This article features problems that were prepared by the board of examiners of the American Institute of Accountants and were presented as the first half of the November, 1951 certified public accountants examination in accounting practice. Questions were presented in three divisions, with unequal time duration alloted for each. The first series relate to federal income tax in the United States. Questions of these series include conditions for income tax exemption, taxability of the interest earned from U.S. savings bonds issued for individuals, categorization of real property owned by a taxpayer, taxability of interest earned from the sale of municipal bonds and possibility of deduction from tax returns for stock owned by a taxpayer. The second question demands the examinee to prepare a balance-sheet and income statement after careful inspection of records of a sole proprietorship firm. Another question demands the examinee to prepare a statement showing the sources and applications of funds from information on financial transactions undertaken by a business concern.

The article presents problems that were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the second half of the May 1952, C.P.A. examinations in accounting practice. The candidates were required to solve all problems. The time allowed was four and a half hours. The weights assigned were, problem 1, 15 points; problem 2, 10 points; problem 3, 25 points.

The article presents problems that were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the first half of the May, 1952, C.P.A. examination in accounting practice. The candidates were required to solve problems 1 and 2 and either problem 3 or problem 4. The time allowed was four and a half hours. Some of the questions included in the paper are. The board of directors of the Nelson Company authorized a $1,000,000 issue of 5% convertible 20-year bonds dated March 1, 1948. Interest is payable on March 1 and September 1 of each year. The conversion agreement provides that until March 1, 1953 each $1,000 of bonds may be converted into 6 shares of $100 par value common stock and that interest accrued to date of conversion will be paid in cash. After March 1, 1953 the bonds are convertible into shares of common for each $1,000 of bonds. The company sold the entire bond issue on June 30, 1948, at 98 and accrued interest. Deferable costs incurred in making the sale amounted to $8,320. The company adjusts its books at the end of each month and closes them on December 31 of each year. Interest is paid as due. On February 1, 1950, a holder of $20,000 of bonds converts them into common stock.

The article focuses on various problems that were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the second half of the November, 1951 Certified Public Accountant Examination in accounting practice. In one of the question the balance sheet of the company on September 30, 1951 was given and examinees were asked to compute the book value of a share of common stock as of September 30, 1951. They were also asked to compute tax rule as to stock rights and to show the computation and treatment of the transaction if the person sells his rights for $800. In another question, from the information and summary of the transactions for the year ended December 31, 1950, examinees were asked to prepare work sheets, showing by appropriate funds all information needed for a statement of income and expense for the year and a balance sheet for each fund as of December 31, 1950. Changes in surplus accounts or in fund balances were to be shown in additional columns unless all such changes are clearly identified in the balance sheet columns.