CFA考试题库Level历年真题考试题库

CFA考试题库Level历年真题

考试题库精选

1.AdamSchute,CFA,isonaconferencecallwiththeCFOofan

investmentbankingclientwithhisphonespeakeronandhisdooropen.

Asaresult,salesmenandtradersoverheartheCFOdescribingproblems

withproductiontargetdatesthathavenotbeenpubliclydisclosed.The

salesmenrelaythisinformationtoclientsandthetradersreducetheir

positionsinthestock.WithrespecttotheStandardonmaterial

nonpublicinformation,Schutehas:

A.notviolatedtheStandardbecausehehasnotactedonthe

information,butthetradersandsalesmenhaveviolatedtheStandard.

B.violatedtheStandardbecauseheshouldhavetakenstepsto

preventthedisseminationoftheinformation.

C.violatedtheStandardbynotmakingtheinformationpublicwhen

herealizedothershadoverheardthecall.

【答案】B

2.PeterWellingtonreferenceshisstatusasa"CFAcandidate"in

currentclientpresentationmaterials.WellingtoncompletedtheLevelII

CFAexaminationtwoyearsago,regularlyreadsresearchmaterials

preparedbyCFAInstitute,andattendscontinuingeducationseminarsfor

employeeswhoareCFAcharterholders.Wellingtonplanstoregisterfor

theLevelIIICFAexamnextyear.Wellington'sreferencetohisstatusasa

CFAcandidateinpresentationmaterials:

A.doesnotviolateanyCFAInstituteStandardsofProfessional

Conduct.

B.violatestheStandardonconductasaCFAInstituteMemberor

CFACandidate.

C.violatestheStandardonreferencetotheCFAInstitute,theCFA

Designation,andtheCFAProgram.

【答案】C

3.WhichofthefollowingstatementsrelatingtotheGlobal

InvestmentPerformanceStandards(GIPS?)isleastaccurate?

A.Onlyinvestmentmanagementfirmsmayclaimcompliancewith

GIPS.

B.GIPSrepresentstandardstowhichmembersofCFAInstituteand

CFAcandidatesmustadhere.

C.ToclaimGIPScompliance,afirmmustpresentatleastfiveyears

(orsinceitsinceptioniflessthanfiveyears)ofannualinvestment

performancethatcomplieswithGIPS.

【答案】B

4.WhenEdMichaels,CFA,acceptedthecomplianceofficerposition

atabroker-dealertwoyearsago,hewrotecomplianceproceduresand

madeallcoveredemployeesawareoftheprocedures.Areportbyan

externalauditorfoundthatonseveraloccasionsoverthepasttwoyears,

twodifferentemployeestradedinrecommendedsecuritiesaheadof

tradesmadeinmanagedclientaccounts.Michaelsfiresbothemployees

andrecirculatesthewrittencomplianceproceduresthatexplainclearly

whichactivitiesareprohibited.MichaelshasviolatedtheStandard

concerning:

A.loyaltybyfiringtheemployeesinsteadofrestrictingtheir

activities.

B.misconductbecausehewasassociatedwiththeunethical

activity.

C.responsibilitiesofsupervisorsbyfailingtoimplementreasonable

procedurestodetectviolations.

【答案】C

5.RalphMalone,CFA,isaninvestmentadviseratamultinational

financecorporation.Hehasmanywealthyindividualsamonghisclients,

includingatrustaccountthatbenefitsthreeofhisimmediatefamily

members.TheresearchdepartmentofMalone'sfirmissuesa"buy"

recommendationonastock-thatwouldbeasuitableinvestmentfor

severalclientaccounts,includingthefamilytrustaccount.Whichofthe

followingwouldbeconsideredaviolationoftheStandardconcerning

priorityoftransactions?

A.Thefirmgivesclientstimetoactonthenewrecommendation,

butdoesnotmakeitsrecommendationpublicbeforebuying100,000

sharesforitsownaccount.

B.Malonetradesonthefamilyaccountshortlyafterhisfirm's

clientshavebeeninformedofthebuyrecommendation.

C.Malonewaitstotradeforthefamilyaccountuntilfourdaysafter

hisfirm'sclientshavebeeninformedofthebuyrecommendation.

