The purpose of this article is to provide a content profile and a question index of the Certified Management Accountant (CMA) examination. A content profile of the first four CMA examinations 1972-1975 is presented in the article. This profile is broken down three ways, by subject area, by topic within managerial accounting, the subject area being given the most coverage and by topic within financial reporting, the subject area being given the second-most coverage. The ten subject areas in the profile were identified by integrating typical business administration curriculum formats and course descriptions with the reading list and topical coverage outline distributed by the Institute of Management Accounting. Questions are classified into subject areas and into specific managerial accounting and financial reporting topics on the basis of their content and context and the degree of sophistication indicated by the unofficial answers. Percentages in the profile reveal the average relative emphasis given to the subject areas and topics. Calculations are based on the suggested maximum number of minutes allotted to questions according to the examination instructions. Optional questions involving two or more subject areas are assumed to be selected with equal frequency in each subject area.

This article focuses on various concepts of equity and cites a study of the discrimination in the federal income tax rate structure. Given these three conflicting views of equity in the federal income tax rate structure, the taxable incomes of the spouses were allowed to vary from $1,000 to $40,000 in $1,000 steps. Then the tax burdens for all such combinations under the 1975 tax rate schedules for single and married taxpayers were computed. Only the impact of the federal income tax rate structure was considered in this study. The primary causes of distortions between singles and married that have been ignored were the maximum standard deduction, the low income allowance, exemptions for children, and child care deductions. It was noticed that when equity was defined as having economic units with equal incomes be taxed equally, a burden on single taxpayers emerged. The tax burdens for the lower income levels have been entered on the appropriate intersection to provide some guideline for the locus of the zero tax burden curve in the obtained graph. It is concluded that the tax rate structure has very different implications for taxpayers depending on their taxable incomes.

Reviews the book "Managerial Accounting," by Joseph G. Louderback and Geraldine F. Dominiak.

I. Introduction, 197. — II. A formal model, 199. — III. Some extensions of the model, 212. — IV. Conclusion, 215. — Appendix, 216.

Alan Kraus, Frederick L. A. Grauer, Session Topic: Allocational Efficiency of Security Markets Under Uncertainty: Discussion, The Journal of Finance, Vol. 31, No. 2, Papers and Proceedings of the Thirty-Fourth Annual Meeting of the American Finance Association Dallas, Texas December 28-30, 1975 (May, 1976), pp. 602-609