IFSE EXAM 2
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IFSE Institute Canadian Investment Funds Course - CIFC Exam
Questions
QUESTION NO: 21
Ken is a member of his employer's Defined Benefit Pension Plan (DBPP). Which of the following statements about Ken's plan is CORRECT?
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A. Contributions to the plan do not result in a Pension Adjustment (PA) for Ken.
B. The amount Ken receives in retirement depends on the performance of the investments he has selected within the plan.
C. The amount that Ken will receive at retirement is not guaranteed.
D. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.
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Correct Answer: D
Explanation
The statement that is correct about Ken's plan is option D. A defined benefit pension plan (DBPP) is a type of employer-sponsored retirement plan that
promises to pay a specified amount of income to the plan member upon retirement. The amount of income is based on a formula that considers factors
such as years of service, salary, and age. Income received from a DBPP is eligible for pension income splitting even if Ken retires before 65, meaning that
he can transfer up to 50% of his eligible pension income to his spouse or common-law partner for tax purposes. This can reduce the overall tax payable by
the couple if they are in different tax brackets. Therefore, option D is correct about Ken's plan. The other statements are not correct about Ken's plan.
Option A is false because contributions to the plan do result in a Pension Adjustment (PA) for Ken, which is an amount that reduces his RRSP contribution
room for the following year. Option B is false because the amount Ken receives in retirement does not depend on the performance of the investments he
has selected within the plan; rather, it depends on the formula that determines his pension benefit. Option C is false because the amount that Ken will
receive at retirement is guaranteed by the plan sponsor, unless the plan sponsor becomes insolvent or terminates the plan. References: [Defined Benefit
Pension Plans | GetSmarterAboutMoney.ca], [Pension Income Splitting | GetSmarterAboutMoney.ca], [Pension Adjustment (PA) |
GetSmarterAboutMoney.ca]
QUESTION NO: 22
Your client Gerard is 30 years old and plans to retire at age 65. He has a mutual fund portfolio of $40,000 in which he invests $1,500 monthly.
Gerard's objective is to use these funds to meet the 20% down payment requirement to buy a house for $650,000.
What is Gerard's investment time horizon not considering market fluctuations?
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Correct Answer: A
Explanation
Gerard's investment time horizon is the length of time he plans to hold his investment until he needs to use the money for his specific goal. In this case,
Gerard's goal is to use his mutual fund portfolio to meet the 20% down payment requirement to buy a house for $650,000. Therefore, his investment time
A. 5 years
B. 15 years
C. 25 years
D. 35 years
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horizon is determined by how long it will take him to accumulate enough money in his portfolio to cover the down payment amount.
Assuming that Gerard does not withdraw any money from his portfolio and that his portfolio earns a constant annual rate of return of 6%, we can use the
following formula to calculate how long it will take him to reach his goal:
FV=PV*(1+r)n+PMT*r(1+r)n1
where:
* FV is the future value of the portfolio
* PV is the present value of the portfolio
* r is the annual interest rate
* n is the number of years
* PMT is the monthly payment
We can rearrange the formula to solve for n:
n=log(1+r)logPV+PMT*r1FVPMT*r1
Plugging in the given values, we get:
n=log(1+0.06)log40,000+1,500*0.061130,0001,500*0.061
n=4.98
Therefore, Gerard's investment time horizon is approximately 5 years, not considering market fluctuations.
This means that he will need to invest his money in a way that matches his risk tolerance and expected return for this time period.
References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.6: Asset Allocation and Diversification, page 4-271
* Future Value of an Annuity Definition - Investopedia2
QUESTION NO: 23
Eleanora receives a $500 eligible Canadian dividend from her mutual fund. Her federal marginal tax rate for the year is 29%. Assuming the
enhanced gross-up of 38% and a federal dividend tax credit of 15.02%, how much federal tax will she pay on her dividend?
Hide answers/explanation
A. $69.90
B. $189.16
C. $96.46
D. $115.40
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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
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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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You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
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June
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40
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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,
payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time,
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Page 9-40
restructured note.
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recently completed the following statement of financial position in order to obtain additional funds for expansion.
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Statement of Financial Position
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(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
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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
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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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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.
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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
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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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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
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@
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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Aid X
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Filling Out the FAFSAⓇ Form X
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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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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Filling Out the FAFSAⓇ Form | Fox
M Question 2-CH4 Class-Connec X G [The following information ap
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M. Muncel, Capital
Dated
May 31
PR
Debit
Account Number 301
Credit
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
Balance
Account Number 622
Credit
Salaries Expense
Date
PR
Debit
Balance
G2
40,000
May 31
G2
20,000
M. Muncel, Withdrawals
Date
PR
Debit
Account Number 302
Credit
Insurance Expense
Balance
Date
PR
Debit
Account Number 637
Credit
May 31
G2
23,000
May 31
G2
Balance
4,400
Services Revenue
Date
PR
Debit
Account Number 403
Credit
Rent Expense
Balance
Date
PR
Debit
Account Number 640
Credit
May 31
G2
Depreciation Expense
Date
PR
Debit
76,000
Account Number 603
Credit
May 31
Income Summary
62
Balance
8,400
May 31
G2…
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