CFA考试《CFA一级》历年真题精选及详细解析1006-58

1、CFA考试CFA级历年真题精选及详细 解析 1006-581、An investor purchases the bonds of JLD Corp., which pay an annual coupon of 10% and mature in 10 years, at an annual yield to maturity of 12%. The bonds will most likely be selling at:【单选题】A. par.6.a discountC.a premium.正确答案:B 答案解析:"Risks Associated with Investing

2、 tn Bonds/ Frank J.Fabozzi, CFA 2013 Modular Level I, Vol. 5, Section 2.1Study Sessi on 15-53-bIdentify the relations among a bond's coupon rate, the yield required by the market, and the bond's price relative to par value (i.e., discount, premium； or equal to par)<B is correct because th

3、e coupon rate on the bonds is lower than the yield to maturity, implying that the bonds should be selling at a price lower than their par valuethat is, at a discount.2、Which of the following is least likely a characteristic of an effective financial reporting framework?【单选题】A. Tra nsp are ncyB. Com

4、parabilityC. Com prehe nsive ness正确答案:B 答案解析/'Financial Reporting Standards/ Elaine Henry, CFA,Jan Hendrik van Greuning, CFA, and Thomas R. Robinson, CFA 2013 Modular Level I, VoL3, Reading 24, Section 6.1Study Session 7-24-gIdentify the characteristics of a cohere nt fina ncial reporting framew

5、ork and the barriers to creating such a framework.B is correct* The characteristics of an effective financial reporting framework are transparency, comprehensiveness, and con siste ncy. Com parability is a gen eral feature of fin ancial statements.3、A review of a company"s inventory records for

6、 the year indicates that the following costs were incurred:Fixed production overhead: $500,000Direct material and direct labor: 300,000Storage costs incurred during production: 25,000Abnormal waste costs: 30,000If the com pany op erated at full cap acity during the year; the total capitalized invent

7、ory cost is closest to:【单选题】A. $800,000.B. $825,000.C$855,000.正确答案:B 答案解析/Inventories/ Michael A. Broihahn, CFA 2011 Modular Level h Vol. 3, pp 379-380Study Session 9-36-aDisti nguish betwee n costs in eluded in inve ntories and costs recognized as expenses in the period in which they are in curred.

8、The total cap italized costs in elude fixed pr oduction costs, the direct conversion costs of material and labor; storage costs required as part of production but not abnormal waste costs.$500,000 + 300,000 + 25,000 = $825,0004、Con Sider a 5-year option -free bond that is priced at a discount to par

9、 value, Assuming the discount rate does not change, one year from now the value of the bond will most likely:单选题】Ajn crease.B. decrease.C. stay the same.正确答案:A 答案解析:"Introduction to the Valuation of Debt Securities'',Frank J. Fabozzi, CFA 2013 Modular Level I, Vol. 5, Reading 56, Sectio

10、n 23.3Study Session 16-56-dExplain how the price of a bond changes if the discount rate changes and as the bond approaches its maturity date.A is correct because the bond is priced below its par value but will be worth exactly par value at maturity. Over time, assuming a stable discount rate, the va

11、lue of the bond must rise so that it is equal to par at maturity* 5、Which of the following most likely trades tn the secondary markets?【单选题】AOpenend fundsB.CIosed-end fundsC. Unit investment trusts正确答案:B 答案解析:"Alternative Investments/ Bruno Solnik and DennisMcLeavey 2012 Modular Level h Vol. & pp. 189-190Study Sessi on 18-66-aDistinguish between an open-end and a closed-end fund, and explain how net asset value of a fun