The article presents details of problems prepared by the board of examiners of the American Institute of Certified Public Accountants and presented as the second half of the chartered public accountants examination in accounting practice in May 1958. The candidates were required to solve problems. 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. From the following information set forth below one has to prepare a Federal income tax return for the calendar year 1957. Solution should show in schedule form all items going into the computation of the net taxable income, the computation of the tax and the final balance payable or overpayment of tax. Set up in good form any supporting computations needed in preparation of the return.

This article presents some problems prepared by the Board of Examiners of the American Institute of Certified Public Accountants, which were presented as the second half of the examination in accounting practice on November 7, 1957. The candidates were required to solve problem 1 and any three of the remaining four problems. The total weight assigned to this section of the examination was 50 points and the examiners point out that the suggested time allowances are approximately proportional to the point value of the various problems. The suggested time allowances for the problems were as follows: Problem 1, 30 to 45 minutes; any three of the remaining four problems, 150 to 225 minutes. The problem 1 asked the students to prepare a work sheet showing details of the computation of the corporate Federal income tax for the fiscal year ended May 31, 1957 of Taxpayer Manufacturing Corp. In another problem, the trial balance sheet of Pacific Import Co. has been provided to students and they were asked to prepare a columnar worksheet for the company and its branch with columns for "Trial balance," "Adjustments and eliminations" and "Branch income statement."

The article discusses about professional examinations. The problems were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the second half of examination in accounting practice. The candidates were required to solve all problems in four and a half hours. The examination in theory of accounts of C.P.A. Examination was given in a three and one-half hour session. The management of a corporation is considered replacing a machine which is operating satisfactorily with a more efficient new model. Depreciation on the cost of the existing machine is omitted from the data used in judging the proposal, because it has little or no significance with respect to such decision. The article here discusses about the professional examinations, examinations in theory of accounts, the different questions asked in those examinations. To save candidates the time of computing their own time budgets for each problem, notations of estimated time requirements are furnished for each problem to be answered separately.

The article presents some problems prepared by the Board of Examiners of the American Institute of Accountants, U.S. and were presented as the second half of the examination in accounting practice on November 8, 1956. The candidates were required to solve any four out of five problems. The problems were of equal weight, the total for this section being 50 points. The time allowed for solution was four and a half hours. The examination in theory of accounts of the November, 1956, Certified Public Accountants Examination was given on Friday, November 9, 1956 in a three and one-half hour session from 1:30 P.M. to 5:00 P.M. There were two groups of questions induced. All four questions in the first group were required, five were to be selected from seven in the second group. To save candidates the time of computing their own time budgets for each problem, notations of estimated time requirements are furnished for each problem to be answered separately, and in the aggregate for all problems to be answered out of a group where the options are involved.

The article presents a professional examination for accounting practice. Problems were prepared by the Board of Examiners of the American Institute of accountants and were presented as the first half of the C.P.A. examination in accounting practice on May 15, 1957. The candidates were required to solve Problem 1; any two of Problems 2, 3 and 4 and either Problem 5 or Problem 6. The total weight assigned to this section was 50 points and the examiners point out that the suggested time allowances given below are closely proportional to the point value of the various problems. It is the regular practice of the business at the time a contract is received to set up the full contract price by a charge to Accounts receivable and a credit to Unearned contract sales. As work progresses on an individual contract, progress billings are sent to customers. No entry is made on the books for such progress billings. Collections are entered as a credit to Accounts receivable. Income is recognized on a completed contract basis for statement purposes. At the examination candidates were furnished a work sheet for Problem 5 containing the material in the first two columns of the solution work sheet. With respect to Problem 6, candidates were given the T accounts to be used in preparing their solutions.

This article presents problems and their solutions 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 Accountant examination in accounting practice on November 2, 1960. Candidates were required to solve all problems. One of the question was, "Prior to January 1, 1959, ABC Company, a wholly-owned subsidiary of XYZ Company, conducted a business of importing hemp and fiber for resale purposes. As of January 1, 1959, ABC Company changed its business by entering into an agency agreement with the parent company whereby all transactions of ABC Company would be as agent for the purposes of purchasing and selling hemp and fiber for the account of XYZ Company as principal. The agreement provided, among other things, that ABC Company receive $1.80 a ton for all hemp and fiber purchased for XYZ Company, including the beginning inventory. The beginning and ending inventories were priced at $7.15 and $7.20 per hundred pounds, respectively. The average prices per hundred pounds for purchases, as recorded in the books of account after the adjustment for ending inventory, and sales were $7.18 and $7.27, respectively.

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.

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.

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.

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.