【答案】C

6.JamesSimone,CFA,thechieffinancialofficerofapubliclylisted

company,seekstoimprovethequalityofhiscompany'scommunication

withinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththis

grouptheeveningbeforethecompanyearningsareannounced.The

company'squarterlyearningsarebroadcastinapressreleasethenext

daybeforethemarketopens.Theearningsinformationintheinvestor

briefingisidenticaltothatinthepressrelease.DidSimonemostlikely

violatetheCFAInstituteStandardsofProfessionalConduct?

A.Yes

B.No,becausethecompanyreleasesinformationwhilethemarket

isclosed

C.No,becauseinvestorbriefingandpressreleaseinformationare

identical

【答案】A

7.DianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedat

alargeaccountingfirm.Whenherhusbandmentionsthatacomputer

firmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.

Laterthatweek,whenshereviewsanewclientaccount,shenotices

therearesubstantialholdingsofthiscomputerfirm.Whenshedoesa

thoroughinternetsearchfornewsonthecompany,shedoesnotfind

anythingaboutitsmostrecentauditoranyotheradverseinformation.

Whichofthefollowingactionsconcerningthecomputerstockshould

FairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandards

ofProfessionalConduct?

A.Completeathoroughanddiligentanalysisofthecompanyand

thensellthestock.

B.Sellthestockimmediatelybecauseshehasareasonablebasisfor

takingthisinvestmentaction.

C.Takenoinvestmentaction.

【答案】C

8.MargieGermainne,CFA,isariskmanagementconsultantwho

hasbeenaskedbyasmallinvestmentbanktorecommendpoliciesto

preventbankemployeesfromfrontrunningclientorders.Theseclients

generallyinvestinoneormoreofthebank'slargecapequityunittrusts.

ToensurecompliancewiththeCFAInstituteStandardsofProfessional

Conduct,Germainneshouldleastlikelyrecommendwhichofthe

following?Employeesshouldberestrictedfromtrading:

A.equity-relatedsecurities.

B.withoutpriorpermission.

C.duringestablishedtimeperiods.

【答案】A

9.MollyBurnett,CFA,isaportfoliomanagerforafundthatonly

investsinenvironmentallyfriendlycompanies.Amultinationalutility

companyrecentlyacquiredoneofthefund'sbest-performing

investments,awindpowercompany.Thewindpowercompany's

shareholdersreceivedutilitycompanysharesaspartofthemerger

agreement.Theutilityhasoneoftheworstenvironmentalrecordsinthe

industry,butitsshareshavebeenoneofthetopperformersoverthe

past12months.Becausetheutilitypaysahighdividendeverythree

months,Burnettholdstheutilitysharesuntiltheremainingtwo

dividendsarepaidfortheyearthensellstheshares.Burnettmostlikely

violatedtheCFAInstituteStandardofProfessionalConductconcerning:

A.DisclosureofConflicts.

B.Suitability.

C.IndependenceandObjectivity.

【答案】B

10.JohannesMeir,CFA,isacomplianceofficerforFamilyEstate

Planning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagues

havefamilymemberswhohavestartedtheirownretailbusinesses.

SomeofMeir'scolleagueshavebeenaskedbyrelativestoserveas

non-executivedirectorsoradviserstotheircompanies.Meirshouldmost

likelyrecommendwhichofthefollowingpoliciestoensurecompliance

withtheCFAInstituteStandardsofProfessionalConduct?

A.Requireemployeestodeclareallincomesourcesannually

B.Requireemployeestodeclarealloutsidebusinessinterests

C.Prohibitemployeesfrombecomingdirectorsoradvisers

【答案】B

11.Thefollowinginformationinvolvestworesearchanalystsata

brokeragefirm.

ErikBagenot,CFA,ispreparingaresearchreportonGlobal

Enterprises,Inc.Inpreparingthereport,heusesmaterialsfrommany

sources.Forexample,heusesfactualinformationpublishedbyStandard

&Poor'sCorporationwithoutacknowledgingthesource.Healsouses

excerptsfromaresearchreportpreparedbyanotheranalyst.Bagenot

makesonlyaslightchangeinwordingfortheseexcerpts,but

acknowledgesthesource.

