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 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.