements. Eugene C. Moyer, Review of The Fund Theory of Accounting and Its Implications for Financial Reports, by William J. The author devotes some space to an inquiry into the natures of proprietary and entity theories of accounting and concludes that neither theory solves the basic problems of accounting theory.