Abstract The following problems were prepared by the Board of Examiners of the American Institute of Certified Public Accountants and were presented as the first half of the C.P.A. examination in accounting practice on November 4, 1959. One of the major problem includes The Hale-Haworth-Nye Partnership was formed in 1950 with partner Hale contributing the major portion of the capital, and partners Haworth and Nye providing the knowledge and experience necessary for the operation of the business. The Unstable Furniture Company commenced business operations on January 1,1957. All sales are made on installment contracts and inventory records are on a periodic basis. Contract receivables are kept separate by years. At the end of each year adjustments for unrealized and realized gross profits are made through a Deferred Gross Profit on Installment Sales account. The Stanger and Theeler Company established a non-contributing profit-sharing trust for its employees, effective January 1, 1956. Contributions to the trust have been determined to be allowable as a deduction on the company tax return.

Abstract Featured here are problems 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 May 13, 1959. Examination pattern involves the division of the whole duration of the paper among three divisions. The first division of questions involve objective type of questions aimed at measuring the skills of the examinee related to federal income taxes under the U.S. Internal Revenue Code, 1954. The second division is aimed to test the examinees skills in the maintenance of check book and cash book of a law firm whose owners have decided to dissolve their partnership. Information regarding capital investments, profits and expenditures have been provided. Another question requires the examinee to calculate inventory costs transferred from different product lines; for a company manufacturing different industrial products. Questions demanding the preparation of a balance sheet and working capital fund are also presented.

Abstract This article presents accounting problems which were prepared by the Board of Examiners of the American Institute of Certified Public Accountants (C.P.A.) and were presented as the first half of the C.P.A. examination in accounting practice on November 5, 1958. One of the problems says that Lynn and Kay, architectural designers and interior decorators, combined May 1, 1958, agreeing to share profits, Lynn, two-thirds, Kay, one-third. Lynn contributed furniture and fixtures, $3,000, and cash $2,000, Kay contributed cash, $500. They plan to submit monthly bills and make the following arrangements with their clients, the salaries of draftsmen and shopper who are paid on an hourly basis, shall be billed to clients at the hourly rate for time spent on each job, plus 125% for overhead and profit and plus ft% for all payroll taxes. Partners' time on jobs shall be billed at $10 an hour. A 10% service fee shall be charged on purchases of furniture, drapes, etc., installed on the jobs. There will be no service fee on taxis, telephone and other expenses identifiable to jobs and charged to clients.

Abstract The article presents various problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants, U.S. and presented as the first half of the Certified Public Accountants (C.P.A.) examination in accounting practice May 14, 1958. The candidates were required to solve problems one, two and three and either problem four or problem five. The total weight assigned to this section of the examination was 50 points and the examiners point out that the suggested time allowances given below are approximately proportional to the point value of the various problems. The time allowed for this section of the examination was four and a half hours. The article also includes two groups of questions presented in the audit section of the May 15, 1958 Uniform C.P.A. Examination. The estimated time allowances are approximately proportional to the point value of the problems, the total of which for this examination is 100.