SallyWain,whoiscurrentlyenrolledintheCFAprogram,is

preparingaresearchreport,onMansonTelecommunications.She

attendsaconferenceinwhichseveralinvestmentexpertsprovidetheir

viewsaboutthefutureprospectsofthiscompany.Waincitesseveral

quotationsfromtheseinvestmentexpertsinherreportwithoutspecific

reference.

AccordingtotheCFAinstituteStandardsofProfessionalConduct

involvingprohibitionagainstplagiarism,whichofthefollowing

statementsistrue?

A.NeitherBagenotnorWainviolatedtheStandards.

B.BothBagenotandWainviolatedtheStandards.

C.WainviolatedtheStandards,butBegenotdidnot.

【答案】C

12.SeanDahib,CFA,isinchargeofthecomplianceprogramathis

investmentfirm.AccordingtotheStandardsofPracticeHandbook,asa

supervisor,Seanshouldleastlikelyperformwhichofthefollowing

activities?

A.Respondpromptlytoallviolations.

B.Disseminatethecontentsoftheprogramtoallpersonnel.

C.Incorporateaprofessionalconductevaluationaspartofan

employee'sperformancereview.

【答案】B

13.KarenWilson,CFA,superviseseightjunioranalystsatSpartan

FinancialServices.Karensuspectsthatoneoftheanalystsisviolating

Spartan?spersonalinvestingpolicy.AccordingtotheStandardsof

PracticeHandbook,Karen'smostappropriateinitialactionisto.

A.Initiateaninvestigation.

B.Notifyhersupervisoroftheanalyst'ssuspectedmisconduct.

C.Requiretheanalysttoliquidateandcloseallpersonalaccounts.

【答案】A

14.FredFunk,CFA,agreedinwritingwithhisformeremployernot

tosolicitformerclientsforaperiodofoneyearafterhistermination.

Afterhelefthisformeremployer,heconsultedwithalawyerabout

whethertheagreementwaslegallyenforceable.ThelawyeradvisedFred

thatitwasdoubtfulthattheagreementcouldbeenforced,soFredsent

amarketingbrochureabouthisnewfirmtohisformerclients.According

totheStandardsofPracticeHandbook,whichofthefollowing

statementsismostaccuratewithrespecttoFred'sconduct?

A.TheStandardsdonotapplytoFred'sconduct.

B.TheStandardsrequiresFredtocomplywiththeagreementwith

hisformeremployer.

C.BecauseFredreliedupontheopinionoflegalcounsel,hedidnot

violatetheStandards.

【答案】B

15.HalChen,CFA,developsmarketingmaterialsforaninvestment

fundhefoundedthreeyearsago.Thematerialsshowthe3-,2-and

1-yearreturnsforthefund.Heincludesafootnotethatstatesinsmall

printuPastperformancedoesnotguaranteefuturereturns.^Healso

includesaseparatesheetshowingthemostrecentsemi-annualand

quarterlyreturns,whichnotestheyhavebeenneitherauditednor

verified.HasChenmostlikelyviolatedanyCFAInstituteStandardsof

ProfessionalConduct?

A.No.

B.Yes,becauseheincludedun-auditedandunverifiedresults.

C.Yes,becausehedidnotadheretotheglobalinvestment

performancestandards.

【答案】A

16.ForyearsJohnBerger,aCFAcharterholderandCEOofa

company,relieduponasetofreasonableproceduresforpreventing

violationsoftheCodeandStandardsofProfessionalConductinthefirm.

TonotbeliableforaviolationoftheStandards,Bergermust:

A.donothingmorethanhavethesetofproceduresinplaceas

stated.

B.periodicallyreviewtheprocedures.

C.bothperiodicallyreviewtheproceduresandensurethe

proceduresaremonitoredandenforced.

【答案】C

17.AccordingtotheStandardsofPracticeHandbook,inorderto

fulfillthebasicprovisionandprocedureofthesuitabilitystandards,

shouldaclient'swritteninvestmentpolitystatement(IPS):

TakeperformancemeasurementBereviewedat

leastannually?

benchmarksintoconsideration?

