IFSE EXAM 19
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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IFSE Institute Canadian Investment Funds Course - CIFC Exam
Questions
QUESTION NO: 111
Greg, one of your clients, has been advised by a friend to invest in open-end mutual funds. He is not sure about the differences between open
and closed-end funds.
What would you tell Greg about open-end funds?
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A. The number of units is not fixed, and varies with investor demand and redemption orders.
B. Investors holding open-end funds can buy and sell their mutual funds anytime the stock market is open.
C. Units are bought and sold amongst the unitholders.
D. Initial shares in the mutual fund are allotted through an initial public offering (IPO)
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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Hide answers/explanation
Correct Answer: A
Explanation
According to the Closed-End Funds vs. Open-End Funds: What's the Difference? - Investopedia, open-end funds are mutual funds that can issue an
unlimited number of shares to investors. The number of units is not fixed, and varies with investor demand and redemption orders. Investors buy and sell
open-end funds directly from the fund company at the net asset value (NAV) of the fund, which is calculated at the end of each trading day. Open-end
funds are not traded on an exchange or in the secondary market.
QUESTION NO: 112
Wilma has always used the services of a tax preparation firm to file her taxes but is skeptical that she has really benefitted. This year she plans to
file her own taxes for the first time.
What would be useful for her to know?
Hide answers/explanation
Correct Answer: A
Explanation
Tax deductions are amounts that reduce your total income before calculating your tax payable. They lower your marginal tax rate, which is the tax rate that
applies to your last dollar of income. For example, if Wilma's total income is $50,000 and she claims $5,000 in tax deductions, her taxable income will be
$45,000 and her marginal tax rate will be lower than if she had no deductions. Therefore, A is the correct answer.
References: All deductions, credits, and expenses - Personal income tax - Canada.ca
A. Wilma's marginal tax rate may be lowered when tax deductions are applied to her total income.
B. Wilma's top marginal tax rate will be applied to every taxable dollar when her tax return is filed.
C. Wilma's tax deductions permit her to reduce her tax payable dollar-for-dollar.
D. Wilma's non-refundable tax credits may only reduce her taxable income dollar-for-dollar.
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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QUESTION NO: 113
Pierre buys a call option on a stock. What is the implication of this transaction?
Hide answers/explanation
Correct Answer: A
Explanation
According to the What Is a Call Option and How to Use It With Example - Investopedia, a call option is a contract that gives the buyer the right, but not the
obligation, to buy an underlying stock at a specified price (the strike price) within a specified time period (the expiration date). The seller of a call option is
obligated to sell the stock if the buyer exercises the option. Pierre buys a call option on a stock, which means he has the right to buy the stock if he
exercises the option. He can also choose not to exercise the option or sell it before expiration.
QUESTION NO: 114
Which statement regarding Canada's income tax system is CORRECT?
Hide answers/explanation
Correct Answer: A
A. Pierre has the right to buy the stock if he exercises the option.
B. Pierre is obligated to sell the stock if the option is exercised.
C. Pierre has the right to sell the stock if he exercises the option.
D. Pierre is obligated to buy the stock if the option is exercised.
A. Federal and provincial income tax brackets are both progressive and each respective jurisdiction determines the tax rates that will be used.
B. Once a person's taxable income reaches the next income tax bracket level, all income is subject to be taxed at the higher tax rate.
C. Tax credits will reduce an individual's taxable income and may lower that person's top marginal tax rate.
D. After federal and provincial tax rates have been applied to a person's taxable income, tax deductions are then applied to reduce taxes.
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TIF 12-2
Issuing Stock
1.
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organizing Red Lodge Metals Unlimited Inc. to
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
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Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
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income, or EBIT. in millions?
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O b. 3 millions
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Required
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Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
Summary:
On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
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Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent.
List Price
Trade Discount Rate
Net Price Factor
Net Price
$3,499.00
35%
$4
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8. [-/1 Points]
DETAILS
BRECMBC9 7.J1.014.
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Calculate the trade discount (in $) and trade discount rate (as a %). Round your answer to the nearest tenth of a percent.
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A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's
production costs for the year were: direct labor, $80,000; direct materials, $40,000; and factory overhead applied $20,000. The
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O a. 4%.
O b. 50%.
Oc 200%.
O d. 25%.
O e. 400.%.
XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct
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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
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On April 1, year 1, Cricket Corporation issues $30 million of 6%, 8-year bonds payable at par. Interest on the bonds is
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Central Valley Construction (CVC) purchased $80,000 of sheet metal fabricating equipment from Buffalo Supply on January 1,
20X1. CVC paid $15,000 cash and signed a five-year, 10% note for the remaining $65,000 of the purchase price. The note
specifies that payments of $13,000 plus interest be made each year on the loan's anniversary date. CVC made the required January 1, 20X2,
payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time,
CVC owed Buffalo Supply $52,000 plus $5,200 interest that had been accrued by both companies. Rather than write off the note and
repossess the equipment, Buffalo Supply agreed to restructure the loan as one payment of $50,000 on January 1, 20X5, to satisfy the
Page 9-40
restructured note.
