The Accounting Review Vol. 30 No. 2 1955
PROFESSIONAL EXAMINATIONS.
Abstract
The article presents the problems prepared by the Board of Examiners of the American Institute of Accountants that were presented as the second half of the certified public accountant examination in accounting practice of November 4, 1954. The first problem of the examination presents a case in which books are kept on a cash basis. An apartment house purchased for $75,000 in June 1937, was sold on February 28, 1954 for $135,000. On account books, the accumulated depreciation to the date of the sale was $32,500. The escrow statements applicable to the buyer and the seller are shown in the article. The student is required to Prepare a journal entry to record the transaction on the seller's accounts books, prepare a journal entry to record the purchase on buyer's books, and prepare a schedule showing the gain to be reported by seller for federal income tax purposes. Multiple-choice questions are also provided in the examination. The students are required to select one correct answer for each question and to indicate their choice by placing an X in the appropriate space on the printed answer sheet.
- DOI
- 10.2308/tar-7060919
- Volume
- 30
- Issue
- 2
- Pages
- 351-365
- Language
- en
- Sources
- openalex crossref