2020年CFA考试《CFA一级》模拟试题

2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、One is most likely to reject the null hypothesis when the p-value of the test statistic:【单选题】

A.is negative.

B.exceeds a specified level of significance.

C.falls below a specified level of significance.

正确答案:C

答案解析:“Hypothesis Testing,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, pp. 599-600
Study Session 3-11-e
Explain and interpret the p-value as it relates to hypothesis testing.
If the p-value is less than our specified level of significance, we reject the null hypothesis.

2、The use of estimates in financial reporting is best described as:【单选题】

A.acceptable despite the risk of manipulation by management.

B.a factor that reduces the understandability of financial statements.

C.avoidable through sophisticated accounting and auditing techniques.

正确答案:A

答案解析:The use of estimates creates limitations in the accounting model because estimates provide a vehiclefor manipulation by unscrupulous management. However, estimates are considered necessary to thefaithful representation of the economic performance and position of a company.
CFA Level I
"Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'ConnorRubsam, Elaine Henry and Michael A. Broihahn
Section 7.1

3、A company, which prepares its financial statements in accordance with IFRS is in the process of developing a more efficient production process for one of its primary products. The most appropriate accounting treatment for those costs incurred in the project is to:【单选题】

A.expense them as incurred.

B.capitalize costs directly related to the development.

C.expense costs until technical feasibility has been established.

正确答案:C

答案解析:“Long-Lived Assets,” Elaine Henry, CFA, and Elizabeth A. Gordon
2011 Modular Level I, Vol.3, pp. 418-419.
Study Session: 9-37-a
Distinguish between costs that are capitalized and costs that are expended in the period in which they are incurred.
Under IFRS research and development costs are expensed until certain criteria are met, including that technical feasibility has been established and the company intends to use it.

4、An analyst is analyzing two companies in the same industry and believes that they have similar strategies regarding the use of property, plant, and equipment (PP&E). He also thinks that the PP&E assets of the two companies are roughly of the same age and have the same expected useful lives remaining. Company A uses the LIFO method of inventory valuation, and Company B uses the FIFO method. The following additional information is available from the companies’ financial statements:

In the analyst’s opinion, which of the following conclusions is most appropriate? Compared with Company A, Company B:【单选题】

A.is more liquid.

B.has a higher quality of earnings.

C.uses more aggressive accounting estimates related to PP&

正确答案:C

答案解析:“Financial Reporting Quality: Red Flags and Accounting Warning Signs,” Thomas R. Robinson and Paul Munter
2012 Modular Level I, Vol. 3, p. 595“Financial Statement Analysis: Applications,” Thomas R. Robinson, Jan Hendrik van Greuning, Elaine Henry, and Michael A. Broihahn
2012 Modular Level I, Vol. 3, pp. 645–650
Study Session: 10-33-b, 10-35-e
Describe activities that will result in a low quality of earnings.
Explain appropriate analyst adjustments to a company’s financial statements to facilitate comparison with another company.
C is correct.

The analyst believes the two companies’ PP&E are of the same age; however, the useful life remaining for Company B’s assets is 15 years compared with 10 for Company A, implying B is using a longer useful life or more aggressive accounting policies.
The more aggressive PP&E estimates combined with the use of FIFO indicate that Company B has a lower quality of earnings, not higher. The adjusted current ratio for Company A (adjusted to include the LIFO reserve to convert the balance sheet to FIFO for comparison) is higher than the current ratio for B, indicating that A is more liquid.

5、Using the debt-rating approach to find the cost of debt is most appropriate when market prices for a company’s debt are:【单选题】

A.stable.

B.unreliable.

C.below par value.

正确答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFA
2011 Modular Level I, Vol. 4, p. 48
Study Session 11-45-f
Calculate and interpret the cost of fixed rate debt capital using the yield-to-maturity approach and the debt-rating approach.
The debt-rating approach is used when the market prices for debt are unreliable or non-existent.

6、Issuance of common stock is most accurately classified as a(n):【单选题】

A.financing activity.

B.investing activity.

C.operating activity.

正确答案:A

答案解析:Financing activities are those activities related to obtaining or repaying capital. Examples include issuing common shares, taking out a bank loan, and issuing bonds.
2014 CFA Level I
“Financial Reporting Mechanics,” by Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. Broihahn
Section 2

7、In early 2011, a New Zealand traveler returned from Singapore with SGD7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:

The amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:【单选题】

A.4,565.

B.7,248.

C.7,761.

正确答案:B

答案解析:“Currency Exchange Rates,” William A. Barker, Paul D. McNelis, and Jerry Nickelsburg
2012 Modular Level I, Vol. 2, pp. 521–525
Study Session 6-21-e
Calculate and interpret currency cross-rates.
B is correct. The NZD/SGD cross-rate is NZD/USD × USD/SGD = 0.7670 × 1.26 = 0.9664.
The traveler will receive 0.9664 NZD per SGD; 0.9664 NZD/SGD × 7,500 SGD = 7,248 NZD.

8、An analyst does research about the income statement of a manufacturing company.Which of the following is least likely deducted from gross profit to calculateoperating income for the manufacturing company?【单选题】

A.Interest expense.

B.Depreciation expense.

C.Research and development cost.

正确答案:A

答案解析:毛利润（gross profit）减去销货费用及折旧，可得到经营性利润（operating profit），研究和开发成本包含在销货费用中。

9、The annual cost of trade credit assuming a 365-day year for terms 3/10 net 40 is closest to:【单选题】

A.32.0%.

B.43.3%.

C.44.9%.

正确答案:C

答案解析:“Working Capital Management” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA
2011 Modular Level I, Vol.4, pp. 192-193
Study Session 11-48-g
Evaluate the choices of short-term funding available to a company and recommend a financing method.

10、In the semi-strong form of market efficiency, fundamental analysis most likely requires the analyst to:【单选题】

A.extrapolate historical data to estimate future values and make investment decisions.

B.do a superior job of estimating the relevant variables and predicting earnings surprises.

C.use trading rules for detecting the price movements that lead to new equilibrium prices.

正确答案:B

答案解析:Fundamental analysis facilitates a semi-strong efficient market by disseminating value-relevant information. Fundamental analysis can be profitable in terms of generating abnormal returns if the analyst creates a comparative advantage with respect to this information. Such an advantage can be achieved by doing a superior job of estimating the relevant variables and predicting earnings surprises.
2014 CFA Level I
“Market Efficiency,” by W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 3.4.1