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You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to comply with the know your client (KYC) rule? O net worth O marginal tax rate income and cash-flow Otax consequences

You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to comply with the know your client (KYC) rule? O net worth O marginal tax rate income and cash-flow Otax consequences

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to comply with the know your client (KYC) rule? O net worth marginal tax rate income and cash-flow tax consequences
Transcribed Image Text:You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to comply with the know your client (KYC) rule? O net worth marginal tax rate income and cash-flow tax consequences
The Mutual Fund Dealers Association of Canada (MFDA) has strict rules concerning conflicts of interest. Which of the following is TRUE? O Only actual conflicts must be reported to your employer. Potential conflicts need not be reported because they have not happened yet. O Activities that do not relate specifically to your employer need not be reported Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval. Borrowing money from a client will always be acceptable provided there is a written contract detailing the nature of the agreement.
Transcribed Image Text:The Mutual Fund Dealers Association of Canada (MFDA) has strict rules concerning conflicts of interest. Which of the following is TRUE? O Only actual conflicts must be reported to your employer. Potential conflicts need not be reported because they have not happened yet. O Activities that do not relate specifically to your employer need not be reported Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval. Borrowing money from a client will always be acceptable provided there is a written contract detailing the nature of the agreement.
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