Abstract This article presents several questions and answers that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (CPA) and were presented as the first half of the CPA examination in accounting practice on November 2, 1966. The candidates were required to solve all problems. In one of the questions,the president of Eastern Co. wants guidance on the advisability of eliminating product C, one of the company's three similar products, or investing in new machinery to reduce the cost of product C in the hope of reversing product Cs operating loss sustained in 1966. The three similar products are manufactured in a single plant in about the same amount of floor space and the markets in which they are sold are very competitive. It is required to prepare a schedule showing the contribution of product C to the recovery of fixed costs and expenses for the year ended October 31, 1966. Assume that each element of cost and expense is entirely fixed or variable within the relevant range and that the change in inventory levels has been negligible.

Abstract This article presents a list of problems that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (CPA) and were presented as the second half of the CPA examination in accounting practice on November 3, 1966. The candidates were required to solve the first four problems and either problem five or six. Time allocated for first problem is 30 to 40 minutes, second problem is 50 to 60 minutes, third problem is 40 to 50 minutes, fourth problem is 50 to 60 minutes and 5th or 6th problem is 50 to 60 minutes. All questions are pertaining to the taxation of partnerships and the answer is to be selected in accordance with the current internal revenue code and regulations. Examinees are instructed to select one answer for each question and their grade will be determined from their total score of correct answers. In the end of the test solutions are also provided to help the examinee. All the questions of the test deals with the internal revenue code and regulations.

Abstract The article provides several problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants presented as the second half of the certified public accountant examination in accounting practice on May 19, 1966.

Abstract The article presents a question paper prepared by the Board of Examiners of the American Institute of Certified Public Accountants which was presented in the 1st half of the Certified Public Accountants (CPA) examination in accounting practice on May 18, 1966. The candidates were required to solve all the problems. All the questions were grouped into five sections. The suggested time allowances for each section was fixed at 40 to 50 and 50 to 60 minutes. Section 1 comprised of 20 multiple choice questions. Section 2 presented a question which required students to prepare a financial statement and to compute income-tax liability. Section 3 required the students to prepare a schedule to compute minimum bid i.e., the bid that would neither increase nor decrease total profits. Section 4 asked of students to prepare a formal consolidated statement of source and application of funds for a company and its subsidiary and a formal schedule of changes in consolidated working capital. Questions in section 5 required students to compute gross profit margin.

Abstract The article presents problems and their solutions prepared by the Board of Examiners of the American Institute of Certified Public Accountants, and presented as the first half of the Certified Public Accountants examination in accounting practice held on November 03, 1965. The first question deals with the taxable income of an employee who died, and the liability of his employer towards his widow. The second question deals with the accounting of merger of a proprietorship. Certain questions deal with the issue of calculation of earnings per share. One question deals with the issue of accounting of wages and salaries of employees of a proprietorship. Another question deals with the issue of capital gains tax of a stockbroker, who sold his sole residence. One question deals with the issue of recognition of loss for a stolen diamond ring, given that it was not insured, and that it had different cost and fair market value. Another question deals with the issue of claim amortization of leasehold improvements of a retail store.

Abstract The article presents various problems prepared by the Board of Examiners of the U.S. body American Institute of Certified Public Accountants and presented at the second half of the certified public accountant examination in accounting practice on November 4, 1965. The candidates were required to solve all problems. The suggested time allowances for various problems were also given. One of the problems talked about the budget expenditures of the Board of Education of the Victoria School District for the year ending June 30, 1967. Data given included that the estimated average daily school enrollment of the School District is 3,000 pupils including 200 pupils enrolled in a vocational training program, estimated revenues include equalizing grants-in-aid from the state of $150 per pupil and that the grants were established by state law under a plan intended to encourage raising the level of education. The students were asked to prepare a schedule computing the estimated total funds to be obtained from local taxation for the ensuing school year ending June 30, 1967 for the Victoria School District.

Abstract The article presents various accounting problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants. These problems were presented as the second half of the Certified Public Accountant examination in accounting practice on November 5, 1964. The candidates were required to solve problems one through four and either five or six in limited time. One series of questions pertains to John Brown, who is employed by Clairemont Manufacturing Corp. as a salesman, and his wife Irma. John Brown is also the proprietor of Brown Manufacturing Co. which employs two people and employs his wife as bookkeeper. Another series of questions relates to three attorneys who agreed to consolidate their individual practices as of January 1, 1963.

Abstract The article presents problems that were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the first half of the Certified Public Accountants examination in accounting practice on May 12, 1965. The candidates were required to solve all problems.

Abstract The article presents problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants (CPA) that were presented as the second half of the CPA examination in accounting practice on May 13, 1965. The first problem is related to the sale of an apartment house the accounting records for which are maintained on the cash basis method. For the quarterly audit, the information available includes that the apartment building and land were purchased for $223,000. The building was being depreciated over a 40-year life by the straight-line method for the purposes of both reporting and income taxes. Accumulated depreciation after three-and-a-half years was $17,500. No depreciation has been recorded on the books after that. The contract of sale stated that the price for the land on which the building was built was $25,000. The purchase money mortgage payments are $1,000 per month plus accrued interest. The students were required to prepare the adjusting journal entries to record the sale on books, and to compute the taxable capital gain that can be expected on the installment sale method.

Abstract The article presents a set of problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants. It was presented at the second half of the CPA examination in accounting practice. The suggested time-frame has also been given. One of the problems provides the candidates with a printed worksheet. The candidates were asked to adjust the proprietorship's accounts for financial statement purposes, close the proprietorship's nominal accounts, and convert the proprietorship's accounts into the accounts with which the corporation will begin its operations. The candidates were provided a worksheet containing the trial balance with columns headed, Adjusting Entries, Pine Lumber Company Income Statement, Pine Lumber Company Balance Sheet, Closing and Conversion Entries, Pine Lumber Corporation Beginning Balances. The article presented another worksheet with condensed trial balances. The candidates were asked to prepare the formal journal entries at December 31, 1963 to record the change in accounting methods for 1963. They were to prepare a formal statement of income and retained earnings for the year ended December 31, 1963.