CFA一级考试历年真题精选及答案0519-1

1、CFA一级考试历年真题精选及答案0519-11、单项选择题（本题型共5小题，每小题20分，每小题只有一个正确答案，请从每小题的备选答案中选出一个你认为正确的答案，在答题卡相应位置上用2B铅笔填涂相应的答案代码，答案写在试题卷上无效）1、Earlierthisyear,BarracudaCompanyissued5,000employeestockoptions.Recently,2,000optionswereexercisedatapriceof$10pershare.Toavoiddilution,Barracudapurchased2,000sharesatanaveragepriceo

2、f$12pershare.Barracudareportedbothtransactionsasfinancingactivitiesinitscashflowstatement.Foranalyticalpurposes,whatadjustmentisnecessarytobetterreflectthesubstanceofthestockrepurchase?A. OperatingcashflowFinancingcashflowDecrease$4,000NoadjustmentNoadjustmentIncrease$4,000Decrease$4,000Increase$4,0

3、002、Ifalesseeentersintoafinanceleaseratherthananoperatinglease,itcanexpecttohavea:A. higherreturnonassets.B. higherdebt-to-equityratio.C. lowerdebt-to-equityratio.3、Whichofthefollowingstatementsregardingadirectfinancingleaseisleastaccurate?A. Theprincipalportionoftheleasepaymentisacashinflowfrominve

4、stingonthelessor;scashflowstatement.B. Interestrevenueonthelessor;sincomestatementequalstheimplicitinterestratetimestheleasepayment.C. Thelessorrecognizesnogrossprofitattheinceptionofthelease.4、Whichofthefollowingstatementsabouttheimpactofleasesonthefinancialstatementsofthelesseeisleastaccurate?A. N

5、etincomeislowerintheearlyyearsofafinanceleasethananoperatinglease.B. Afinanceleaseresultsinhigherliabilitiescomparedtoanoperatinglease.C. Cashflowfrominvestingishigherforafinanceleasethananoperatinglease.5、Interestexpenseisreportedontheincomestatementasafunctionof:A. themarketrate.B. thecouponpaymen

6、t.C. theunamortizedbonddiscount.answer:第一题：solution:Canswer:Barracudareporteda$4,000netoutflowfromfinancingactivities2,000options*($12averagemarketprice-$10exerciseprice).However,sincetheoptionsareaformofcompensation,the$4,000outflowshouldbereclassifiedasanoperatingactivityforanalyticalpurposes.This

7、isaccomplishedbyincreasingfinancingcashflow$4,000anddecreasingoperatingcashflow$4,000.第二题：solution:Banswer:Leasingtheassetwithanoperatingleaseavoidsrecognitionofthedebtonthelesseesbalancesheet.Havingfewerassetsandliabilitiesonthebalancesheetthanwouldexistiftheassetswerepurchasedincreasesprofitabilit

8、yratios(e.g.,returnonassets)anddecreasesleverageratios(e.g.,debt-to-equityratio).Inthecaseofafinancelease,theassetsarereportedonthebalancesheetandaredepreciated.第三题：solution:Banswer:Interestrevenuesarecalculatedbymultiplyingtheimplicitinterestratebynetreceivablesatthebeginningoftheperiod.第四题：solution:Canswer:Cashflowfrominvestingisnotaffectedbyaleasebeingeitherafinanceoranoperatinglease.Financeleasesreducecashflowfromoperationsbyonlytheportionoftheleasepaymentattributedtointerestexpense.Cashflowfromfinancingisreducedbytherestofthefinanceleasepaymentwhichistheprincipalpartofthe