2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理历年真题10道，附答案解析，供您考前自测提升！

1、Which of the following events will most likely result in a decrease in a valuation allowance for a deferred tax asset under U.S. GAAP (generally accepted accounting principles)? A(n):【单选题】

A.reduction in tax rates.

B.decrease in interest rates.

C.increase in the carry forward periods available under the tax law.

正确答案:C

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael Broihahn, CFAAn increase in the carry forward period for tax losses extends the possibility that benefits will be realized from the deferred tax asset and would likely result in a decrease in the valuation allowance and an increase in the deferred tax asset.

2、Under IFRS, which of the following financial statement elements most accurately represents inflows of economic resources to a company?【单选题】

A.Assets.

B.Equity.

C.Revenues.

正确答案:C

答案解析:"Financial Reporting Mechanics," Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O'Connor Rubsam, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAThe financial statement elements under International Financial Reporting Standards (IFRS) are: Assets, Liabilities, Owners’ Equity, Revenue, and Expenses. Revenues are inflows of economic resources. Assets are economic resources, but not inflows.

3、Which of the following is the least likely outcome when a monopolist adopts first-degree price discrimination because of customers' differing demand elasticities?【单选题】

A.The monopolist shares the total surplus with consumers.

B.The price for a marginal unit decreases to less than the price for other units.

C.The output increases to the point at which price equals the marginal cost.

正确答案:A

答案解析:In a monopoly, perfect price discrimination results in the total surplus being kept by the producer, the monopolist.Section 6.4

4、Based on best practices in corporate governance procedures, it is most appropriate for a company’s compensation committee to:【单选题】

A.include a retired executive from the firm.

B.link compensation with long-term objectives.

C.include a representative from the firm’s external auditor.

正确答案:B

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew OrsaghB is correct. Under appropriate corporate governance procedures, the compensation committee should link compensation with long-term objectives.

5、A company owns its own office building which it purchased in 2011 for $1,000,000. The real estate market has been volatile in the last few years. The company uses the revaluation model as allowed by IFRS and the following table shows the fair market values since 2011:The impact (in $ thousands) on the income statement in 2014 will most likely be a gain of:【单选题】

A.500.

B.200.

C.300.

正确答案:B

答案解析:The revaluation model per IFRS allows the asset to be carried at fair value. If the revaluation decreases the value, as it does here from 2011 to 2012, then later increases the value to the extent that the losses are reversed, it is recognized in profit and loss, so from $800 to $1,000 = $200.Section 4

6、Which statement is NOT a recommendation procedure for compliance with theProfessional Conduct Standards relating to fair dealing? Member should:【单选题】

A.develop and document trade allocation procedures.

B.ensure all clients receive the same level of service.

C.publish guidelines for pre-dissemination behavior.

正确答案:B

答案解析:保证所有客户享受同样的服务水平是不对的，可以针对不同客户设置不同的服务等级。A和C都是推荐的做法。

7、An analyst does research on a company's income and cash flow statement.Thecompany classifies interest expense as an operating activity and reports the followinginformation:The company's interest expense is closest to:【单选题】

A.$ 6 000

B.$ 16 667

C.$ 25 000

正确答案:B

答案解析:free cash flow to the firm = cash flow from operating - capital expenditures + interest × (1 -tax rate)$ 90 000 = $ 200 000 - $ 120 000 + interest × (1 -0.4)，interest = $ 16 667。

8、An analyst does research about earnings per share and gathers the following informationabout a company's planned share repurchase using borrowed funds:All else being equal, compared to earnings per share before the repurchase,earnings per share after the repurchase will most likely:【单选题】

A.decrease.

B.remain the same.

C.increase.

正确答案:C

答案解析:盈利收益率（earnings yield）=1/13 =7.69%，大于税后债务成本（after-tax cost ofdebt）=11% × (1 -35% ) =7.15%，因此借钱回购股票将使得EPS上升。

9、An analyst does research about currency swap and stated that, in the typical currencyswap, principal amounts are exchanged at both the beginning and end ofthe swap and interest payments are netted during the life of the swap.The analystis most accurate with respect to :【单选题】

A.[1666201704111-image/262.jpg]

B.[1666201704111-image/263.jpg]

C.[1666201704111-image/264.jpg]

正确答案:B

答案解析:货币互换是两种不同的货币之间的相互交换，通常本金在期初期末要进行交换，期间的利息支付不可以相互抵消。

10、An asset management firm generated the following annual returns in their US large-cap equityportfolio:The 2012 return needed to achieve a trailing five-year geometric mean annualized return of 5% whencalculated at the end of 2012 is closest to:【单选题】

A.27.6%.

B.17.9%.

C.35.2%.

正确答案:C

答案解析:[1669201704111-image/463.jpg]Section 2.1.3