The article presents various problems that were presented on May 16, 1941 as the second half of certified public accountants examination prepared by the board of examiners of the American Institute of Accountants. The total weight allotted to this section was 50 points and was divided as follows: problem 1, 20 points; problem 2, 16 points; problem 3, 14 points. Examinees were allowed six hours to prepare their solutions. In one of the questions examinees were requires to prepare an estimate of fair market value of the stock of the Hall Instrument Co. and submit full explanations and computations. In addition other determinations and estimates that are made with respect to the position and prospects of the Hall Instrument is the gross volume of business for the next three or four years is expected to average around $110,000. In another question, a detail of the annual report to shareholders of the State Stove Co. is provided. Examinees are required to submit worksheets and complete computational analysis of the data.

Reviews the book "The Balance Sheet of the Future," by Roy A. Foulke.

The article presents problems prepared by the Board of Examiners of the American Institute of Accountants, which were presented as the first part of the examination in accounting theory and practice held in the cooperating states on May 15th and 16th. One of the questions requires the students to prepare intelligible columnar work sheets showing the consolidation of the accounts, minority interests, earned surplus at beginning, and profit and loss from the provided balance sheets, profit and loss accounts and other data. Another question provided data for the preparation of a statement of operating results of the Zinc Mining and Milling Company in October that will show the operations on the company's own account and its activities in furnishing milling services to others, both for zinc and for lead concentrates. All supporting schedules had to be presented. Computations were to be carried the third decimal The students were required to observe and offer suggestions concerning, the form and substance of the accounts presented, and the treatment therein of depreciation on appreciation.

The article presents information related to overcapitalization as applied to corporations. It is proposed in this paper to discuss critical analysis of currently accepted definitions of overcapitalization, to point out the fallacies upon which they are based and to consider the possibilities of formulating a definition not subject to these criticisms. A U.S. senate bill introduced in 1911 maintained that the registration of any corporation can be revoked by a commission on the ground of overcapitalization that is to say upon the ground that the par value of the total securities including shares of stock and all obligations running for a term of some years or more, of such corporations, issued and outstanding at any time clearly exceeds the true value of the property of the corporation at that time. In determining such true value the said commission shall consider the original cost of such property, its present replacement cost, its present market value, including the goodwill of the corporation's business and the fair value of the services rendered in the organization of such corporation.

The article focuses on professional examinations for students of accountancy. The following problems were prepared by the Board of Examiners of the American Institute of Accountants which were presented on November 13, 1941, as the first half of the Chartered Public Accountants (CPA) Examination in accounting theory and practice. The examinees were allowed six hours to solve these problems and weights were assigned as follows: problem 1, 12 points; problem 2,4 points; problem 3, 16 points; problem 3,16 points; problem 4, 14 points; problem 5, 6 points. A suggested time schedule is given below; Problem 1,60 minutes; Problem 2,15 minutes; Problem 3,120 minutes; Problem 4,90 minutes; Problem 5, 30 minutes. A depreciation schedule for auto trucks of a company was requested by an income-tax revenue agent soon after December 31, 1940, showing the additions, retirements, depreciation and other data affecting the taxable income of the company in the four-year period 1937 to 1940 inclusive.

Reviews the book "Accountants' Index."

The article presents problems presented in the second part of the November 1940, C.P.A. examination prepared by the Board of Examiners of the American Institute of Accountants. One of the problems asked was, the will of E. M. Dodd, who died on December 31, 1933, provided cash bequests of $40,000 to Mrs. Dodd and $15 ,000 each to two children, the residuary estate to be divided equally among the three beneficiaries. Mrs. Dodd was appointed executrix and trustee without fees or other emoluments. By court order Mrs. Dodd was to receive a family allowance of $4,000 a month, commencing January 1, 1934, payable from income or from any cash principal available if the income should be inadequate. The estate never had enough cash available to pay up the full allowance nor could any part of the cash bequests be paid. Accordingly a considerable liability to Mrs. Dodd had accumulated toward the end of 1939 for the unpaid portion of the family allowance. The students were asked to prepare adjustments to the trail balance, columnar worksheet showing the trial balance before and after adjustment.

The article presents the authors reflections on his twenty five years with the American Accounting Association. The author realizes that he was fortunate enough to have attended all the meetings of the Association. The members of the Association have missed many pleasant days at home, have neglected their work, have spent without reimbursement over $2,000 in attending these annual meetings, eleven of which have been on the Atlantic seaboard and six in Pittsburgh, Columbus, Cincinnati, Cleveland, and Detroit. The author admits there have been some very dry moments in some of the sessions, when it seemed necessary to exercise a maximum of self discipline. At times they had to seek relief in the hallways or the great out of doors in order to ponder over the serious problems and proposals made by the learned authors of some papers which were read. The truth of the matter is that though the span of years the members have considered the intangible values derived from these meetings as great enough to justify the personal detriments incurred in attending them.