IFSE EXAM 10
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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: 66
Which among the following plans includes a provision that places a maximum limit on the amount that can be withdrawn during a calendar year?
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A. Life Income Fund (LIF)
B. Registered Retirement Savings Plan (RRSP)
C. Registered Retirement Income Fund (RRIF)
D. Deferred Profit Sharing Plan (DPSP)
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IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024]
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Correct Answer: A
Explanation
A LIF is a type of registered retirement income fund that is used to hold and pay out locked-in pension funds.
A LIF has both a minimum and a maximum withdrawal limit for each calendar year, which are determined by the federal or provincial pension legislation,
the age of the annuitant, and the value of the fund. The minimum withdrawal limit is similar to that of a RRIF, but the maximum withdrawal limit is intended
to ensure that the LIF provides income for the lifetime of the annuitant123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered
Plans - Section 3.4: Life Income Fund (LIF)4 and web search results from search_web(query="maximum withdrawal limit for LIF RRSP RRIF DPSP")123
4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf
QUESTION NO: 67
What is the national self-regulatory organization (SRO) for investment dealers?
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Correct Answer: D
Explanation
The national self-regulatory organization (SRO) for investment dealers is the Investment Industry Regulatory Organization of Canada (IIROC). An SRO is a
non-governmental organization that sets and enforces rules and standards for its members in a specific industry or profession. IIROC is an SRO that
oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC's mandate is to protect investors and support healthy
capital markets by ensuring high standards of conduct, competence, and compliance among its members and their representatives. Therefore, option D is
correct regarding the national SRO for investment dealers. The other options are not correct or relevant to the question. Option A is false because there is
no such organization as the National Securities Commission in Canada; rather, there are provincial and territorial securities regulators that form the
Canadian Securities Administrators (CSA), which is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital
markets. Option B is false because the Mutual Fund Dealers Association of Canada (MFDA) is not the national SRO for investment dealers; rather, it is the
national SRO for mutual fund dealers and their representatives in Canada. Option C is false because the Canadian Securities Administrators (CSA) is not
A. The National Securities Commission
B. The Mutual Fund Dealers Association of Canada
C. The Canadian Securities Administrators
D. The Investment Industry Regulatory Organization of Canada
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the national SRO for investment dealers; rather, it is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital
markets. References: [IIROC - Home], [SROs | GetSmarterAboutMoney.ca], [CSA - Home]
QUESTION NO: 68
You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to
comply with the know your client (KYC) rule?
Hide answers/explanation
Correct Answer: A
Explanation
By asking Brad about his financial obligations and assets, you are trying to gather information about his net worth, which is one of the essential facts that
you need to know about your client according to the KYC rule.
Net worth is the difference between the total value of a client's assets and the total value of their liabilities. It reflects the client's financial position and helps
you assess their risk tolerance, investment objectives, and suitability for different products and services.
References = Canadian Investment Funds Course (CIFC) - Module 1: The Financial Services Industry - Section 1.3: Know Your Client (KYC)1 and web
search results from search_web(query="know your client rule")23
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-1.pdf
QUESTION NO: 69
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the
plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
A. net worth
B. marginal tax rate
C. income and cash-flow
D. tax consequences
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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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FA_21BUS101A-END-SEM ASSIGI X
https://aheadonline.amrita.edu/courses/34/assignments/2033?module_item_id=9674
Discussions
1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
Courses
Modules
Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Paragraph
Styles
keep using Word without interruption, activate before Monday, 17 May 2021.
Activate
Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
financial year ending December 31, 2020 the clerical officer of the club provided the following
information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
for stationery that was to be…
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Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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Conduct the below exercise
Step-1: Click the link
The student can use any of the below links to download the same
a) https://www.imf.org/-
/media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat
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b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook-
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Step-2: Answer the below questions
What do you understand by Real GDP? What is the Real GDP Growth Rate of India and
China in 2019? What is the estimated real GDP growth rate of India and China in 2020?
What is the projected real GDP growth rate of India and China in 2021 and 2022?
What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels
(January 2020 forecast) in China and Other Emerging Economies in Asia other than
China?
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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?
c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000.
d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2?
Required D
Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
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As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
Income taxes paid on the increase in the…
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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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Note Payable and Accrued Interest
Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on October 1, 2023. Fairborne ends its fiscal year on December 31. The note was paid with
interest on May 1, 2024.
Required:
1. Prepare the entry for this note on October 1, 2023. If an amount box does not require an entry, leave it blank.
2023 Oct. 1 Cash
Notes Payable
(Record issuance of note)
Feedback
2. Prepare the adjusting entry for this note on December 31, 2023. If an amount box does not require an entry, leave it blank.
2023 Dec. 31 Interest Expense
Interest Payable
(Record accrued interest)
Feedback
3. Indicate how the note and the accrued interest would appear in the balance sheet at December 31, 2023.
Among the current…
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Question 15
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Current Attempt in Progress
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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Dashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21
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Question 18
Which of the deposits are used by business people in majority?
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O a. None
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First quiz (page 3 of 7)
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Rao Construction recently reported $20.00 million of sales, $12 million of operating costs other than
depreciation, and $3.00 millon of depreciation. It had $10 million of bonds outstanding that carry a
10% interest rate, and Its federal-plus-state income tax rate was 40%. What was Rao's operating
income, or EBIT. in millions?
Select one:
O a. 8 millions
O b. 3 millions
O c. 4 millions
O d. 5 millions
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Company XYZ uses direct labor hours to allocate its manufacturing overhead. The company
estimates that total direct labor hours to be operated next year are 250,000 hours. The
estimated variable overhead is OMR10 per hour and the estimated fixed overhead costs are
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WEEK 7: 25 OCTOBER - 31 OCTOBER
Case study 2
Separate groups: 5
My Submissions
Case 2
Title Start Date Due Date Post Date Marks Available
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.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
The charity’s income is derived wholly from voluntary donations. Sources of donations include:
(i) Cash collected by volunteers asking the public for donations in shopping areas,
(ii) Cheques sent to the charity’s head office,
(iii) Donations…
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Students Home
M Federal Financial Aid Program X
Students Home
Ch. 7 Hmwk: Invoices, Trade &X
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DETAILS
BRECMBC9 7.I1.010.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
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
Need Help?
Read It
8. [-/1 Points]
DETAILS
BRECMBC9 7.J1.014.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
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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How do I prepare post closing balance sheets for each of these funds?
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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
predetermined overhead rate was:
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
materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Work In
Finished Goods
Cost of Goods Sold
Process
OMR 8,450 OMR
61,880
Direct materials
OMR 3,440…
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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
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2. Depreciation expense-Building
3. Prepaid rent (2 months of rent)
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7. Notes payable (due in 3 years)
8. Accounts payable
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10. Patents
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Account Title
11. Unearned services revenue
12. Accumulated…
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[The following information applies to the questions displayed below.]
On April 1, year 1, Cricket Corporation issues $30 million of 6%, 8-year bonds payable at par. Interest on the bonds is
payable semiannually each April 1 and October 1.
Part 2 of 2
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The amount of cash paid to bondholders for interest during Year 1, is:
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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
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28
Purchase
35
44
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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
recently completed the following statement of financial position in order to obtain additional funds for expansion.
11
Bruno SpA
Statement of Financial Position
December 31, 2022
Current assets
Cash
€260,000
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)
140,000…
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How do I prepare a closing balance sheet for the debt service fund shown below?
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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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