A.YesYes

B.YesNo

C.NoYes

【答案】A

18.Ananalystmeetswithanewclient.Duringthemeeting,the

analystseesthatthenewclient?sportfolioisheavilyinvestedinone

over-the-counterstock.Theanalysthasbeenfollowingthestockand

thinksitwillperformwellinthelongrun.Theanalystarrangesthrougha

brokeragefirmtosimultaneouslysellalargenumberofsharesofthe

stockviaaseriesofcrosstradesfromthenewclient'sportfolioto

variousexistingclients.Hearrangesthetradestobeexecutedataprice

thatapproximatesthecurrentmarketprice.Thisactionis:

A.notinviolationoftheStandards.

B.aviolationofStandardlll(A),Loyalty,Prudence,andCare.

C.aviolationofStandard111(B),FairDealing.

【答案】A

19.Ananalystgatheredthefollowinginformationaboutthe

monthlyreturnsoverthesametimeperiodfromtwodiversified

investmentportfolios:

TheanalyststatedthatPortfolioXisnegativelyskewedand

PortfolioYispositivelyskewed.Istheanalystcorrectwithrespectto:

PortfolioX?PortfolioY?

A.NoNo

B.NoYes

C.YesNo

【答案】A

20.Apensionfundexpectstopayobligationsof$5,000,0004

yearsfromtoday.Thefundwillfundthisobligationbymaking5annual,

equaldepositsintoanaccountearning3%,withthefirstdeposit

occurringtoday,andthelastoccurringatthetimetheobligationisdue.

Whatsizemusteachannualdepositbe?

A.$904,874.

B.$941,773.

C.$1,125,662.

【答案】B

21.Whichofthefollowingmostaccuratelydescribesadistribution

thatismorepeakedthannormal?

A.Mesokurtotic

B.Platykurtotic

C.Leptokurtotic

【答案】C

22.Usingthefollowingsampleresultsdrawnas25paired

observationsfromtheirunderlyingdistributions,testwhetherthem

eanreturnsofthetwoportfoliosdifferfromeachotheratthe1%level

ofstatisticalsignificance.Assumetheunderlyingdistributionsofreturns

foreachportfolioarenormalandthattheirpopulationvariancesarenot

known.

Basedonthepairedcomparisonstestofthetwoportfolios,the

mostappropriateconclusionisthatHLshouldbe:

A.acceptedbecausethecomputedteststatisticislessthan2.807.

B.rejectedbecausethecomputedteststatisticexceeds2.807.

C.acceptedbecausethecomputedteststatisticexceeds2.807.

【答案】B

23.Thenullhypothesisismostlikelytoberejectedwhenthe

p-valueoftheteststatistic:

A.exceedsaspecifiedlevelofsignificance.

B.isnegative.

C.fallsbelowaspecifiedlevelofsignificance.

【答案】C

24.Overthepastfouryears,aportfolioexperiencedreturnsof

-8%,4%,17%,and-12%.Thegeometricmeanreturnoftheportfolioover

thefour-yearperiodisclosestto:

A.0.99%.

B.-0.37%.

C.0.25%.

【答案】B

25.

A.equal.

B.greater.

C.smaller.

【答案】C

26.Ananalystisinvestigatingonestockwithhighafter-taxreturn

abovethebenchmarkandisconcernedabouthisperceptionsof

slowdowninthemacroeconomicnextyear.Soheadjuststhehistorical

probabilityofthestock'sreturnabovethebenchmark.Theanalystis

bestcharacterizedasgaininga(n):

A.Aprioriprobability.

B.Empiricalprobability.

C.Subjectiveprobability.

【答案】C

27.Aneconomistpredictsthatoverthenextyear,thereisa56

percentprobabilitythatoilpriceswillfallslightlyanda17percent

probabilitythatnewestatetaxlegislationwillbeenacted.Accordingto

thisprediction,theprobabilitythatatleastoneoftheseindependent

eventswilloccurisclosestto:

A.13.6%

B.44.7%

C.63.5%

【答案】C

28.Ananalystisinvestigatingtheperformanceofthreeportfolio

overthesametimeperiodandgatheredthefollowinginformation:

Ifthereturnsfromallportfolioswerenormallydistributed,the

portfoliothatmaximizedtheprobabilityofearninglessthantherisk-free

rateofreturnismostlikelyportfolio:

A.1.

