Professor Chamberlin and Mr. Smith on Advertising Get access T. H. Silcock T. H. Silcock Singapore Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 15, Issue 1, 1947, Pages 34–39, https://doi.org/10.2307/2295926 Published: 01 April 1947
An estimate of y obtained by applying the method of maximum likelihood under the assumption that ut is normally distributed is consistent and asymptotically normally distributed. The asymptotic standard deviation is given in this note. Although Kendall considers many estimates of the period in his publication, he does not use the maximum-likelihood estimate although it has desirable properties in large samples that several of the other estimates do not have.4 It is interesting to compare the numerical results of using this estimate with those Kendall applies to four artificial series generated by (1), each series with a different pair of coefficients a and j3.5 If the ut (t , 2, . . . , T) are assumed to be normally distributed and if x-, and x0 are assumed to be fixed, the estimate defined by the method of maximum likelihood is obtained by substituting in (2) the estimates of a and ,B found by the method of maximum likelihood under these assumptions [see equations (8)]. H. B. Mann and A. Wald6 have
The article presents information about professional examinations related to accounting. The following problems were presented as the second half of the November 1946, Certified Public Accountants examination prepared by the Board of Examiners of the American Institute of Accountants. The candidates were required to solve both problems in four and a half hours. The weights assigned were: problem 1, 35 points; problem 2, 15 points. A suggested time schedule was given which was as follows: Problem 1: 120 minutes and Problem 2: 60 minutes. Problem No. 1 was as follows: One of the problems were regarding a retail store which was destroyed by fire on March 20, 1946. Only few items were salvaged.
In an excellent article entitled "The Accounting and Treasury Functions in a Modern Organization," J.A. Campbell, a prominent accountant of Chicago, made the very sage statement that the accounting department pays its way by serving the business, not by trying to run it." The author doubts that anyone could frame in fewer words a more accurate and inclusive statement of the fundamental purpose of accounting than was thus expressed by Campbell. The author in this article indicates at least one important way in which accounting can be made to serve business. On the whole, the administration of public affairs does not require the use of involved accounting systems, procedures, or techniques; except in occasional, special situations, the requirements are simple. But many years ago somebody got the idea that the budgeting of income and expenditures called for special methods and techniques, and somehow or other enough public officials fell for the idea to give it a firm foothold. In most businesses the practice as to the classification of expenses is not even to ascertain the expenses of the accounting department as such, let alone the cost of the several activities that constitute the department.
The article presents questions and answers to the problems, which 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 in November, 1946. The candidates were required to solve both problems. The weights assigned were: problem 1: 30 points; problem 2: 20 points. The time allowed was four and a half hours. A suggested time schedule is given as: Problem 1: 90 minutes; Problem 2: 120 minutes. It has been asked by the president of Novo Kitchen Aids, Inc., manufacturer of home appliances, to review the company's capital, surplus and reserve accounts and to make such proposals for their revision and balance-sheet presentation as good accounting may suggest. (a) Draft a work sheet, and brief notes or adjusting entries which will indicate and explain the changes in form or content you would recommend, and (b) draw up the reserve, capital stock, and surplus sections of the balance-sheet as at April 30, 1946, as they should be presented. In response to this question, the work sheets and balance sheet are given in the article.
Comprehensive auditing of government corporations had its inception in Section 5 of Public Law of the Seventy-ninth Congress. This law was originated as the George Bill. It was passed February 24, 1945. On December 6, 1945, a second law was enacted concerning corporations which contained somewhat similar provisions as to auditing but also provided for budgetary and other controls. This was the Government Corporation Control Act. The first fiscal year for which audits were to be made was that ended June 30, 1945. Reports are addressed to the Comptroller General and transmitted by him to the Congress, one copy to each house. That to the House of Representatives is sent to the Speaker of the House. That to the Senate is sent to the President of the Senate. Copies go to the President of the United States, the corporations, the Treasury Department, and the Bureau of the Budget. Each report is printed, and a limited number of copies may be obtained from the House Document Room. Whenever there is public demand for as many as 500 additional copies of any report, the Government Printing Office will print an additional supply for sale at from ten cents per copy up, according to the size of the report.
The following accounting 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 Accountant examination in accounting practice on May 15, 1947. The candidates were allowed four and a half hours to solve problem 1 and either problem 2 or problem 3. Problem 1 was given a weight of 30 points and 20 points was assigned to either problem 2 or problem 3 From the following information, prepare a balance-sheet as at December 31, 1944, in accordance with the authorization of board of directors referred to below. The adjustments should be clearly keyed by letters or numbers on working trial balance. The Construction Corp. is engaged in a variety of construction work under contracts, the collections on which are made on the basis of engineering and architects' estimates as to stage of completion. Customers usually retain a percentage of the amount of each estimate pending completion of the contract. Gross profit on contracts has been shown in the books and financial statements in the year of completion.