CFA考试一级章节练习题精选0331-18(附详解)

1、CFA考试一级章节练习题精选 0331-18 （附详解）1、 An analyst does research about cash flow classification.The initial cash paymentfor an equity security is considered an investment cash flow.The securityis least likely to be classified as: 【单选题】A. held for trading.B. held to maturity.C. available for sale.正确答案 :A答案解析

2、:held for trading 归类为 cash flow from operation, held to maturity 和 available for sale 归类为 cash flow from investing 。1、 The following selected data are available for a firm:$ millionsNet income90.0Non-cash charges15.2Interest expense28.0Capital expenditures34.3Working capital expenditures13.0If the f

3、irm s tax rate is 40%, the free cash flow to the firm (FCFF) is closest 单选题】A. 57.9.B. 74.7.C. 87.7.正确答案:B答案解析:“ Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broit2013 Modular Level I, Vol. 3, Section 4.3Study Session:

4、8 27-iCalculate and interpret free cash flow to the firm, free cash flow to equity, and p erformance and coverage cash flow ratios.B is correct.Calculate FCFF:S millionsNet income90+ Non-cash charges15.2+ Interest expense x (1-tax rate)28 X (1-0,4) = 16.8-Capital expenditures(34.3)- Working capital

5、expenditures74.7FCFF【单选1、 During a period of rising price and stable inventory levels, using the LIFO inventoryaccounting method results in cost of goods sold (COGS) that is:题】A. less than COGS using the FIFO method.B. equal to COGS using the FIFO method.C. greater than COGS using the FIFO method.正确

6、答案:C答案解析：当物价上涨并且存货数量稳定时，后进先出法（LIFO）相对于先进先出法（聊）有更咼的销货成本，因为后买进来的价格咼的存货先作为成本统计。1、 All else being equal and ignoring tax effects, compared with using the straight-line method of depreciation, the use of an accelerated method of depreciation4in the early years of an assets life would most likely result i

7、n a decrease in the firms:【单选题】A. cash flow from operations.B. asset turnover ratio.C. shareholders equity.正确答案 :C答案解析 :An accelerated method of deprecation produces greater expenses in the early years and lowers net income, which in turn lowers the retained earningsresulting in a decrease in shareh

8、olders equity.2014 CFA Level ILong-Lived Assets, by Elaine Henry and Elizabeth A. GordonSection 3.11、An analyst does research on the reclassification of non-current assets.A companyreclassifies a non-current asset from held-for-use to held-for-sale.At thattime,the assets carrying value is greater than its fair value less costs to sell,and the company most likely recognizes: 【单选