The Accounting Review Vol. 26 No. 4 1951
PROFESSIONAL EXAMINATIONS.
Abstract
This article presents problems, which were prepared by the Board of Examiners of the American Institute of Accountants, and were presented as the second half of the May 1951 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. The weights assigned were, problem 1, 10 points; problem 2, 25 points; problem 3 or problem 4, 15 points. One of problem is being given as, "the Town of Big Springs had not been operating a public library prior to October 1, 1950. On October 1, 1950, James Jones died, having made a valid will which provided for the gift of his residence and various securities to the town for the establishment and operation of a free public library. The gift was accepted by the town. The library funds and operation were placed under the control of trustees. The terms of the gift provided that not in excess of 3 ,000 dollar of the principal of the fund could be used for the purchase of equipment, building rearrangement, and purchase of such "standard" library reference books as, in the opinion of the trustees, were needed for starting the library. Except for this 5,000 dollar, the principal of the fund is to be invested and the income therefore used to operate the library in accordance with appropriations made by the trustees."
- DOI
- 10.2308/tar-7076534
- Volume
- 26
- Issue
- 4
- Pages
- 582-591
- Language
- en
- Sources
- openalex crossref