FSA

CFA Level I
#1

I think this year the FSA getting much simpler than the past. Not many questions on the effects on LIFO/FIFO, CAPITALIZE/EXPENSING, CAPITAL LEASE/OPERATING LEASE. I marked down the wrong answer on the Q on mgmt compensation/qualification. I put down MD&A, it s/b proxy. I don’t know why, but first thing in my mind after reading the Q is the choice bt. footnote and MD&A. Remember the other Q asking the fin. statement(statement in income, cf, footnote, equity). What is the answer?

#2

ha i’ve never heard of a statement of income changes i think i put that one as being the odd one out - maybe that and income statement are the same thing just worded differently

#3

Damn, really? I thought it was MD&A. Footnotes, all others are finanical statements required. I agree, suprised by the lack of those questions. Happy really.

#4

i think we’re talking 2 diff topics… the management qualification is proxy and i’m talking about the statements required… i dont think MD&A was there

#5

I put the income statement of changes as well since I’ve never heard of that term either… but then again, I only used Schweser after CFAi Quant…

#6

Mangement’s compensation is in proxy

#7

Oops, I must be thinking of a different question.

#8

I too did the same: posting MD&A and footnotes, respectively. I guess i got the first one wrong if it was the proxy that discloses the compensation arrangements.

#9

For_the_Children97 Wrote: ------------------------------------------------------- > I put the income statement of changes as well > since I’ve never heard of that term either… but > then again, I only used Schweser after CFAi > Quant… Hehe, that was my reasoning as well.

#10

I thought employee benefits were in the footnotes… I suppose mgt comp isn’t exactly employee benefits though right? damn

#11

but i thought proxy’s were only for issues upon which the shareholders get to vote on. Isn’t mgt comp determined by the compenssation committee of the board?

#12

ughhh i put MD&A also

#13

I said changes in shareholder equity. I would swear i’ve used 10-ks and 10-qs without them but you ALWAYS have footnotes. Could be wrong. I think the change in income or whatever they called it was just a red herring.

#14

I guess the last one is the answer, bsheet, statement of income changes and third are all part of standard statements.

#15

i picked change in statement of income. that’s really shitty of them if they meant an income statement. the purpose of the test isn’t to trick everyone by calling it something different. confirmed with my friend who is a CPA that he would have picked that as well. proxy for the other one though.

#16

Statement of Income = Income Statement…i think under IFRS it’s called Statement of Income, that’s the “trick”. I picked Equity as it doesn’t require its own statement.

#17

I picked MD&A after a long argument in my head, I thought change in statement of income was probably discussed somewhere in the CFAI text with some strange reasoning. I could be wrong, after all I am the guy who got the stupid “downward sticky” question wrong.

#18

I picked Statement of change in Income. There does not seem any statement on this name/purpose. The Income Statement is the statement of the whole period, it never reflect any comparision (change) to its previous years. The other one is Proxy Statement for sure.