I. Introduction, 520. — II. A simple model, 522. — III. An examination of Graham's principal conclusions, 526. — IV. Relaxation of the assumptions, 537. — V. Relation to linear programming, 540. — Mathematical Appendix, 542.

The article presents a list of problems that were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the first half of the Certified Public Accountants examination in accounting practice on May 13, 1953. The candidates were required to solve all problems in four and a half hours.

Social integration has two main phases, the real and conceptual. The social integration which the author talks about in this article is individual and personal. It denotes the development of the individual student in terms of comprehension of problems, the ability to select and marshall relevant materials, gaining a historical perspective, thinking reflectively, and the acquisition of facility in oral and written expression. The author proposes that one of the principal challenges to higher education has been to concern itself more definitively with practical affairs. Top educators are calling for universities to extend their activities to defining ultimate social objectives. Among the practical objectives which may be suggested for the consideration of accounting educators are the establishment of amicable relations among nations, expansion of national income without sharp disturbances, attainment of substantial equity in the distribution of real income, the safeguarding and expansion of personal freedoms. In this pattern of educational effort, vocational and professional training would be included as a responsibility of higher education.

The article presents the question paper that was prepared by the Board of Examiners of the American Institute of Accountants and was presented as the second half of the Certified Public Accountant examination in accounting practice held on May 14, 1953. The candidates were required to solve problems 1, 2 and 3 and one of the remaining three problems in four and half hours. The weights assigned were that for problem 1, there was 16 points, for problem 2 there was 6 points, for problem 3 there was 18 points and for problems 4, 5 and 6 there was 10 points for the one selected. The time duration for doing individual questions is also given. In one of the questions it is given the case of examining Roofing Co. Inc. as of December 31, 1952, which was the end of its first year of operation. All accounts except those for fixed assets and depreciation have been reviewed and necessary adjustments made. Now one finds that the depreciation recorded and the fixed asset accounts is not take into account. The adjusted trial balance including adjustments made during the audit work is given. The students are required to prepare analyses showing computation of gross fixed asset values at December 31, 1952, total flood loss for the year 1952 and depreciation for the year 1952.

This article presents questions and answers related 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 November, 1952 C.P.A. examination in accounting practice. The candidates were required to solve problems 1 and 2 and one of the remaining three problems. The weights assigned were: problem 1, 20 points; problem 2, 18 points; problems 3, 4 or 5, 12 points. A suggested time schedule is given as: Problem 1: 100 minutes; Problem 2: 80 minutes; Problem 3: 60 minutes; Problem 4: 40 minutes; Problem 5: 30 minutes. The C Company is planning a pension system for certain of its employees. It wishes to provide funds for meeting the payments under the pension plan and asks you for assistance. The company does not contemplate making any pension payments under the plan until January 1963. Starting on January 1, 1953 and continuing for ten years, the company will deposit $10,000 a year in a special fund. On January 1, 1952, the company wishes to make a lump sum deposit of an amount sufficient to provide the remaining funds needed for meeting the pensions. It is expected that all the above funds will earn 3% interest compounded annually during the entire life of the fund. The question is to compute the amount of payment which should be made on January 1, 1952. In response to this question, the article presents a balance sheet.

This article presents some problems prepared by the Board of Examiners of the American Institute of Accountants and were presented as the second half of the November, 1952 C.P.A. examination in accounting practice. The candidates were required to solve all problems in four and a half hours. The weights assigned were: problem 1, 12 points; problem 2, 18 points; problem 3, 20 points. The suggested time for the problems are problem 1, 45 minutes; problem 2, 90 minutes; problem 3, 60 minutes. The first problem is that F and T are partners in the operation of a retail store. They are concerned about the apparent discrepancy between their income and their volume of sales. Although they maintain incomplete accounting records, their experience in the business suggests to them that there is possible theft or larceny on the part of their staff. The partners have asked you, in connection with your initial audit to apply such tests as you can to determine whether there is any indication of shortage.