2020年CFA考试《CFA二级》每日一练

2020年CFA考试《CFA二级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Based upon Exhibits 1 and 3, the estimated value of Property #1 using the sales comparison approach (assigning equal weight to each comparable) is closest to:【单选题】

A.40,050,000.

B.40,300,000.

C.44,500,000.

正确答案:C

答案解析:C is correct. The estimate of the value of Property #1 using the sales comparison approach is:

2、Which statements about Modigliani and Miller's theory is correct?【单选题】

A.Statement 1 is correct but Statement 2 is not.

B.Statement 2 is correct but Statement 1 is not.

C.Both are incorrect

正确答案:C

答案解析:Proposition I without tax, or the capital structure irrelevance theorem, states that the level of debt versus equity in the capital structure has no effects on company value in perfect markets. According to Modigliani and Miller's Proposition II with taxes, the cost of equity increases as the use of debt in the capital structure increases, and is a linear function of the company's debt/equity ratio. The value of the company is increasing as the amount of debt used and the optimal capital structure is all debt.

3、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking for a new job, she uses the files she saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】

A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.

B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.

C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.

正确答案:A

答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted the files. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.

4、Which of the following activities of Blue Mountain Dairy would least likely indicate a lower quality of earnings for the company? The company's:【单选题】

A.sale of receivables with partial recourse.

B.choice of depreciation methods for fixed assets.

C.guarantee of bank loans for non-consolidated subsidiaries.

正确答案:B

答案解析:Earning quality refers to the degree of conservatism in reported earnings. Accelerated depreciation methods are an indication of high earnings quality; both sale of receivables with partial recourse and guarantees of unconsolidated subsidiary debt represent off- balance sheet financing techniques, which lower the quality of earnings.

5、Which of Pereira’s statements about Miland Communications is most likely a warning sign of potential earnings manipulation?【单选题】

A.The trend in inventory turnover

B.The trend in receivables turnover

C.The amount of net income relative to cash flow from operations

正确答案:C

答案解析:C is correct. Net income being greater than cash flow from operations is a warning sign that the firm may be using aggressive accrual accounting policies that shift current expenses to future periods. Decreasing, not increasing, inventory turnover could suggest inventory obsolescence problems that should be recognized. Decreasing, not increasing, receivables turnover could suggest that some revenues are fictitious or recorded prematurely or that the allowance for doubtful accounts is insufficient.