IFSE EXAM 16
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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: 96
Which of the following statement about Exchange Traded Funds (ETFs) is TRUE?
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A. Usually the market price of an ETF is the net asset value per unit (NAVPU) of the Fund on that day.
B. Investors may sell their ETFs in the stock market or redeem them through the Fund at the NAVPU of the day.
C. ETFs have lower MERs compared to mutual funds.
D. All ETFs are actively managed.
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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Correct Answer: C
Explanation
An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund.
Typically, ETFs will track a particular index, sector, commodity, or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock
exchange the same way that a regular stock can. ETFs have lower management expense ratios (MERs) compared to mutual funds because they are
passively managed and do not incur high costs for research, analysis, and portfolio rebalancing. Therefore, this statement is true about ETFs.
References: Exchange-Traded Fund (ETF) Explanation With Pros and Cons - Investopedia, The Best ETFs - Exchange Traded Funds Rankings | US News
Investing
QUESTION NO: 97
Which of the following statements regarding mutual fund fees is correct?
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Correct Answer: C
Explanation
Trailer fees are ongoing fees that are paid by mutual fund managers to mutual fund dealers for providing ongoing services to their clients who hold units of
their funds. Trailer fees are calculated as a percentage of the value of assets under management (AUM) of the clients who hold units of the fund. Trailer fees
are paid out of the management fee that is charged by the mutual fund manager to cover the costs of operating and administering the fund. Therefore,
option C is correct regarding mutual fund fees. The other options are incorrect. Option A is false because redemptions are not made from units held by
investors to pay trailer fees; rather, trailer fees are paid out of the management fee that is deducted from the net asset value (NAV) of the fund. Option B is
false because trailer fees are not only paid to mutual fund dealers when a purchase is made; rather, trailer fees are paid on an ongoing basis as long as the
clients hold units of the fund. Option D is false because trading commissions are not paid from the management fee; rather, trading commissions are paid
from the trading expense ratio (TER) that reflects the costs of buying and selling securities within the fund.
A. Redemptions are made from units held by investors to pay trailer fees.
B. Trailer fees are only paid to mutual fund dealers when a purchase is made.
C. The mutual fund dealer receives trailer fees based on the value of assets under management.
D. Trading commissions are paid from the management fee.
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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References: [Mutual Fund Fees Explained | Wealthsimple], [Mutual Fund Fees | GetSmarterAboutMoney.ca],
[Understanding Mutual Fund Fees | Investopedia]
QUESTION NO: 98
Iliana owns 1,000 participating preferred shares in the First Canadian Bank. Which of the following features are characteristic of her investment?
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Correct Answer: D
Explanation
Participating preferred shares are a type of preferred shares that give the holder a right to share in the issuer's net profits over and above the specified
dividend rate. This means that participating preferred shareholders may receive additional dividends if the issuer performs well. Iliana owns participating
preferred shares in the First Canadian Bank, which means she has a right to share in the bank's net profits over and above the specified dividend rate.
References: Investment Funds in Canada (IFC) | Canadian Securities Institute
QUESTION NO: 99
Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?
A. Iliana has the right to purchase more preferred shares in the company before common shareholders.
B. Iliana is able to vote at the annual general meeting and elect members of the board of directors.
C. Iliana can convert her preferred shares to common shares at a fixed price and within a specified time period.
D. Iliana has a right to share in the bank's net profits over and above the specified dividend rate.
A. It may not be more than the RRSP contribution limit for the year in which it is carried forward.
B. It can be carried forward to future years.
C. It can be carried forward a maximum of seven years.
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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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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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35%
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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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Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
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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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Es.5 (LO 1, 2) (Preparation of a Corrected Statement of Financial Position) Bruno SpA has decided to expand its operations. The bookkeeper
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Statement of Financial Position
December 31, 2022
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Accounts receivable (net)
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401,000
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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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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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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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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
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Use the following information for the Exercises 12-13 below. (Algo)
[The following information applies to the questions displayed below.]
Del Gato Clinic's cash account shows an $15,472 debit balance and its bank statement shows $16,254 on deposit at the
close of businėss on June 30.
a. Outstanding checks as of June 30 total $3,069.
b. The June 30 bank statement lists a $35 bank service charge.
c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del
Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398.
d. The June 30 cash receipts of $2,261 were placed in the bank's night depository…
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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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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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الوقت المتبقى: 10 دقائق، 20 ثانية )ثوان(.
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السؤال 10
Capital budgeting involves...
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
.D
SUS
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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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(1)
A
F1
Z
Description
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Paid-in Capital from Treasury…
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The following details relates to the operations of a company for budgeted output of 10000units; selling price- GHC100, total
variable cost- GH¢200000, and total fixed cost- GHC400000. At what quantity and value will the company breakeven?
O A. 5000units and GHC50000
O B. 5000units and GHC55000
OC. 4500units and GHC45000
O D. 4000unit and GHC40000
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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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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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