2020年CFA考试《CFA二级》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、Atlantic Preserve’s total periodic pension cost (in $ thousands) for 2013 is closest to:【单选题】

A.183.

B.704.

C.2,267.

正确答案:B

答案解析:B is correct. The total periodic pension cost is the change in the net pension asset or liability excluding the effect of the employer’s periodic contribution to the plan.

2、The most appropriate response to Mathews question regarding a spread measure is the:【单选题】

A.Z-spread.

B.Treasury–Eurodollar (TED) spread.

C.Libor–OIS (overnight indexed swap) spread.

正确答案:C

答案解析:C is correct. The Libor–OIS spread is considered an indicator of the risk and liquidity of money market securities. This spread measures the difference between Libor and the OIS rate.

3、The most appropriate treatment of the estimated restructuring charge, in response to Nkomo’s Question 3, would be:【单选题】

A.an upward adjustment to book value.

B.an upward adjustment to the cost of equity.

C.to exclude it from the estimate of net income.

正确答案:C

答案解析:C is correct. The restructuring charge is a nonrecurring item and not indicative of future earnings. In applying a residual income model, it is important to develop a forecast of future residual income based upon recurring items. Using the net income reported in Amersheen’s 2010 net income statement to model subsequent future earnings, without adjustment for the restructuring charge, would understate the firm’s future earnings. By upward adjusting the firm’s net income, by adding back the R2 million restructuring charge to reflect the fact that the charge is nonrecurring, future earnings will be more accurately forecasted.

4、Pereira should forecast that the ROE for Globales is likely to decline:【单选题】

A.more slowly than that of the industry competitor.

B.at the same rate as the industry competitor.

C.more rapidly than that of the industry competitor.

正确答案:A

答案解析:A is correct. Based on the principle of mean reversion, the high ROE for both firms should revert towards the mean. Globales has a higher cash flow component to its return than the peer firm, however, so its high return on common equity should persist longer than that of the peer firm. The peer firm has a higher accruals component, so it is likely to revert more quickly.

5、Based on Exhibit 3, Topmaker’s impairment loss under IFRS is:【单选题】

A.$120 million.

B.$300 million.

C.$400 million.

正确答案:B

答案解析:B is correct. The goodwill impairment loss under IFRS is $300 million and is calculated as the difference between the recoverable amount of a cash-generating unit and the carrying value of the cash-generating unit. Topmaker’s recoverable amount of the cash-generating unit is $14,900 million, which is less than the carrying value of the cash-generating unit ($15,200 million). The result is an impairment loss of $300 million ($14,900 – $15,200).