The Accounting Review Vol. 32 No. 3 1957
PROFESSIONAL EXAMINATION.
Abstract
The article presents a professional examination for accounting practice. Problems 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 on May 15, 1957. The candidates were required to solve Problem 1; any two of Problems 2, 3 and 4 and either Problem 5 or Problem 6. The total weight assigned to this section was 50 points and the examiners point out that the suggested time allowances given below are closely proportional to the point value of the various problems. It is the regular practice of the business at the time a contract is received to set up the full contract price by a charge to Accounts receivable and a credit to Unearned contract sales. As work progresses on an individual contract, progress billings are sent to customers. No entry is made on the books for such progress billings. Collections are entered as a credit to Accounts receivable. Income is recognized on a completed contract basis for statement purposes. At the examination candidates were furnished a work sheet for Problem 5 containing the material in the first two columns of the solution work sheet. With respect to Problem 6, candidates were given the T accounts to be used in preparing their solutions.
- DOI
- 10.2308/tar-7059542
- Volume
- 32
- Issue
- 3
- Pages
- 488-508
- Language
- en
- Sources
- openalex crossref