Journal Article Social Security and Inflation: a Study of the Economic Effects of an Adjustable Pensions Scheme Get access Alan T. Peacock Alan T. Peacock London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 20, Issue 3, 1952, Pages 169–173, https://doi.org/10.2307/2295886 Published: 01 January 1952

I. Current emphasis on inventory control, 502. — II. The calculation of economic purchase quantities and reorder points, 503. — III. The interaction of economical purchase quantities and reorder point quantities, 508. — IV. Analysis of inventory control problems for style goods, 513. — V. The relationship between inventory control analysis, businessmen's behavior, and economic theory, 517.

Robert W. Adams, John T. Wheeler; External Economies and the Falling Supply Curve1, The Review of Economic Studies, Volume 20, Issue 1, 1 January 1952, Pag

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 focuses on the role of the accountants in the present economy and his role in the expanding defense program. In author's references to the accountant, he is referring to him in both public practice and private employment, since the author sincerely believes that every real accountant is, broadly speaking, a public servant. He renders a public service by seeing to it that accounting data disseminated to the public fairly presents the financial facts of the business or activity involved. Recognition of this responsibility by accountants themselves will serve to establish their professional status. The accountant's knowledge of business and financial matters and his reputation for integrity equip him to exercise economic and ethical leadership so greatly needed in today's society. As a tool of management, in industry, and in government, the accountant must now, more than ever before, measure up to the highest professional standards. The present day problems facing business present a challenge to the accountant, which he cannot safely ignore, to be of greater service to his client and to his country.

Although double entry bookkeeping has existed for several centuries with very satisfactory results as a recording medium, it has been given a severe test during the last 60 to 70 years along with its companion known as accounting. The severity of the test has been caused by two main elements, (1) expansion of the field to include not only recording of transactions but also interpretation and reporting; and (2) rapid development of business itself with resulting complexity of transactions and adjustments. These two new phases presented themselves more or less gradually over the period mentioned, as influences began to appear in the form of the business corporation, income taxes, and government regulation. One of the main products of bookkeeping and accounting for the last century at least has been the calculation of profit or loss. During the last sixty years the textbooks on bookkeeping have kept pace with practical application of the subject, usually however, lagging by about ten years to permit new ideas to solidify and to allow for preparation of manuscript, printing, and proof reading.

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.