IFSE EXAM 7
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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: 51
Your client has very limited investment knowledge and is confused about what is meant by "marginal tax rate". What do you tell him?
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A. It is the tax rate applied to the next dollar earned.
B. It is the tax rate used in calculating taxable capital gains.
C. It is an amount resulting from dividing your total tax liability by your taxable income for the year.
D. It is the number used to gross-up Canadian dividend income.
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Correct Answer: A
Explanation
The marginal tax rate is the percentage of tax that an individual pays on the last dollar of income earned in a given year. It is also the tax rate that applies to
any additional income earned in that year. The marginal tax rate varies depending on the individual's income level and tax bracket. For example, if an
individual's taxable income for the year is $50,000 and the tax rate for that income bracket is 20%, then the marginal tax rate is
20%. This means that the individual pays 20% tax on the last dollar of income earned, as well as on any additional income earned above $50,000.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 6: Taxation, Section
5.6.1: Income Tax 1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.6.1 2
QUESTION NO: 52
Bernadette has a high-paying job and is in the top tax bracket. She recently received a payment of $5 million upon the settlement of her uncle's
estate. Bernadette would like to invest her inheritance in financial products that would not only grow her money but is also income tax friendly.
Which of the following would provide the most favourable tax treatment?
Hide answers/explanation
Correct Answer: D
Explanation
Dividends from a large public Canadian corporation are eligible for the dividend tax credit, which reduces the amount of tax payable on this type of income.
The dividend tax credit is a non-refundable tax credit that recognizes that dividends are paid out of income that has already been taxed at the corporate
level, and therefore should not be taxed again at the personal level. The dividend tax credit applies to both federal and provincial taxes, and the rates vary
depending on the province or territory of residence12 References = Canadian Investment Funds Course (CIFC) - Module 4: Taxation - Section 4.1: Taxation
A. Coupon payments from Government of Canada bonds.
B. Dividends received from a large foreign corporation.
C. Capital gains from stock investments.
D. Dividends from a large public Canadian corporation.
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of Investment Income3 and web search results from search_web(query="tax treatment of different types of investment income in Canada")12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-4.pdf
QUESTION NO: 53
Danica is looking for a mutual fund to hold in her non-registered account that provides a regular stream of income with potential for capital
growth. She is having difficulty distinguishing between bond funds and dividend funds. Which of the following statements is TRUE?
Hide answers/explanation
Correct Answer: C
Explanation
C is correct because bond funds receive fixed interest payments from most of their investments, as they invest mainly in bonds and other fixed-income
securities that pay a regular coupon rate. Dividend funds receive variable dividend payments from most of their investments, as they invest mainly in stocks
and other equity securities that pay dividends based on the company's earnings and policies. The return of dividend funds does not rely only on interest
rates (A), but also on other factors such as stock prices, earnings growth, dividend yield, and dividend payout ratio. The return of bond funds also depends
on interest rates, as well as other factors such as credit quality, maturity, duration, and yield curve. When interest rates rise, the NAVPU of both bond funds
and dividend funds decreases (B), not rises, as it lowers the present value of their future cash flows. Bond fund distributions do not receive more favorable
tax treatment than that of dividend funds (D), but rather less favorable, as interest income is fully taxable at the investor's marginal tax rate while eligible
dividends receive a dividend tax credit that reduces their taxable amount. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
QUESTION NO: 54
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are
A. The return of dividend funds relies only on interest rates; whereas with bond funds, the return also depends on the general direction of
stock markets.
B. When interest rates rise, the net asset value per unit (NAVPU) of bond funds decreases; whereas with dividend funds it rises.
C. Bond funds receive fixed interest payments from most of their investments.
D. Bond fund distributions receive more favorable tax treatment than that of dividend funds.
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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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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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Rao Construction recently reported $20.00 million of sales, $12 million of operating costs other than
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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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Company XYZ uses direct labor hours to allocate its manufacturing overhead. The company
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OMR750,000. Calculate the predetermined overhead rate.
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XYZ Company provided the following information regarding Product XY: Direct material costs
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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.
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Trade Discount Rate
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Net Price
$3,499.00
35%
$4
Need Help?
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8. [-/1 Points]
DETAILS
BRECMBC9 7.J1.014.
MY NOTES
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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.
List Price
Trade Discount Rate
Trade Discount
Net Price
$4,500.00
$3,515.00
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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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A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's
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O a. 4%.
O b. 50%.
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O d. 25%.
O e. 400.%.
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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
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Purchase
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Central Valley Construction (CVC) purchased $80,000 of sheet metal fabricating equipment from Buffalo Supply on January 1,
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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,
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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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Bruno SpA
Statement of Financial Position
December 31, 2022
Current assets
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Accounts receivable (net)
340,000
Inventory (at lower-of-average-cost-or-net realizable value)
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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
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Debit
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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
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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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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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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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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
I Group Project.xlsx
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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
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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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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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deciding among various long-term investments A O
preparing the sales budget for the coming year .B O
analyzing various alternatives of financing available to a company .cO
budgeting for yearly operational expenses
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2. Suppose Grandma wants to accumulate $100,000 for her grandchild's college education in 18
years. How much must she deposit today into an account with an APR of 4%, compounded
semiannually in order to have $100,000 in 18 years? Assume no additional deposits are made.
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have the down payment in 6 years?
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