Capital Markets & Investment Certifications (NISM & CFA Level 1)

Mutual Fund Structure & Schemes question bank (Mutual Funds & Wealth Advisory (NISM))

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Q1.

Accounting & Regulatory Compliance: Under applicable statutory guidelines in 'Structure of Mutual Funds AMC Trustees Sponsor and Custodian' (Mutual Fund Structure & Schemes), what is the mandatory financial treatment or disclosure requirement?

(A)

Strict accrual-based recognition ensuring revenue matches incurred expenses for the accounting period (Structure of Mutual Funds AMC Trustees Sponsor and Custodian)

(B)

Cash-basis omission of unbilled accrued liabilities without footnote disclosure

(C)

Arbitrary capitalization of regular operational expenses without future economic benefit

(D)

Off-balance sheet concealment of material contingent liabilities

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Q2.

Accounting & Regulatory Compliance: Under applicable statutory guidelines in 'Open-Ended Closed-Ended ETF and Liquid Schemes NAV Calculation' (Mutual Fund Structure & Schemes), what is the mandatory financial treatment or disclosure requirement?

(A)

Strict accrual-based recognition ensuring revenue matches incurred expenses for the accounting period (Open-Ended Closed-Ended ETF and Liquid Schemes NAV Calculation)

(B)

Cash-basis omission of unbilled accrued liabilities without footnote disclosure

(C)

Arbitrary capitalization of regular operational expenses without future economic benefit

(D)

Off-balance sheet concealment of material contingent liabilities

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