Journal Article Trends in the "Rigidity" of English Wage Rates Get access John T. Dunlop John T. Dunlop Cambridge, Mass. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 6, Issue 3, June 1939, Pages 189–199, https://doi.org/10.2307/2967644 Published: 01 June 1939

Necessity of differentiating demand with respect to the time element, 131. — Meaning of long and short run, 132. — Spending without free current choice, 132. — Saving, 133. — Habitually consumed goods, 134. — "Petty" goods, 134. — Social demand curve for such goods, 135. — Stocking up, 135. — Significance of the demand schedule in such cases, 136. — Experimental spending, 137. — Residual saving, 138. — Demand in the long run, 138. — The markets for the great staples, 141. — Conclusion, 142.

I. Lack of focus in discussion of policy, 73. — Limiting assumptions necessary to achieve focus, 75. — II. Political assumptions stated, indicating probable continuance of general policy, 75. — III. Relative laxity of past enforcement, 78. — Changes of emphasis in discussions of policy, 81. — Continuing importance of problems emphasized in earlier discussions, 82. — IV. Possible changes in substantive law to provide more effective enforcement, 84. — V. Present deficiencies in administration, 89. — Possible improvement of administration, 90. — VI. Methods of making exceptions to anti-trust policy, 93. — Limits upon use of consent decrees, 97. — Legislative approach to exemption of particular industries, 98. — VII. Anti-trust law policy not "archaic, " 100. — Does not imply government of narrow powers, 101. — Greater effectiveness possible, 101.

Introduction: two approaches to the problem, 522. — I. Rigidity as a relative concept, 522; as a characteristic of the total system of prices, 524; as an indication of the degree of monopoly, 525. — Measurement of the degree of monopoly, 526. — II. The method employed: average prime costs vs. marginal costs, 527. — The statistical technique, 529. — Analysis of the data, 530.

The article presents problems related to accounting students, presented at the second half of the examination in accounting theory and practice prepared by the Board of Examiners of the American Institute of Accountants. The first problem focuses on the issue of property transfer after the death of a certain person who has left his company and shares for her sole beneficiary. The court administering the estate of her deceased husband ordered her certain offers, to pay in full indebtness of his deceased husband's company, to submit to the court at its next session a charge and discharge statement. This company has sold certain amount of its shares, pursuant to appropriate resolution of its stockholders and directors, paid its debts and credited its shareholders with their proportion of the net worth. The company had been in existence for a period of five years but paid no preferred dividends so that an amount of $1,600,000 was in arrears. It has been asked to prepare a balance sheet, after giving effect to the recapitalization plan. The examinee is told that the executrix has paid the preferred claims but he is left to decide for himself as to which claims are included in that category. In most states taxes, funeral expenses and legal services rendered for the estate are regarded as preferred claims and they were so regarded in the above solution.

The article presents problems from the first half of the Certified Public Accountants Examination in accounting theory and practice, presented on May 16th and 17th 1939 in those states using the questions prepared by the Board of Examiners of the American Institute of Accountants. Candidates were required to solve all problems. From a comparative summary and additional information given, a statement of application of funds was asked to be prepared. The Sulphur Company, organized January 1, 1934, was formed to mine, refine, and sell sulphur. To that end it secured a twenty-year lease on 500 acres of known sulphur deposits, referred to as section A, and 500 acres, referred to as section B, of potential but undiscovered sulphur deposits. It was estimated after engineers' survey that there were 5,000,000 tons of sulphur under section A at the time of acquisition. Mine reports showed the number of tons taken out by years. A statement was prepared by the company's bookkeeper. The statement is correct and all accounting requirements have been met, except that the company has never provided for amortization or depletion since, in the words of the company's president, "it had discovered from prospecting more new deposits than it had mined."

This article presents four questions, prepared by the Board of Examiners of the American Institute of Accountants, for accounting students which were asked in the Certified Public Accountant (CPA) examination in accounting theory and practice held in May 1939. It also provides explanatory answers to these problems. Candidates who appeared in the examination were required to solve all problems in six hours. The first question described here is concerned with the topic of stock and investment accounting and decisions; while the second one is concerning sales and purchase in retail trade accounting. The other two questions are concerned with accounting problems of property lease and real estate businesses. Answers are detailed with special comments for clarifying the statements prepared in answers. Proper scheduling of time for each question individually by the student is also suggested to effectively solve these questions.

This article presents the problems and answers which were presented as the first half of May 1939, Certified Professional Accountant examination in the U.S. In problem 1, the candidates were required prepare a statement showing the amounts payable to different beneficiaries. In problem 2, the case history of the Universal Patent Corporation was given. The Universal Patent Corporation acquired 700 shares of the capital stock of the General Development Company. The shareholders of the General Development Company ordered the liquidation of the company as at the close of December 31, 1938. The shareholders were to receive a pro-rata assignment of their interest in the patent on January 2, 1939. The candidates were asked to prepare the entries which the Universal Patent Corporation should make to record the amortized cost of its interest in the patent on the date of assignment. Problem No. 3 stated that a governmental authority was constituted about July 1, 1937, to carry out certain recreational activities for which the authority was to buy or construct the equipment. The candidates had to prepare a columnar work sheet recording the transactions of the authority so as to show the asset and liability and budgetary accounts for the year ended June 30,1938.