CFA考试《CFA一级》历年真题精选及详细解析1006

1、CFA考试CFA级历年真题精选及详细解析 1006-58Is An investor purchases the bonds of JLD Corp., which pay an annual coup on of 10% and mature in 10 years, at an an nual yield to maturity of 12% The bonds will most likely be selling at:【单选题】A. par.B. a discountC. a premium正确答案：B答案解析:"Risks Associated with Investin

2、g in Bonds/ Frank J.Fabozzi, CFA2013 Modular Level I, Vol. 5, Section 2.1Study Session 15-53-bIdentify the relati ons among a bond's coup on 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 the

3、coup on rate on the bonds is lower tha n the yield to maturity, implying that the bonds should be selling at a price lower than their par valuethat is, at a discount2、Which of the following is least likely a characteristic of an effective financial reporting framework?【单选题】A. Tra nspare ncyB. Compar

4、abilityC. Comprehe nsiveness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, Vol.3, Reading 24, Section 6.1Study Session 7 24-gIdentify the characteristics of a coherent financial reporting framework a

5、nd 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. Comparability is a gen era I feature of financial statements 3x A review of a company's inventory records for the y

6、ear 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 company operated at full capacity during the year; the total capitalized inventory cost

7、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, CFA2011 Modular Level I, Vol. 3, pp. 379-380Study Session 9-36Distinguish betwee n costs in eluded in inven tories and costs recognized as expenses in the period in which they are in curred The

8、total capitalized costs in elude fixed product! on 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 二 $825,0004、 Consider a 5 year option-free bond that is priced at a discount to par value

9、 Assuming the discount rate does not change, one year from now the value of the bond will most likely:【单选题】A. in creaseB. decrease C. stay the same正确答案:A答案解析:"Introduction to the Valuation of Debt SecuritiesAFrank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 56, Section 2.3.3Study Sessi

10、on 16-56-dExplain how the price of a bond changes if the discount ratechanges and as the bondapproaches its maturity dateA is correct because the bond is priced below its par value but will be worth exactly par value atmaturity. Over time, assuming a stable discount rate, the value of the bond must

11、rise so that it is equal to par at maturity.5、Which of the followi ng most likely trades in the sec on dary markets?【单选题A. Open end fundsB. Closed-end fundsC. Unit investment trusts正确答案：B答案解析:"Alternative Investments/ Bruno Solnik and DennisMcLeavey2012 Modular Level I, Vol. 6, pp. 189-190Study Session 18-66-aDistinguish between an opernend and a closed-end fund, and explain how net asset value of a fun