(完整版)CFA一级模考试题及答案

#

AnswersforMockExam1(MorningSession)(Rev.1)

#

AnswersforMockExam1(MorningSession)(Rev.1)

#

(MorningSession)(Rev.1)

ANSWERSFORMOCKEXAM1(MORNINGSESSION)

D.AlthoughTerencehaspassedLevelIII,hehasnotyetreceivedhischarterandcannotusetheCFAdesignation.Thedescriptionprovidedinthecoverletterproperlydescribeshissituation.

C.Amymusttakebothactions-notifyingherimmediatesupervisoranddeliveringacopyoftheCodeandStandards.

D.

C.Membersmayundertakeanindependentpracticethatcouldresultincompensationorotherbenefitincompetitionwiththeiremployerprovidedtheyobtainwrittenconsentfromboththeiremployerandthepartyforwhomtheyundertakeindependentpractice.

C.Tomaintainhisobjectivity,Keithshouldpayhisownhotelbill.Becausetheitineraryrequiredcharterflightsduetoalackofcommercialtransportation,A&KLimitedcanappropriatelyprovidethem.

C.UnderERISA,fiduciariesmustactsolelyintheinterestof,andfortheexclusive

purposeofbenefiting,theplanparticipantsandbeneficiaries.

B.Danielmustgiveprioritytotransactionsforclientsandemployersovertransactions

forhischildren.

A.Toavoidviolatingthestandards,memberscannottradeuntilthemember'sclientsandemployershavehadanadequateopportunitytoactontherecommendation.

C.TherequirementsofStandardIV(B.5)arenotintendedtopreventLambertfromcooperatingwithaninvestigationbyAIMR'sProfessionalConductProgram.

B.Vivianshoulddisclosetoherclientsandprospectsherhusband'sholdingsinDoubleLimitedbecausethismattercouldbeexpectedtoimpairherabilitytomakeunbiasedandobjectiverecommendations.

B.

B.Accrualsaccountingisrequired.

C.StandardI(B)FundamentalResponsibilities.Prohibitionagainstparticipatingorassistinginillegalandethicalviolations.IfRobertssuspectssomeoneisplanningorengaginginillegalactivities,heshould:(1)determinethelegalityoftheactivities,(2)disassociatehimselffromtheillegalorunethicalactivity,and(3)urgehisfirmtoattempttopersuadetheperpetratortostop.TheAIMRStandardsofProfessionalConductdonotrequirethatRobertsreportsuchactivitiestotheauthorities,butthelawmight.

C.StandardIII(C)DisclosureofConflictstoEmployer.Gloriashoulddisclosetoheremployerallmattersthatcouldreasonablybeexpectedtointerferewithherabilitytomakeunbiasedandobjectiverecommendations.HerserviceasatrusteeoftheWellLimitedFoundationforHeartResearchismostlikelytobeconsideredaconflictofinterestwithherresponsibilitytoheremployer.

C.StandardIII(E)ResponsibilitiesofSupervisors.Paulmaydelegatesupervisoryduties,butsuchdelegationdoesnotrelievehimofhissupervisoryresponsibility.

A.StandardIV(B.3)FairDealing.Johnsonviolatedthestandardonfairdealingbecausehedidnotdealfairlyandobjectivelywithallclientsandprospectswhendisseminatinginvestmentrecommendations.Instead,heshowedfavoritismtohisbestclients.Indisseminatinginvestmentrecommendations,Johnsonshouldconsidermakingtheinformationavailabletoclientsbasedontheirinterestandsuitability.Achangeofrecommendationfrombuytosellorselltobuyisgenerallymaterial.

D.StandardIV(B.5)PreservationofConfidentiality.ChoiceBisfalsebecausethis

standardprohibitsmembersfromexecutingsettlementagreementsthatpreventmembersfromprovidinginformationinaninvestigationbyAIMR'sProfessionalConductProgram(PCP).ChoiceCisfalsebecauseapersoncannotwithholdinformationduringPCPinvestigations.ChoiceAisfalsebecauseifamemberreceivesinformationduetohisorherspecialrelationshipwiththeclientindicatingillegalbehavioronthepastoftheclient,themembermaynothaveanobligationtoinformtheappropriateauthorities.

A.StandardIV(B.6)ProhibitionagainstMisrepresentation.Membersarenotpermittedtomakeanyassurancesorguaranteesaboutanyinvestment,excepttocommunicateaccurateinformation.Thestatementthatinvestmentgradebondshavelessdefaultriskthanjunkbondsisanaccuratestatement.

B.ThepresentvalueofaperpetuityisPV=A/r=500/0.1=$5,000.

B.i=6/12=0.5;n=10x12=120;PV=40,000ComputePMT

A.

A.Abinomialrandomvariablehasanexpectedvalueormeanequaltonpandvarianceequaltonp(1-p).

Mean=12(0.5)=6;variance(12)(0.5)(1-0.5)=3

D.

