2019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、Colin Gifford, CFA is finalizing a monthly newsletter to his clients, who are primarily individual investors. Many of the clients’ accounts hold the common stock of Capricorn Technologies. In the newsletter, Gifford writes, “Based upon the next six months earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn's stock will be $22 per share by the end of the year.” Regarding his stock analysis, the least appropriate action Gifford should take to avoid violating any CFA Institute Standards of Professional Conduct would be to:【单选题】

A.separate fact from opinion.

B.include earnings estimates.

C.identify limitations of the analysis.

正确答案:B

答案解析:"Guidance for Standards I-VII CFA Institute"B is correct because while pro forma analysis may be standard industry practice, it is not required by the Standards. Earnings estimates are opinions and must be clearly identified as such.

2、Which of the following statements is most accurate regarding cash flow ratios?【单选题】

A.Interest coverage ratio is calculated as operating cash flow over interest payments.

B.Debt payment ratio measures the firm’s ability to pay debts with operating cash flows.

C.Reinvestment ratio measures the firm’s ability to acquire assets with investing cash flows.

正确答案:B

答案解析:"Understanding The Cash Flow Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFADebt payment ratio (CFO ÷ Cash paid for long-term debt repayment) shows the firm’s ability to pay debts with operating cash flows.

3、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? A(n):【单选题】

A.reduction in tax rates

B.extension in the tax loss carry-forward period

C.decrease in interest rates

正确答案:B

答案解析:Under U.S. GAAP, deferred tax assets must be assessed at each balance sheet date. If there is any doubt whether the deferral will be recovered, the carrying amount should be reduced to the expected recoverable amount. The asset is reduced by increasing the valuation allowance. Should circumstances change so that it is more probable that the deferred tax benefits will be recovered, the deferred asset account will be increased (and the valuation allowance decreased). An 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.Sections 3.3, 6.1

4、Which of the following most likely exhibits negative convexity?【单选题】

A.A putable bond

B.A callable bond

C.An option-free bond

正确答案:B

答案解析:“Introduction to the Measurement of Interest Rate Risk” Frank J. Fabozzi, CFAB is correct because a callable bond exhibits negative convexity at low yield levels and positive convexity at high yield levels.

5、An analyst does research about revenue recognition andgathers the following informationabout a construction contract with outcome that can be reliably measured:Assuming the project will be completed after 4 years, the revenue from the contractrecognized for year 1 is closest to?【单选题】

A.$ 0

B.$ 142 857

C.$ 114 285

正确答案:C

答案解析:因为工程合同的收益可以预期，所以采用完工百分比法按照工程的进度来确定收入。revenue= ( $ 80 000 / $ 175 000) × $ 250 000 = $ 114 285，采用完工百分比法是在工程完成后，才确认收入、费用与利润。

6、Which of the following are most likely handled prospectively, with the changeaffecting the financial statements for the period of change and future period?【单选题】

A.Changes in accounting policies.

B.Changes in accounting estimates.

C.Correction of an error for a prior period.

正确答案:B

答案解析:A.Changes in accounting principles不能仅仅调整当前的报表，在当前的报表中需要重新报告犯错误的那个期间的修

7、If difference between accounting profit and taxable income is temporary, deferredtax liabilities are created when:【单选题】

A.financial accounting income tax expense is less than regulatory income taxespayable.

B.financial accounting income tax expense is more than regulatory incometaxes payable.

C.accounting profit isless than taxable income.

正确答案:B

答案解析:income tax expense = taxes payable + ΔDTL - ΔDTA。递延所得税负债（deferred tax liability，简称DTL）是由于taxable income小于pretax income（即taxes payable小于income tax expense），相对于公司财务报表而言，税单上显示要交的税少，相当于公司暂时少交了税，从而记为负债，表示暂时欠税务局的钱。产生DTL的原因有tax return用加速折旧法等，而financial report用直线折旧法。

8、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】

A.stays the same.

B.increases.

C.decreases.

正确答案:A

答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes the slope of the yield curve stays the same.Section 3

9、Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:【单选题】

A.less by interest rate changes and exhibit a greater correlation with movements in equity markets.

B.more by interest rate changes and exhibit a greater correlation with movements in equity markets.

C.less by interest rate changes and exhibit a lower correlation with movements in equity markets.

正确答案:A

答案解析:High-yield bonds can be thought of as a hybrid between investment-grade bonds and equitysecurities. Their spread movements are less influenced by interest rate changes than are investment-gradebonds and they exhibit greater correlation with movements in equity markets.Section 7.1

10、Convenience yield is best described as a nonmonetary benefit of holding a(n):【单选题】

A.forward contract,

B.option contract.

C.asset.

正确答案:C

答案解析:Convenience yield represents the nonmonetary advantage of holding the asset.Section 2.2.5