Under the entity concept, alternative accounting procedures are designed to permit a corporation to change its strategy for survival in the light of its economic and financial outlook. To this extent alternative accounting procedures have financial implications. In as much as the funds statement is a report of a corporation's financial operations, it is argued that all income determinants that are subject to alternative treatment need be included in the funds statement on the strength of their having financial implications. This argument is submitted as the reason why some non-fund adjustments receive prominent attention in funds statement preparation and why others do not.

Under the entity concept, financial statements are considered to be means through which a corporation's point of view is made known. As a corporation moves from one stage of development to another, changes in accounting procedures are needed so as to depict properly its changes in outlook and strategy for survival. So long as disclosures are made, and if coupled with education and/or public accountants' evaluations, it is contended that the use of alternative accounting procedures will not only make financial statement presentation more revealing and meaningful, but also permit corporations at different stages of development to compete for financial competence. The use of alternative accounting procedures is thus consistent with a corporation's objective of survival.

The article presents information on the difference in treatment by tax laws in various types and amount of income. As long as the income tax laws make a distinction between the taxation of ordinary income and capital gain, there is the difficult problem of determining the real nature of oil and gas as it is severed from the earth. On the other hand, the production of oil is a business and business income is considered to be ordinary income. Replacement Value, on the other hand, if oil is considered to be stock in trade, then percentage depletion provides a benefit. One method to assure the oil investor a return of his invested capital tax-free would be to charge all net profits to a reserve for depletion until the aggregate amount in the reserve equaled the amount of investment in the property; then no further depletion would be allowed. This would serve to reduce considerably the depletion now allowed the lessor. The tax laws are full of instances of differences in treatment for various types and amounts of income, due as much to political considerations as anything the. Percentage depletion is one more example of the conflict between proper determination of net income and the measurement of taxable income.

The article presents information on accounting examinations. The following problems were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the second half of the Certified Public Accountant examination in accounting practice on May 16, 1963. The candidates were required to solve problems 1 through 4 and either 5 or 6. The suggested time allowances were as follows: thirty-five to forty-five minutes for problem 1, thirty-five to forty-five minutes for problem 2, fifty to sixty minutes for problem 3, fifty to sixty minutes for problem 4 and fifty to sixty minutes for problem 5 or 6. Problem 1 presents certain objective questions related to accounting. Problem 2 is concerned with the preparation of the trial balance of a partnership firm. Problem 3 is concerned with the preparation of the shareholders accounts, the journal entries for the books of Groth Corp. recording the merger with Dekline Corp. as a pooling of interest. Problem 4 is concerned with the preparation of the company accounts for the machinery department.

This article provides information about professional examination of accounting. The following problems were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (C.P.A.) as the first half of the C.P.A. examination in accounting practice on May 13, 1964. The candidates were required to solve problem one through four and either five or six. Time allowances were assigned as per the problem. Some of the questions were, John Andrews is a principal partner in two separate partnerships, A and B, Partnership A's fiscal year ends June 30 and Partnership B's ends September 30. As partner, Andrews' share of the partnerships' taxable income for the fiscal years ending in 1963 was $8,000 and $20,000 respectively. Andrews, who reports on a calendar year basis, would report taxable income for 1963 from partnerships of, five options were provided, out of which one was correct. Another question was, in computing the taxable income of a partnership for 1963 a deduction is allowed. Five options were provided for the same.

This article presents an account of problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants and that were presented as the first hail of the Certified Public Accountants examination in accounting practice on November 7, 1962. The candidates were required to solve all problems. One of the problem stated that Bessie Smith, age 65, is the widow of Alan Smith, who died in 1960 at the age of 72. Mrs. Smith has never worked; however, she collects social security benefits based upon her husband's 15 years of covered earnings. She has no dependents. Further details regarding the income for the year 1961 were giver and the examinees were required to fide total dividends to be included in adjusted gross income of the widow, rates at which Smith's income tax is computed and Smith's retirement income credit. Question were also based on taxable interest, cost depletion, percentage depletion, installment method, gross income and depreciation. Time limits information has also been provided.

The problems mentioned in the article were prepared by the Board of Examiners of the American Institute of Certified Public Accountants, an organization and were presented as the second half of the CPA examination in accounting practice on November 8, 1962. The candidates were required to solve problems 1 through 4 and either problem 5 or 6. The suggested time allowances were as follows: Problem 1, 25 to 35 minutes; Problem 2, 50 to 60 minutes; Problem 3, 50 to 70 minutes; Problem 4, 30 to 45 minutes; Problem 5 or 6, 40 to 60 minutes.

PLANNING for the construction of a new town is in many ways similar to planning the development of an emerging national economy. Both processes may be framed within the context of growth, susceptible to an econometric treatment. The models of Klein and Goldberger, Tinbergen, Koyck and Bos, Harrod, Domar, and others, are well known; but the time seems distant when such sophisticated analyses of national economies can be applied to a local economy. Our paper modestly seeks to narrow this distance by developing and testing an urban growth model. Although the model was conceived for a particular growth problem and for one city, it is no less applicable to more general local development problems such as the construction of new towns. The process of building a new town may be conceptualized in a dynamic programming model which seeks to optimally schedule the allocation of budgeted funds among competing investment needs in such a fashion that the needs, or targets, are satisfied in minimum time. As a corollary, since the capital appropriation is exogenously given to the new town as a continuous increasing single-valued function of time, the targets are attained at minimum cost. The targets are defined as units of physical capacity, which in turn are dichotomized as industrial and service. Finally, because the capital appropriation equates costs, with minimum cost, as well as minimum time, the amount appropriated is also minimized.