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、What will be the impact on Stellar in the current year if Martinez’s belief in Conclusion 4 is correct? Compared with the previous year, Stellar’s:【单选题】

A.current ratio will increase.

B.days sales outstanding (DSO) will decrease.

C.accounts receivable turnover will decrease.

正确答案:B

答案解析:B is correct. Because accounts receivable will be lower than reported in the past, Stellar’s DSO [accounts receivable/(revenues/365)] will decrease. Stellar’s accounts receivable turnover (365/days’ sales outstanding) will increase with the lower DSO, giving the false impression of a faster turnover. The company’s current ratio will decrease (current assets will decrease with no change in current liabilities).

2、Which of the three strategies listed by Kuroda is most appropriate for Valdivia?【单选题】

A.Strategy 1

B.Strategy 2

C.Strategy 3

正确答案:B

答案解析:B is correct. Strategy 2, buy March 65 put options, is the appropriate strategy. The purchase of a put option on an existing position on Caterpillar stock is a protective put. The protective put ensures that if Caterpillar shares decline there is a floor on losses. If Caterpillar shares rise, however, Valdivia will participate in the gains.

3、Webster’s concern about BIG Industrial’s inventory suggests poor reporting quality, most likely resulting from a lack of:【单选题】

A.completeness.

B.clear presentation.

C.unbiased measurement.

正确答案:C

答案解析:C is correct. Webster is concerned that innovations have made some of BIG Industrial’s inventory obsolete. This scenario suggests impairment charges for inventory may be understated and that the inventory balance does not reflect unbiased measurement.

4、Based on the Gordon growth model, the justified leading P/E for ABC stock is closest to:【单选题】

A.17.1.

B.17.7.

C.20.0.

正确答案:A

答案解析:A is correct. The justified leading P/E is calculated as

5、Which of the following statements clearly conflicts with the recommended procedures for compliance presented in the CFA Institute Standards of Practice Handbook?【单选题】

A.Firms should disclose to clients the personal investing policies and procedures established for their employees.

B.Prior approval must be obtained for the personal investment transactions of all employees.

C.For confidentiality reasons, personal transactions and holdings should not be reported to employers unless mandated by regulatory organizations.

正确答案:C

答案解析:The correct answer is C. This question asks about compliance procedures relating to personal investments of members and candidates. The statement in answer C clearly conflicts with the recommended procedures in the Standards of Practice Handbook. Employers should compare personal transactions of employees with those of clients on a regular basis regardless of the existence of a requirement by any regulatory organization. Such comparisons ensure that employees’ personal trades do not conflict with their duty to their clients, and the comparisons can be conducted in a confidential manner. The statement in answer A does not conflict with the procedures in the Handbook. Disclosure of such policies will give full information to clients regarding potential conflicts of