B.Rbt-1=InSt+1/St=(1+RL1-1)=In(40/25)=0.47.Thus,47%isthecontinuouslycomputedreturnfortheone-yearholdingperiod.

B.ChoiceAdescribescross-sectionaldata.

ChoiceBdescribestime-seriesdata.

D.Thedependentvariable,Y,isequaltotheintercept,b0,plusaslopecoefficient,b1,timestheindependent,X,plusanerrorterm,邑

C.

I

N

FV

ComputePV

10

1

100

10

2

150

10

3

200

10

4

250

Total

B.Step1:SolveforthePVofthe5paymentsof3,000tobereceivedinyears3through7.

11,372.36fallsoneyearbeforethefirstpayment,orinyear2.

Step2:Findthepresentvalueof11,372.36thatistwoyearsinthefuture.n

=2;i=10;FV=11,372.36;computePV=9,398.64or9,399(rounded).

D.Fromweakesttostrongest,theorderingofmeasurementsscalesisnominal,ordinal,interval,andratio.

B.Anintervalisasetofreturnvalueswithinwhichanobservationnotfalls.

C.Step1.Calculatethemeanmonthlyreturn=2%+(-4%)+1%+5%=4%M=1%

Step2.Calculatethepopulationstandarddeviation:([(2%-1%) 2+(-4%-1%)2+

(1%-1%)2+(5%-1%)2]N)1/2=3.24%

Step3.Calculatethesamplestandarddeviation:([(2%-1%) 2+(-4%-1%)2

+(1%-1%)2+(5%-l%)2])/n-1)1/2=3.74%

B.AccordingtoChebyshev'sinequality,theproportionoftheobservationswithin2,whichisk,standarddeviationsofthemeanisatleast1-(l/k) 2=1-(1/22)=

0.75or75%.

A.Theprobabilityis30/200=0.15.

B.Usingtheadditionruleforprobabilities,P(analystorpositive)=P(analyst)+

#

AnswersforMockExam1(MorningSession)(Rev.1)

#

AnswersforMockExam1(MorningSession)(Rev.1)

P(positive)-P(analystandpositive)P(Aorpositive)=130/200+140/200-(100/130)=0.58or58%36.B.Savingsincreasestoholdinterestratesconstant.Thismeansaggregatedemandchangeslittle.

C.Theempiricalevidenceontherelationshipbetweenbudgetdeficitsandinterestratesismixed.

Fewstudiesshowasignificantpositiveshort-termlinkbetweenbudgetdeficitsandrealinterestrates.

B.Expansion=1/reserverequirement=1/0.25=4(4)(150)=600

C.Peoplerealizethisleadstoinflationinthelongrun,sotheyreducetheirmoneyholdings.Outputrisesbecausetheincreaseisunexpected.

C.Inpurelycompetitivemarkets,therearealargenumberofdependentfirms.

D.

D.

C.

C.

D.ChoiceA:Accrualaccountingdoesnotrequirethereceiptofcashforassuranceofpaymenttoexist.

ChoiceCandD:Theserelateonlytotheconditionofcompletionoftheearningsprocess.

D.

ADemandforcurrencydecreaseswhenrealinterestratesdecreasebecauseofdecreasedcapitalflows.

CForeignexchangequotationscanbeexpressedonadirectbasis-thehomecurrencypriceofanothercurrency—oranindirectbasis--theforeigncurrencypriceofthehomecurrency.

CF/S=(1+rD)/(l+rF)whereratesarelistedasDC/FC

TOC\o"1-5"\h\z

C.Directmethod:Netincome 1000

Depreciation 70

Goodwill 30

Changeinaccountsreceivable25Changeininventory (35)

Changeinaccountspayable 30

Changeinwagespayable 15

Operatingcashflows 1135

B. Purchaseequipment (200)

Selltruck 25

Investingcashflows (175)

D. Saleofcommonstock 100-

Issuanceofbonds 20

Financingcashflows 120

D.Acommonsizebalancesheetexpresses-attbalancesheetaccountsasapercentageoftotalassets.

C.Originalsharesofcommonstock= 1,000,000(12) = 12,000,000

Stockdividend = 200,000(12) = 2,400,000

Newsharesofcommonstock = 200,000(3) = 600,000

Totalsharesofcommonstock = 15,000,000/12

=1,250,000

Stockdividendsareassumedtohavebeenoutstandingsincethebeginningoftheyear.

D.Inventoryturnover,definedasCOGS/Averageinventory,ifoftenmeaninglessforLIFOcompaniesduetothemismatchingofcosts.Thenumeratorrepresents

currentcosts,whereasthedenominatorreportsoutdatedhistoricalcosts.Thus,theturnoverratiounderLIFOwill,whenpricesdecrease,trendlowerbecauseofsmallCOGSandlargerinventory.Netprofitmargin,definedasEAT/Sales,ishigherduringperiodsofdecreasingprofitsforLIFOcompanies.LIFOleadstoasmallerCOGS,whichreducesEAT,withoutaffectingsales.

