PROFESSIONAL EXAMINATIONS.
The article presents a question paper prepared by the Board of Examiners of the American Institute of Certified Public Accountants and was presented as the first half of the examination in accounting practice on November 6, 1957. The candidates were required to solve all problems in four and a half hours. The total weight assigned to this section of the examination was 50 points and the examiners point out that the suggested time allowances are approximately proportional to the point value of the various problems. The time allowances for doing different questions are also suggested. One of the problems was based on 3 partners who joined with initial investment of $20,000, $30,000 and $50,000. There was no provision in their original agreement as to sharing profits, but the agreement did provide that each partner would be entitled to $3,000 salary as a distribution of profits. At the end of the financial year, it is required to review their books and records and to advise them of their proper capital balances.
- DOI
- 10.2308/tar-7130738
- Volume
- 33 (1)
- Pages
- 131-151
- Language
- en
- Export
- BibTeX
- Sources
- crossref openalex