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2020年CFA考试《CFA一级》每日一练
帮考网校2020-02-19 11:14
2020年CFA考试《CFA一级》每日一练

2020年CFA考试《CFA一级》考试共240题,分为单选题。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、According to International Financial Reporting Standards, which of the following conditions should be satisfied in order to report revenue on the income statement?【单选题】

A.Payment has been received.

B.Costs can be reliably measured.

C.Goods have been delivered to the customer.

正确答案:B

答案解析:“Understanding Income Statements,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp. 158–159
Study Session 8-25-b
Describe the general principles of revenue recognition and accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, and gross and net reporting of revenue), and the implications of revenue recognition principles for financial analysis.
B is correct. The IFRS conditions that should be met include that the costs incurred can be reliably measured, and it is likely that the economic benefits will flow to the entity, not the actual receipt of any payment, and that the significant risks and rewards of ownership have been transferred, which is normally when the goods have been delivered, but not always.

2、A company recorded the following events in 2012:

On the 2012 statement of cash flows, the company’s net cash flow from investing activities (in $‘000s) is closest to:【单选题】

A.-275.

B.-215.

C.285.

正确答案:A

答案解析:A is correct.
“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broihahn, CFA
2013 Modular Level I, Vol. 3, Reading 27, Section 2.1
Study Session 8-27-a
Compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items.
A is correct. Only the cash flows for the purchase of the shares in an affiliated company are cash from investing activities, therefore the net amount is -$275,000. Cash flows from trading securities are operating activities.

3、Data that helps to compute expected growth rates of companies are furnished below:

Which of the following best describes the expected growth rate of Company 1? The expected growth rate of Company 1 compared to Company 2 is:【单选题】

A.lower.

B.higher.

C.the same.

正确答案:C

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 158-159
Study Session 14-56-f, g
Estimate the dividend growth rate, given the components of the required rate of return incorporating the earnings retention rate and current stock price.
Describe a process for developing estimated inputs to be used in the DDM, including the required rate of return and expected growth rate of dividends.
ROE = Return on assets x Financial leverage;
Retention rate = 1 – (Payout ratio);
g = Retention rate x Return on equity
Company 1: ROE = 12% x 1.6 = 19.2%; g = (1 – 0.375) x 19.2 = 12%
Company 2: ROE = 10% x 2.0 = 20.0%; g = (1 – 0.400) x 20.0 = 12%

4、An analyst does research about accounting standards.Which of the following isNOT a goal of the International Accounting Standards Board?【单选题】

A.Promoting the use of global accounting standards.

B.Accounting for the needs of developed markets and big firms when implementingglobal accounting standards.

C.Develop global accounting standards requiring transparency, comparability,and high quality in financial statements.

正确答案:B

答案解析:IASB的4个目标如下:
(1) 使依据国际会计准则可编制出更透明、更可比及更高质量的财务报表。
(2) 促进国际会计准则的使用。
(3) 使用国际会计准则时,能更好地考虑新兴市场和小公司的需求。
(4) 使国际会计准则和不同国家的会计准则能够逐渐趋同。
(5) 选项B中说考虑成熟市场和大公司的需求,明显是错误的。

5、Which of the following statements concerning companies in different industry environments is mostaccurate?【单选题】

A.Companies in mature industries tend to focus on efficiency gains and gain market share throughsuperior products.

B.An industry's experience curve declines with a decrease in the utilization of capital equipment andspreading overhead over a fewer number of units.

C.Companies in fragmented industries would not be highly price competitive because they tend tothink individualistically, making coordination difficult.

正确答案:A

答案解析:Companies in mature industries are likely to pursue replacement demand rather than new buyers andare probably focused on extending successful product lines rather than introducing revolutionary newproducts. Therefore, they tend to focus on cost rationalization and efficiency gains rather than ontaking a lot of market share. Furthermore, companies with superior products or services are likely togain market share.
CFA Level I
"Introduction to Industry and Company Analysis," Patrick W. Dorsey, Anthony M. Fiore, and IanRossa O'Reilly
Sections 5, 5.1.2, 5.1.5

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