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Give yourself a pat for attempting this quiz! Do remember to attempt the mock exams provided by CFA Institute to prepare for the kind of questions you might get for the exam!
A non-financial company, which reports under US GAAP, made the following transactions in the current account period.
Please sort them according to their most appropriate cash flow classification.
Cash Flow from Operations
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Cash Flow from Investing
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Cash Flow from Financing
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A non-financial company, which reports under IFRS, is deciding on how to classify the interest received and interest paid.
What are the options available for the company under IFRS?
Which of the following is most likely not a non-cash transaction?
What is the most appropriate treatment for non-cash transactions in the cash flow statement?
A retailer reported sales revenue of $10 million for the year. During this period, accounts payable increased by $3 million, and accounts receivable decreased by $1 million.
What is the total cash collected from customers during the year?
A financial company recorded an interest expense of $30,000 for the year in the income statement.
The interest payable was $6,000 at the beginning of the year, and $4,000 at the end of the year.
What is the amount of cash the company paid for interest in the year?
Zanix Corp started the year with a gross PP&E of $120,000 in its balance sheet.
During the year, Zanix sold a machinery, whose book value was $35,000 when it was sold. Zanix bought a new machine at $56,000 to replace it at the same time. The total depreciation expense recorded for the year was $13,000.
What is the likely ending gross PP&E for Zanix?
For the past year, a manufacturing company paid $12,000 in interest payment to its debt holders, and $4,800 cash dividend to shareholders.
In the same year, the company raised $100,000 in a bonds issue, and used the proceeds to repurchase $30,000 worth of shares.
Using the available information, calculate the likely cash from financing the company received for the year. Assume the company reports under US GAAP.
Which of the following is most likely the cash flow statement for an early stage growth company?
Which of the following is most likely indicative of a growing company?
The following is a summarised cash flow statement of a retailer for the year:
CFO +$30,000
Fixed Capital Inv $13,000
CFF -$12,000
The company did not make any interest payments during the year.
Calculate the free cash flow to the firm (FCFF) using these information.
The common size cash flow statement is least likely to be expressed as a percentage of:
Given the following data, calculate the CFO for the period for this company.
The (B)eginning and (E)nding values of certain balance sheet items is given below.
Accounts Receivable: (B) $10,000 (E) $15,000
Accounts Payable: (B) $23,000 (E) $16,000
Accrued Liabilities: (B) $3,000 (E) $12,000
Inventory: (B) $54,000 (E) $68,000
The values of selected income statement items are given below:
Net Income: $100,000
Depreciation expense: $13,000
Why is the language of the Learning Outcome Statements (LOS) different from the curriculum?
The LOS are protected under the CFA Institute's copyright, and we don't have permission to duplicate them verbatim. Therefore, we've rephrased the LOS and included alphabetical labels (a, b, c, …) to simplify cross-referencing with the original LOS in the curriculum when needed.
Now available for all Level I topics! Try it now!
Enter a search term (e.g. ‘LIFO reserve’), or bookmark the glossary page!
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Are you a CFA Level I candidate, or someone who is exploring taking the CFA exam? Four years ago, I was in your shoes. I am a Computer Engineering graduate and have been working as an engineer all my life. Having developed a keen interest in finance, I decided on a career switch to the finance field and enrolled into the CFA program at the same time.
Adjusting to the drastic career change was tough. I naturally neglected the preparation for my Level I exam in June 2014. It was not until the middle of March 2014 that I realized I only had a little more than 2 months to the exam. To compound my problems, I basically did not have a preparation strategy. Having no background in finance at all, I tried very hard to read the curriculum from cover to cover, but eventually that fell flat. I can still recall the number of times I dozed off while studying, or just going back and forth trying to understand even the simplest concept. My mind simply could not keep up after a hard day at work.
Does all these sound familiar to you? Well, take heart. No matter how bleak it seems, at least sit for the exam and treat it as a learning experience. That was basically my attitude as I burrowed through my exam prep with toil and stress. By God’s grace, I did pass my Level I exam in June 2014. It was an experience I would not want to revisit though.
For the Level II exam, I endeavoured not to repeat the mistakes I made. Based on the Pareto 80/20 principle, I learnt to extract the most essential bits from the curriculum enough to give me that 80% result to pass. Being a visual learner, I took notes and summaries in pictorial form. Instead of reserving huge segments of time to study, I carved out pockets of time to learn and practise – accommodating to my full-time job. I managed to pass my Level II and Level III exams consecutively with considerably less effort and stress than when I did my level I.
I love the CFA Program and truly value the skills and ethics that are imparted to make me a better finance professional. My desire is to help candidates who are keen to pursue this path to do so in the most effective and painless process as possible – based on the lessons that I learnt as a candidate. I have set up PrepNuggets with the vision to revolutionise learning by using technology, catering to the short attention span that we can afford. If this makes sense to you, join the PrepNuggets community by signing up for your free student account. I am confident that the materials that we have laboriously crafted will bring you closer to that dream pass with just that 20% effort. Let us do the hard work for you.
Regards,
Keith Tan, CFA
Founder and Chief Instructor
PrepNuggets
Keith is the founder and chief instructor of PrepNuggets. He has a wide range of interests in all things related to tech, from web development to e-learning, gadgets to apps. Keith loves exploring different cultures and the untouched gems around the world. He currently lives in Singapore but frequently travels to share his knowledge and expertise with others.
Have you ever gotten stuck in your study because you can’t remember a formula, or what a specific term means? Now, say goodbye to scanning through all the videos and ploughing through pages and pages just to find what you are looking for. All the important formulas, definitions and diagrams you need for the exam are now at your fingertips at prepnuggets.com/glossary.
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Available now for all Level I topics, this service is exclusive for our Premium and Pro members only. We will progressively add the rest of the topic areas over the next few months.
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On the 1st of March 2018, we took a bold step of faith to put our Financial Reporting and Analysis (FRA) course on Udemy.
For those of you who are new to Udemy, it is the world’s largest marketplace for online courses. Think of it like the EBay of online courses.
So imagine our trepidation in pitting our course in this highly competitive platform, against the many CFA prep providers already entrenched on the platform.
Overwhelming.
Yes, that’s the word that aptly describes the response to our course from the Udemy community.
The “Best Seller” tag from Udemy is attached to only one best selling course in its category. In just 1 month, our FRA course became the best selling CFA course on the platform. If you do a search for ‘CFA Level 1’, our course comes out on top in the search rankings.
Since the launch on 1 March, we have had more than 250 paid enrolments. While we are heartened by this figure, nothing beats knowing that our course has reached 50 countries around the world! It was simply heartwarming to receive messages from students from countries we barely know about, telling us how much they love the course and their wish that we would produce more of such courses. This certainly spurs us on to produce more materials to ease the burden of CFA candidates worldwide.
As of today, our course has a high average rating of 4.8 out of 5.0. 74% of the reviewers gave us 5 stars! We take this as endorsement that we are doing things right, and will continue in using the Pareto principle approach for our course materials. There are, of course, constructive feedback as well, and we aim to incorporate some of the feedback in producing the upcoming courses.
We are working hard to bring more of our courses to Udemy! We realise some candidates prefer to purchase courses as they need individually, so we endeavour to give more options to our potential students. Check out our Udemy Courses Page to find out which of our courses are available on Udemy for your purchase.
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