The article presents problems that were presented by the American Institute of Accountants on May 16, 1940, as the first half of the examination in accounting theory and practice. Candidates were required to solve all problems in six hours. The following weights were assigned, problem 1, 10 points; problem 2, 15 points; problem 3, 20 points; problem 4, 20 points; problem 5, 35 points.

The following problems were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the first half of the examination in accounting practice on November 7, 1956. Saner, Mansville & Johnson, Certified Public Accountants, 1010 Fidelity Building, Richmond, Virginia, file theft Federal partnership return of income on the cash basis and use an August 31 fiscal year. Listed below are balances taken from the firm's general ledger (which is maintained on the accrual basis) as of September 1, 1955, and August 31, 1956. Mr. Doe, a real estate operator, owns several office buildings and wishes to diversify his holdings. He has an office building which he constructed in 1946 which has appreciated substantially in value. He has received an offer from Mr. Roe to exchange his equity in two apartment buildings for Doe's equity in the office building. In June 1955 the Hot & Cold Co. sold 50 air conditioning units for $200 each. Costs included material costs of $50 a unit and direct labor costs of $30 a unit. Overhead was computed at 100% of direct labor cost. Interest expense on a 4% bank loan was equivalent to $1.00 a unit. Federal income tax at a 30% rate was equivalent to $15 a unit.

The article focuses on professional examinations in accounting. Problems on accounting 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 9, 1956. The candidates were required to solve problem one and any three of the remaining four problems. The total weight assigned to this section of the examination was 50 points and the suggested time allowances were as follows: problem one, 80 to 110 minutes; any three of the remaining four problems 120 to 160 minutes. The first question is about computing the tax payable by a company. The minimum federal income tax liability by the regular method and by the alternative method is to be calculated. Another question is about a company which has resulted in loss in two consecutive years. The company provides a reserve on its books by charges to income for the losses of its subsidiary. The profits shown above for the company are before provision for amortization of the excess cost of acquisition and for the losses of its subsidiary. The students are required to prepare a worksheet for use in a consolidated balance sheet.

This article presents problems which 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 accountants' examination in accounting practice on May 10, 1956.

The article presents some problems prepared by the board of examiners of the American Institute of Accountants as part of an examination in accounting practice. The first problem required a student to prepare a schedule showing the cash payment of the buyer to the selling party, profit and loss statement of the company involved in the transaction and total taxable income statement of the selling party on the basis of information and conditions given to him. The second problem required the student to prepare a schedule showing how cash payments should be made to partners who are selling, with the realization of assets. The third problem required the student to prepare entreaties to reflect the exchange on the books of a corporation and compute depreciation on the purchase made by the corporation on the basis of the entreaties. The fourth problem required the student to prepare a statement accounting for the decrease in net working capital and a statement accounting for the decrease in cash on the basis of the information supplied. The solutions to each of the problems have been provided.

This problem relates to U.S. income taxes and should be answered in accordance with the Internal Revenue Code of 1954. Unless slated to the contrary in the following questions, individual taxpayers are assumed to be resident United States citizens on the cash basis, corporate taxpayers are assumed to be domestic corporations on the accrual basis, and all taxable years are calendar years. The Smith Medical Foundation was established in 1946 to finance research in the field of medical science. It leased building facilities from others from the date of its foundation to December 1953, at which time land and buildings adaptable to its operation were purchased. Since it was desired to operate its plant property as a self-supporting entity the Board decided to account for its plant as a separate fund, by establishment of a General Fund and a Plant Fund.

This article presents problems, which were prepared by the Board of Examiners of the American Institute of Accountants, and were presented as the first half of the Certified Public Accountants (C.P.A.) Examination in Accounting Practice on May 3, 1954. The candidates were required to solve problems 1, 2 and 3 and either problem 4 or problem 5. The total weight assigned to this section of the examination was 50 points. Weights were not assigned to the individual problems but a suggested time for each problem was given. The Bloom Florist Shops are owned and operated by Sumner Bloom in two separate locations. Mr. Bloom has called you in for assistance. He states that until two years ago he operated only a small card and flower shop in an adjoining town. At that time he opened a new and modern shop in the city and affiliated with the Florists Telegraph Delivery Association. Although he has had large gains in sales and profits in these last two years, Mr. Bloom has never effected any substantial improvement in his financial condition. He has looked into the problem from the personnel and physical standpoints and is satisfied with the honesty of the employees and the conformity of his product, service, and price with that of other florists. He asks that one look over the profit statement prepared for the prior fiscal year. It is his intention that this should be on a cash basis.

The article presents the problems prepared by the Board of Examiners of the American Institute of Accountants that were presented as the second half of the certified public accountant examination in accounting practice of November 4, 1954. The first problem of the examination presents a case in which books are kept on a cash basis. An apartment house purchased for $75,000 in June 1937, was sold on February 28, 1954 for $135,000. On account books, the accumulated depreciation to the date of the sale was $32,500. The escrow statements applicable to the buyer and the seller are shown in the article. The student is required to Prepare a journal entry to record the transaction on the seller's accounts books, prepare a journal entry to record the purchase on buyer's books, and prepare a schedule showing the gain to be reported by seller for federal income tax purposes. Multiple-choice questions are also provided in the examination. The students are required to select one correct answer for each question and to indicate their choice by placing an X in the appropriate space on the printed answer sheet.

The article presents a professional examination format on accounting. The problems in the article 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 18, 1955. The candidates were required to solve problems 1 and 2 and either problem 3 or problem 4. The total weight assigned to this section of the examination was 50 points and the examiners point out that the suggested time allowances for each problem are closely proportional to the point values of the various problems. The question number one asks the examinee to prepare a tax return for Fred Baker for the calendar year, 1954 on the Form 1040. The examinee is required to complete the return in so far as the information makes possible. The examinee should omit cents in the tax return and in all computations and schedules. As examinees are required to prepare the schedules in pencil to facilitate corrections. A worksheet is not required, but certain explanatory schedules should be prepared to support the claimed deductions or items of income.

The article focuses on various problems of professional examinations in accounting. The following problems were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the second half of the Certified Public Accountants examination in accounting practice on May 13, 1954. The candidates were required to solve all problems in four and a half hours. The total weight assigned to the three problems is 50 points. Weights were not assigned to the individual problems but a suggested time for each problem was given. In one of the problems details of a hypothetical company, Reese Extract Company which produces flavoring extracts and spices for food products has been given. The Company has been successfully operated for many years and carries an extensive line, but vanilla extract is its major product. The details of periodic inventories and other financial details has been given. The examinees are required to prepare manufacturing statement showing costs, units, and prices by processes and computations showing the rebate to be claimed from the federal government for the period and the amount of deferable tax applicable to the inventories which have not gone to the packaging department.