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Accounts receivable (net)
340,000
Inventory (at lower-of-average-cost-or-net realizable value)
401,000
Trading securities-at cost (fair value €120,000)
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Financial Accounting (2021SP-ACC-120-51-Meza)
urses / 2021SP-ACC-120-51/ Week of April 29 / Final Exam
Journalize the entries to record the following selected transactions:
(a) Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510.
(b) Paid $436 to the state sales tax department for taxes collected.
A-
I
Date
Description
Debit
Credit
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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Journal entries: https://imgur.com/a/Lyfp0KB
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Financial Accounting (2021SP-ACC-120-51-Meza)
purses / 2021SP-ACC-120-51 / Week of April 29/ Final Exam
The posting references in the following revenue journal are indicated by letters. Identify each posting reference [(a) through (h)] as representing (1) a posting to a general ledger account, (2) a posting to a
subsidiary ledger account, or (3) that no posting is required.
REVENUE JOURNAL
Page 25
Post Acct. Rec. Dr.
Date
Invoice No.
Account Debited
Ref. Fees Earmed Cr.
Apr. 3
190
Hll Company
(a)
4,750
191
North Supply
(b)
5,025
13
192
Macon Inc.
(c)
2,100
17
193
White Products
(d)
6,000
25
194
Easton Supply
(e)
2,250
30
195
Karson Enterprises
(1)
3750
30
23 875
(g) (h)
(a) General Ledger
(b) Subsidiary Ledger
0 Subsidiary Ledger
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Prepare a December 31, 2020, balance sheet for Long Print Shop from the following: cash, $41,100; accounts payable, $29,100%;
merchandise inventory, $15,100; Joe Ryan, capital, $48,200; and equipment, $21,100.
LONG PRINT SHOP
Balance Sheet
December 31, 2020
Assets
Liabilities
ces
Owner's Equity
Total assets
Total liabilities and owner's equity
acer
Σ
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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Stockholders' Equity: Transaction Descriptions from Account Data
The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverview, Inc.:
Paid-in Capital in Excess of Par
Land
value-Common Stock
33,000 (3)
Common Stock, $10 Par
35,000 (2)
60,000 (3)
(1)
(2)
(5) 6,080
Cash
80,600
35,000
4
*800 shares of common stock
Date
1
OsLock
Preferred Stock, $50 Par
65,000 (1)
Esc
FnLock
12,800 (4)
!
Required
4
Using this information, give detailed descriptions, including number of shares and price per share when applicable, for each of the five transac
General Journal
1
Paid-in-Capital in Excess of Par Value - Preferred Stock
Type here to search
(1)
A
F1
Z
Description
Return to course
@
Paid-in Capital from Treasury…
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On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces
of bread toasters. Pete was to sell these on consignment at 50% above original
cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had
the remaining unsold units repaired for some electrical defects for which he
spent P2,000. Marion subsequently increased the selling price of the remaining
units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion
after deducting the 15% commission, P850 for delivery expenses of sold units,
and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading
P200 per unit, and P900 had been paid to ship them to Pete Electrical Shop. All
expenses in connection with the…
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Gradebook / ACT 196: Payroll X M Question 1- Ch. 7 - Assignmen x +
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Exercise 7-6A (Static)
How does a payroll accountant use the information in the General Ledger? (You may select more than one answer. Single click the
box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to
empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
? General Ledger account balances aggregate data to determine payroll costs.
?Payroll expenses contained in the General Ledger are not used to make personnel decisions.
The payroll accountant uses General Ledger balances to…
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The following information is available for Brownstone Products Company for the month of July:
Master
Actual
Budget
Units
3,500
4,000
Sales revenue
$ 54,300
$ 60,000
Variable manufacturing costs
10,000
16,000
Fixed manufacturing costs
13,000
14,000
Variable selling and administrative expenses
6,500
8,000
Fixed selling and administrative expenses
8,000
9,100
Required:
1. What was the master budget variance for July? Was this variance favorable or unfavorable?
es
2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in
terms of operating income.
4. Prepare pro-forma budgets for activities within its relevant range of…
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M Question 2-CH3 HW3.1-C X G Arnez Company's annual ac X
My G
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recorded as of that date.
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be
a. The Office Supplies account started the year with a $2,850 balance. During the year, the company purchased supplies for
$11,771, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,508.
b. The Prepaid Insurance account had a $28,824 debit balance at December 31 before adjusting for the costs of any expired
coverage for the year. An analysis of prepaid insurance shows that $20,769 of unexpired insurance coverage remains at year-
end.
c. The company has 15 employees, who earn a total of $2,000 in salaries each…
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