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、Verification of compliance with the Global Investment Performance Standards(GAPS?):【单选题】

A.may be performed on a single composite.

B.is required for a firm to claim GAPS? compliance.

C.requires the verification report to be issued for the entire firm.

正确答案:C

答案解析:GAPS?的认证（verification）是企业自愿的，并不是必须的，而且如果企业做认证，则必须选择独立第三方进行，认证必须针对整个公司范围，而不是某个组合群（composite）。

2、Which of the following is most accurate concerning key characteristics of different types of preference shares?【单选题】

A.Preference shares have characteristics of both debt and equity securities.

B.Preference shareholders rank above subordinated bondholders with respect to claims on the company’s net assets upon liquidation.

C.The price of convertible preference shares tends to be more volatile than their underlying common shares because they do not allow investors to share in profits of the company.

正确答案:A

答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA
2013 Modular Level I, Vol. 5, Reading 49, Section 3.2
Study Session 14-49-a, b, e
Describe characteristics of types of equity securities.
Describe differences in voting rights and other ownership characteristics among different equity classes.
Compare the risk and return characteristics of types of equity securities.
A is correct. Preference shares have characteristics of both debt securities and common shares. Similar to interest payments on debt securities, the dividends on preference shares are fixed but not contractual obligations. Similar to common shares, preference shares can be perpetual and can pay dividends indefinitely.

3、To gain insight into what portion of the company’s assets is liquid, an analyst will most likely use:【单选题】

A.the cash ratio.

B.the current ratio.

C.common-size balance sheets.

正确答案:C

答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp 252–253
“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
2012 Modular Level I, Vol. 3, pp. 341–342; 359
Study Session 8-26-h, 8-28-b, c
Convert balance sheets to common-size balance sheets, and interpret common-size balance sheets.
Classify, calculate, and interpret activity, liquidity, solvency, profitability, and valuations ratios.
Describe the relationships among ratios, and evaluate a company using ratio analysis.
C is correct. A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and provides insight into what portion of a company’s assets is liquid. In contrast, cash and current ratios measure liquidity relative to current liabilities, not relative to total assets.

4、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standards relating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【单选题】

A.

B.

C.

正确答案:C

答案解析:所列两项都属于重大的投资流程的改变，根据与客户及潜在客户沟通的专业行为标准，需要告知客户这两项变化。

5、Which of the following is most likely to include detailed information on acompany's revenue recognition?【单选题】

A.The auditor's report.

B.The cash flow statement.

C.The financial notes and supplementary schedule.

正确答案:C

答案解析:财务报告的补充部分是用以解释整个公司经营活动的部分。公司采用的会计方法、假设和估计会显示在财务报表的补充部分。财务报表的补充部分还说明了哪些部分审计过了，哪些部分没有审计过，以及其他额外的信息。