Verified CFA-Level-I Q&As – Pass Guarantee CFA-Level-I Exam Dumps [Q1226-Q1245]

QUESTION 1226
Last year, Company X sold $590,000 on account. The company estimated that 3 percent of sales on account would become uncollectible. During the year the company wrote off $29,000 of uncollectible accounts receivable. What should the bad debt expense be last year?

QUESTION 1227
The equation of exchange states that:

QUESTION 1228
Which of the following statements about deferred taxes is CORRECT?

QUESTION 1229
In reference to liabilities, the ______ basis of measurement means the undiscounted amount of cash or cash equivalents that would be required to settle the obligation today.

QUESTION 1230
Revenue should generally be recognized:

QUESTION 1231
In the U.S. the Congress passes a law requiring the government to pay certain debts of companies that have declared bankruptcy. Which of the following terms most accurately describes this program?

QUESTION 1232
Good Z can be bought and sold on both Market #1 and Market #2. Which of the following sets of prices for Good Z conform(s) to the no-arbitrage principle?
I). Market #1 = $75, Market #2 = $75
II). Market #1 = $125, Market #2 = $115
III). Market #1 = $87, Market #2 = $87

QUESTION 1233
A closed-end investment company that invests in various types of real estate and/or real estate mortgages is called a:

QUESTION 1234
In periods of rising prices and stable or increasing inventory quantities, the impact of LIFO and FIFO on income before taxes is:

QUESTION 1235
The SEC’s Regulation Full Disclosure requires that if security issuers provide non-public information to some market professionals or investors, they must also disclose this information to the public. The requirement helps:

QUESTION 1236
Which of the following best describes the relationship between revenue and retained earnings?

QUESTION 1237
To achieve its objectives, the Federal Reserve has selected as its monetary policy tool

QUESTION 1238
A bell-shaped, symmetrical frequency distribution has a mean of 45. If 95% of the observations on the variable fall between 30 and 60, the standard deviation of the variable is:

QUESTION 1239
Which one of the following would not result in a timing difference?
I). Accelerated depreciation is used for tax purposes and straight-line is used for financial reporting.
II). Warranty expense is estimated for financial reporting; however, for tax purposes it is recognized as incurred.
III). Installment sales are recognized at point of sale for financial purposes but as the cash is received for tax purposes.

QUESTION 1240
During an economic boom, the AD/AS model indicates that the real interest rate will ____ and real wage rates will ____.

QUESTION 1241
Rachael Hirshliefer, CFA manages accounts of various clients from differing demographics and risk tolerances. Her firm purchases third party research and she follows up the recommendations with her own analysis. After she reaches a decision to buy or sell a particular asset, she does the same trades for all her clients. Has Hirshliefer likely violated the Standards?

QUESTION 1242
Given the table below for a variety of 5-year securities, what is the intramarket spread?

QUESTION 1243
An investor invests $5000 today for 7 years at an interest rate of 8% compounded quarterly. Which of the following is true?

QUESTION 1244
Below describes the total return rates (in percentages) for the past three years for 15 top-performing utilities mutual funds.
Biggest return: 15.1
Smallest return 3.1
Median return: 9.5
What interval length should be used if it is desired to construct a frequency distribution with four equally spaced intervals?

QUESTION 1245
Which of the following is true regarding probability?
I). 0 P(E) 1: the probability of an event E is a number between 0 and 1, exclusive.
II). The sum of the probabilities of any group of mutually exclusive events equals 1.
III). 0 = P(E) = 1: the probability of an event E is a number between 0 and 1, inclusive.