12月CFA一级考前测试题|CFA一级考前题

来源: 高顿 2017-10-24
  距离12月2日CFA考试还有1个多月,大家是不是有点紧张了!面对成千上万的知识点,很多考生在复习过程中感到力不从心,如何在浩如烟海的阅读材料中把握核心、消除困惑。下面高顿CFA老师整理一些关于CFA一级考试考题,帮助测试一下大家学习的情况。更多CFA考试题,请下载CFA题库APP来勤加练习,这样能快速掌握考题。
 
  12月CFA一级考前测试题
 
  1. The sale of a building for cash would be classified as what type of activity on the cash flow statement?
  A. Operating.
  B. Investing.
  C. Financing.
  Solution: B.
  Purchases and sales of long-term assets are considered investing activities. Note that if the transaction had involved the exchange of a building for other than cash (for example, for another building, common stock of another company, or a long-term note receivable), it would have been considered a significant non-cash activity.
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  2. Interest paid is classified as an operating cash flow under:
  A. US GAAP but may be classified as either operating or investing cash flows under IFRS.
  B. IFRS but may be classified as either operating or investing cash flows under US GAAP.
  C. US GAAP but may be classified as either operating or financing cash flows under IFRS.
  Solution: C.
  Interest expense is always classified as an operating cash flow under US GAAP but may be classified as either an operating or financing cash flow under IFRS.
  3. Comparison of a company’s financial results to other peer companies for the same time period is called:
  A. technical analysis.
  B. time-series analysis.
  C. cross-sectional analysis.
  Solution: C.
  Cross-sectional analysis involves the comparison of companies with each other for the same time period. Technical analysis uses price and volume data as the basis for investment decisions. Time-series or trend analysis is the comparison of financial data across different time periods.
 
  4. Which ratio would a company most likely use to measure its ability to meet short-term obligations?
  A. Current ratio.
  B. Payables turnover.
  C. Gross profit margin.
  Solution: A.
  The current ratio is a liquidity ratio. It compares the net amount of current assets expected to be converted into cash within the year with liabilities falling due in the same period. A current ratio of 1.0 would indicate that the company would have just enough current assets to pay current liabilities.
 
  5. Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:
  A. +$0.41 million.
  B. –$0.41 million.
  C. –$1.22 million.
  Solution: A.
  The average accounts receivable balances (actual and desired) must be calculated to determine the desired change. The average accounts receivable balance can be calculated as an average day’s credit sales times the DSO. For the most recent fiscal year, the average accounts receivable balance is $15.62 million [= ($300,000,000/365) × 19]. The desired average accounts receivable balance for the next fiscal year is $16.03 million (= ($390,000,000/365) × 15). This is an increase of $0.41 million (= 16.03 million – 15.62 million). An alternative approach is to calculate the turnover and divide sales by turnover to determine the average accounts receivable balance. Turnover equals 365 divided by DSO. Turnover is 19.21 (= 365/19) for the most recent fiscal year and is targeted to be 24.33 (= 365/15) for the next fiscal year. The average accounts receivable balances are $15.62 million (= $300,000,000/19.21), and $16.03 million (= $390,000,000/24.33). The change is an increase in receivables of $0.41 million.
 
  6. Which of the following would be least likely to cause a change in investing cash flow?
  A. The sale of a division of the company
  B. The purchase of new machinery
  C. An increase in depreciation expense
  Solution: C.
  Depreciation does not represent a cash flow. To the extent that it affects the firm's taxes, an increase in depreciation changes operating cash flows, but not investing cash flows.
 
  7. Which of the following statements is most accurate regarding cash flow statements prepared under IFRS and U.S. GAAP?
  A. Under U.S. GAAP, bank overdrafts should be classified as a financing cash flow
  B. Under IFRS, interest paid can be reported either as an operating or an investing cash flow
  C. Both the direct and indirect formats of cash flow statements are allowed under IFRS and U.S. GAAP, but indirect is encouraged under IFRS only
  Solution: A.
  Under U.S. GAAP, bank overdrafts are not considered part of cash and cash equivalents and are classified as financing cash flows.
  8. An analyst has calculated a ratio using as the numerator the sum of operating cash flow, interest, and taxes, and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indicate?
  A. This ratio is an interest coverage ratio, measuring a company's ability to meet its interest obligations and indicating a company's solvency
  B. This ratio is an effective tax ratio, measuring the amount of a company's operating cash flow used for taxes, and indicating a company's efficiency in tax management
  C. This ratio is an operating profitability ratio, measuring the operating cash flow generated for taxes and interest and indicating a company's liquidity
  Solution: A.
  This is the interest coverage ratio using operating cash flow rather than earnings before interest, tax, depreciation, and amortization (EBITDA).
 
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cfa备考 热门问题解答
cfa证书就业岗位有哪些?

cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内,cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些?

cfa考试分为三个等级,cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次?

cfa每年考试的次数每个级别均有不同,其中CFA一级考试每年设置四次,CFA二级考试每年设置三次,CFA三级考试每年设置两次。需注意,协会规定考生必须要按照CFA考试的三个级别,依次进行报考,且报考两个级别考试的窗口之前需至少间隔6个月。

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CFA证书全称Chartered Financial Analyst(特许注册金融分析师),是全球投资业里最为严格与高含金量资格认证,为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准,具有较高的知名度和影响力。 英国的国际学术认证中心,还将持有CFA证书视为拥有硕士学历水平,能让想进修的金融专业人士,充分学习等同于金融硕士的知识课程。此外,人民日报三年内连续四次推荐CFA证书!因此,无论是从国际知名度还是国内知名度来说,CFA资格认证的含金量和认可度都是非常高的。

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