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、An analyst does research about market supply curve.Which of the followingstatements is most accurate?【单选题】

A.The market supply curve is a total cost curve.

B.The market supply curve is the horizontal sum of the individual producer'ssupply curves above average variable cost curve.

C.The market supply curve is formed by adding the producer surplus of allindividual producers.

正确答案:B

答案解析:市场供给曲线是将单个企业的供给曲线超过平均可变成本线累加而得到的，因为当价格低于平均可变成本线时，企业会停止经营。

2、Which of the following least likely reflects the two primary principles of the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct?【单选题】

A.Confidentiality of proceedings

B.Fair process to the member and candidate

C.Public disclosure of disciplinary sanctions

正确答案:C

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute
2012 Modular Level I, Vol. 1, p. 8Study Session 1-1-aDescribe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and Standards.C is correct because the two principles of the Rules of Procedure for Proceedings Related to Professional Conduct are confidentiality of proceedings and fair process to the member and candidate.

3、In a repurchase agreement, the repo margin will be lower the:【单选题】

A.higher the quality of the collateral.

B.lower the demand for the collateral.

C.higher the supply of the collateral.

正确答案:A

答案解析:The higher the quality of the collateral, the lower the difference between the market value of thesecurity used as collateral and the value of the loan-that is, the repo margin.
CFA Level I
"Fixed-Income Markets: Issuance, Trading, and Funding," Moorad Choudhry, Steven V. Mann, andLavone F. Whitmer
Section 7.3

4、Jimmy Lan, CFA, is a technology analyst at Pacific Securities, Inc. and is a leading authority on Japanese technology companies. Lan's clients include many leading Japanese equity managers. While still employed at Pacific, Lan makes plans during the weekends to start a new company, JL Consulting. His plans consist of contracting office space, interviewing potential employees, and purchasing office equipment. Once he feels ready to launch his new firm, Lan provides Pacific with his resignation notice. After leaving, Lan constructs earnings models of the technology companies he previously covered, using the knowledge and experience gained while at Pacific. He then contacts former clients by using public sources and encourages them to become clients of his new firm. Are Lan's actions in compliance with the Code and Standards?【单选题】

A.Yes, assuming he is not in breach of any non-compete agreement signed while at Pacific Securities

B.No, because he is prohibited from engaging in activities related to starting his new business while still employed by Pacific Securities

C.No, because the names of former clients, modeling skills, and experience gained by Lan are confidential information of Pacific Securities

正确答案:A

答案解析:Lan's actions do not violate Standard IV (A) – Duties to Employers. Lan does not use company time to make arrangements for his new venture, nor does he misappropriate any information (financial models or client contacts) from his former employer. All of Lan's actions are permissible under Standard IV (A). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard IV(A)

5、On 1 January, a company, which prepares its financial statements according to IFRS, arranged financing for the construction of a new plant. The company:
● borrowed NZ$5,000,000 at an interest rate of 8%,
● issued NZ$5,000,000 of preferred shares with a cumulative dividend rate of 6%, and
● temporarily invested NZ$2,000,000 of the loan proceeds for the first six months of construction and earned 7% on that amount.
The amount of financing costs to be capitalized (NZ$) to the cost of the plant in the first year is closest to:【单选题】

A.330,000.

B.400,000.

C.630,000.

正确答案:A

答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. Gordon
2013 Modular Level 1, Vol.3, Reading 30, Section 2.1, Example 1
Study Session: 9-30-a
Distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred.

6、A company recently purchased a warehouse property and related equipment (shelving, forklifts, etc.) for €50 million, which were valued by an appraiser as follows: Land €10 million, building €35 million, and equipment €5 million. The company incurred the following additional costs in getting the warehouse ready to use:
● €2.0 million for repairs to the building’s roof and windows
● €0.5 million to modify the interior layout to meet their needs (moving walls and doors, inserting and removing partitions, etc.)
● €0.1 million on an orientation and training session for employees to familiarize them with the facility
The cost to be capitalized to the building account (in millions) for accounting purposes is closest to:【单选题】

A.€37.0.

B.€37.5.

C.€38.5.

正确答案:B

答案解析:“Long-Lived Assets,” Elaine Henry and Elizabeth A. Gordon
2012 Modular Level I, Vol. 3, pp. 444–446
Study Session 9-30-a
Distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred.
B is correct. The capitalized cost of the building would include the other costs that are directly attributable to the building and are involved in extending its life or getting it ready to use:
Initial cost €35.00
Repairs to roof and windows 2.00
Modifications to interiors
Total cost €37.5 million

7、Which of the following statements regarding inventory valuation is most accurate?【单选题】

A.IFRS defines market value as net realizable value less a normal profit margin.

B.Both IFRS and U.S. GAAP allow the reversal of write-downs back to the original cost.

C.Both IFRS and U.S. GAAP allow agricultural inventories to be valued at net realizable value.

正确答案:C

答案解析:Both IFRS and U.S. GAAP allow agricultural to be valued at net realizable value.
2014 CFA Level I
"Inventories," by Michael A. Broihahn
Section 4

8、An investor purchases an equity call option priced at CHF3 with an exercise price of CHF41. If at expiration of the option, the underlying is priced at CHF38, the profit for the investor's position is closest to:【单选题】

A.–CHF6.

B.CHF0.

C.–CHF3.

正确答案:C

答案解析:The option expires worthless, and the loss is equal to the premium paid.
2014 CFA Level I
"Option Markets and Contracts," by Don M. Chance
Section 2.1.2

9、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】

A.Limit the number of people involved.

B.Maintain a list of clients and their holdings.

C.Prolong the time frame between decision and dissemination.

正确答案:C

答案解析:当投资建议将要发布时，限制参与的人数，以及保留客户的名单和他们持股情况都是CFA协会推荐的做法。同时，CFA协会推荐缩短决策制定和信息发布的时间，来避免违反公平对待的规定。

10、An analyst does research about cash flow statement and learns a company whichissued a significant amount of common stock in exchange for inventory.Withrespect to the cash flow statement, this transaction is most likely reportedas:【单选题】

A.investing activity only.

B.financing activity only.

C.in a separate note or supplementary schedule.

正确答案:C

答案解析:非现金投融资活动应该单独披露，列示在附录中。
非现金投融资活动有：
（1）用股权赎回债券；
（2）把优先股票变成普通股票；
（3）用资本租赁获取资产；
（4）非现金资产间进行交换；
（5）发放债券或股权购买非现金资产。