A.Inthissituation,LIFOresultsinlowercostofgoodssoldbecauseitusesthemorerecentandlowercoststhanLIFO.LIFOresultsinlowercashflowsbecausethecashonincometaxesisapercentage(themarginaltaxrate)ofthedifferenceininventoryvalues.Thus,withLIFO:Sales

-COGS(smaller)

EBT(larger)

-Taxes (larger) Becausetaxespaidoutareacashoutflow.

EAT (larger) Iftaxesarelarger,thencashflowillbesmaller.

D.COGSFIFO=COGSLIFO-(EndingLIFOReserve-BeginningLIFOReserve)COGSFIFO=$250,000-($8,000-$5,000)=$247,000

D.Comparedtoexpensing,capitalizingresultsinhigherprofitabilityinearlyyearsandlowerprofitabilityinlateryears.

C.

D.Thepresentvalueoftheminimumleasepaymentsequalsorexceeds90percentofthevalueofthefairvalueoftheleasedproperty.

B.Capitalleaseaffectsontheincomestatement:

Step1:Calculatethedepreciationcharge:($3,500,000-$450,000)/10=$305,000Step2:Calculatetheinterestexpense:$3,500,000(0.15)=$525,000Totalexpense:$305,000+$525,000=$830,000

A.

C.

A.

B.

D.

B.Dealer-marketsareprice-drivenmarkets.

D.

C.

C.P/E=Dividendpayoutratio/(k-g)

B.

A.Step1:Calculatetheendingindexvalue=($100)(5)=$500

Step2:Calculatetheexpectedreturn.

E(R1)=[Dividends+(Endingvalue-Beginningvalue)]/(Beginningvalue)=[40+(500-490)]/$490=0.1or10%

D.ThecriticalfactorsdeterminingthefranchiseP/Earethedifferencebetweentheexpectedreturnonthenewopportunities(R)andthecurrentcostofcapital(k)andthesizeofthesegrowthopportunitiesrelativetothefirm'scurrentsize.

A.

C.

DThecompletedcontractmethodlessnetincomeintheperiodsbeforeconstructioniscompleted,butnotattheendofthecontract,thanusingthepercentage-of-completionmethod.Thisisbecausethecompletedcontractmethodrecognizesrevenueandexpenseonlywhenthecontracthasbeencompleted.

A.Netincome 1,000

Adjustmentfornon-cashandnon-operatingitems

TOC\o"1-5"\h\z

Depreciation 100

Deferredtaxes(increase) 40

Profitfromsaleof

equipment (10)

Adjustmentforworking

capitalitems:

Accountsreceivable(decrease)(120)

Inventory(increase) (40)

Accountspayable(increase) (20)

Wagespayable(decrease) (10)

Cashflowfromoperations 940

D

AWheninventoryandaccountsreceivableincrease,thisisauseofcash(cash

outflow);whenassetsdecrease,thisisasource(cashinflow).Whenaccountspayableincrease,thisisasourceofcash(cashinflow);whenliabilitiesdecrease,thisisause(cashoutflow).

BCashconversioncycle=receivablesdays+inventoryprocessingdays-payablespaymentperiod.

Receivablesdays=365/receivabiesturnover=365/30=12.17days.

Inventoryprocessingdays=365/inventoryturnover=365/15=24.33days.

Payablespaymentperiod=365/payabIesturnover=365/20=18.25days.

Cashcollectioncycle=12.17+24.33 -18.25=18.25days.

BChoiceA:Buyingfixedassetsoncreditdoesnotaffectcurrentassetsbutincreasescurrentliabilities.Therefore,thecurrentratiofalls.

ChoiceB:Buyinginventoryonaccountincreasesbothinventoryandaccountspayable.BecausethecurrentratiostartedoffbelowI,theratiowillincrease.ChoiceC:Sellingmarketablesecuritiesforcashdoesnotaffecttheamountofcurrentassetsandleavesthecurrentratiounaffected,ChoiceD:Payingoffaccountspayablefromcashlowerscurrentassetsandcurrentliabilitiesbythesameamount.Becausethecurrentratiostartedoffbelow1,theratiowillfall.

DROE=ProfitmarginxTotalassetturnoverxfinancialleverage

ROE=(0.3)(2.1)(0.5)=0.315or31.5%

AROE=[(S/A)(EBIT/S)-(I/A)](A/EQ)(I-1)

ROE=[(2.5)(0.2)-(0.08)](1.2)(0.6)=0.30or30%

A

BEPS=($180,000-$4,000)/50,000=$3.52pershare

B

D

CTheserelationshipsarereversedinthelatteryearsoftheasset'slifeifthefirm'scapitalexpendituresdecline.

D

C.

C.

D.

D.Absoluteyieldspread=YieldonBondA-YieldonBondB=10%-7%=3%

B.Relativeyie