Mock exams for practice

[sk5476582]

Here are some mock exams which I'm sharing with fellow group members. They are good practice.

 

https://drive.google.com/#folders/0ByFJ6GeKRZrrRkZKR19xMTFPRUU

 

 

[Steven Luong]

many many thanks!!!!!!!!!!

On Wed, Apr 24, 2013 at 12:19 PM, sk5476582 <sk54...@gmail.com> wrote:

Here are some mock exams which I'm sharing with fellow group members. They are good practice.

 

https://drive.google.com/#folders/0ByFJ6GeKRZrrRkZKR19xMTFPRUU

 

 

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Thien LUONG
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[Srinidhi Srinivasan]

Thanks a lot!!! :D

[Arif Irfanullah]

Yesterday some IFT students took the 2013 CFA Level I Mock Exam.  

On the morning exam the scores ranged from 47% - 63%.  On the afternoon exam the scores ranged from 42% - 69%.

If you've not so already, I'd strongly encourage  you to do the 2013 Mock as soon as possible in an exam-like setting.  

Work through past CFA Mock exams. These are excellent practice.  If you have questions related to the Mock exams please post under  this discussion  thread.

Work through the IFT quizzes available here.  Share  any comments, feedback or questions you might have.

[Harpreet Marwah]

My queries from the mock exam

Afternoon session

24. A two-tailed test of the null hypothesis that the mean of a distribution is equal to 4.00 has a p-value of 0.0567. Using a 5% level of significance (i.e., α = 0.05), the best conclusion is to:

A. reject the null hypothesis.

B. fail to reject the null hypothesis.

C. increase the level of significance to 5.67%.

I agree with the answer of B fail to reject null hypothesis - but cant understand the explanation.

It says "Because the p-value (0.0567) exceeds the stated level of significance (0.05), we cannot reject the null hypothesis."

Being a two-tailed test, we should be considering significance = 0.025 and we will fail to rjeect when the p-value is below the z value corresponding to α = 0.025

Q 65. A company purchased equipment in 2010 for £25,000. The year-end values of the equipment for accounting purposes and tax purposes are as follows:

2011 2010

Carrying amount for accounting purposes

£20,000

£22,500

Tax base for tax purposes

£16,000

£20,000

Tax rate

25%

30%

Which of the following statements best describes the effect of the change in the tax rate on the company’s 2011 financial statements? The deferred tax liability:

A. increases by £250.

B. decreases by £200.

C. decreases by £800.

I am not convinced with the explanation given. Should we be applying the tax only on the depreciation expense - rather than on the difference on carrying values?

Also with the change in tax rate, we would also have to adjust the balance of deferred tax liability.

[Arif Irfanullah]

Question 24:

The p-value and significance numbers already take into account whether we are doing a one-tailed or two-tailed test.  If you insist on taking half of the significance number then you should also take half of the p-value.  Simplest strategy is to compare p-value with significance. If p-value is greater you can’t reject the null hypothesis.

 

Question 65:

Take a look at Slide 9 (Changes in Income Tax Rates) from my lecture. 

Note that:  DTL = (Carrying Amount – Tax Base) x Tax Rate

The difference between carrying amount and tax base arises because different depreciation methods are used for accounting and tax purposes.  

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[ashish deccannawar]

Sir,

On the following example how is the slope of Indifference curve -4. I am getting 2 as the slope. Slope = (50 - 40) / ( 35- 40) = 2

Can you explain folloing example. This question is from 2013 Mock - CFA Institute.

Partial information on three baskets containing goods A and B is given in the table below. The marginal rate of substitution of B for A, (MRSBA), at Basket 2 is also provided.
Basket          Units of A        Units of B        MRSBA
   1                      ?                     30                
   2                      50                   35                 4.0
   3                      40                   40

A consumer’s indifference curves are strictly convex and he claims that he is indifferent between Baskets 2 and 3. If he is also indifferent between Baskets 1 and 3, the number of units of A in basket 1 is most likely:
A. equal to 60.
B. less than 60.
C. greater than 60.

Answer = C
“Demand and Supply Analysis: Consumer Demand,” Richard V. Eastin and Gary L. Arbogast, CFA
2013 Modular Level I, Vol. 2, Reading 14, Section 3.3, Example 2
Study Session 4–14–a, b
Describe consumer choice theory and utility theory.
Describe the use of indifference curves, opportunity sets, and budget constraints in decision making.

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Thanks & Regards,
Ashish Deccannawar.
MBA - Finance & Accounting

Fordham University 
201-253-7691

[Arif Irfanullah]

Draw the indifference curve.  It must be convex. Also B must be on the X-Axis because it is the first subscript.

MRSBA = 4 means at slope is -4 at Basket  2.  By definition the slope of the indifference curve at a given point is the negative of the MRS.

If B goes down by 5 (from 35 to 30), A goes up by at least 5x4 = 20.  So A will go from 50 to 70+. 

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Regards,

Arif Irfanullah

www.arifirfanullah.com

 

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