B.2.

C.3.

【答案】A

29.On1January2009,thevalueofaninvestor'sportfoliois

$89,000.Theinvestorplanstodonate$4,000tocharityorganizationand

pay$2,000tohisinsuranceaccounton31Decemberof2009,but

meanwhilehedoesnotwanttheyear-endportfoliovaluetobebelow

$89,000.Iftheexpectedreturnontheexistingportfoliois12percent

withavarianceof0.0125,thesafety-firstratiothatwouldbeusedto

evaluatetheportfoliobasedonRoy'scriterionisclosestto:

A.0.365

B.0.546

C.0.471

【答案】C

30.Ananalystisinvestigatingastockindexandgatheredthe

followinginformation:

Iftheanalysttakesasampleof56companiesfromtheindex,the

standarderrorofthesamplemeanisclosestto:

A.$80,178.

B.$240,535.

C.$320,713.

【答案】C

31.Aresearcherneedstochooseaprobabilitydistributionforthe

priceofanassetthatisquitevolatileinordertosimulatereturns

outcomes.Shehasaprogramthatwillgeneraterandomvariablesfrom

anyofavarietyofdistributions.Themostappropriatedistributionfor

hertoselecttogeneratetheassetpricedistributionisa:

A.normaldistribution.

B.lognormaldistribution.

C.Student'st-distribution.

【答案】B

32.Aninvestorisinterestedinthefollowingpieceofproperty:

,Thepropertywillcost$200,000attimezero.

,Itwillprovidecashflowsof$50,000inyear1,$60,000inyear2,

$70,000inyear3,and$80,000inyear4.

•A$20,000investmentwillberequiredinyear5astheproperty

willhavesomeenvironmentalcontaminationandwillhavetobe

restoredtoitsoriginalcondition.

WhatistheNPVoftheprojectiftheinvestor'srequiredrateof

returnis10%?

A.-$10,144.

B.$14,693.

C.$15,232.

【答案】A

33.Ifinvestors'expectedfutureincomesincreaseandthedemand

forfinancialcapitalincreases,otherthingsequal:

A.theequilibriuminterestratewillrise.

B.theequilibriuminterestratewillfall.

C.thesetwofactorswillhaveopposingeffectsontheequilibrium

interestrate.

【答案】A

34.Assumethattherequiredreserveratiois20%,andbanks

currentlyhavenoexcessreserves.IftheFederalReservethenbuys$100

millionofTreasurybillsfromthebanks,themoneysupplycould

potentiallyincreaseby:

A.$20million,

B.$100million.

C.$500million.

【答案】C

35.Ifaminimumwageissetabovetheequilibriumwageinthe

labormarket,whatisthemostlikelyeffect?

A.Theminimumwagewillhavenoeffectonthequantityoflabor

employed.

B.Firmswilluselessthantheeconomicallyefficientamountof

capital.

C.Therewillbeexcesssupplyoflabor,andunemploymentwill

increase

【答案】C

36.Inrecentlyyears,financialinnovationandgrowthinrealGDP

increasethedemandformoney.Isthisstatementrespectivelycorrect?

Financialinnovation?GrowthinrealGDP?

A.NoNo

B.NoYes

C.YesNo

【答案】B

37.Thefollowingfiscalprogramsislikelytoactasanautomatic

stabilizerduringperiodsofeconomicrecessionandboom,except:

A.Progressiveincometax

B.Balancedfederalbudget

C.Unemploymentcompensation

【答案】B

38.Nominalgrossdomesticproduct(GDP)in2008is$3.2billion,up

from$2.6billionin2000.The2000CPIis100andtheCPIis116.3.What

isthechangeinrealGDPovertheperiodinpercentageterms?

A.5.83%.

B.4.76%.

C.5.21%.

【答案】A

39.Inaregulatedindustry,theintroductionofamarginalcost

pricingrulethatmaximizestotalsurpluswouldmostlikelybeviewedas:

A.Inefficientbutleavesthenaturalmonopolyincurringan

economicloss.

B.Inefficientandallowsthenaturalmonopolytorealizean

economicgain.

C.Efficientbutleavesthenaturalmonopolyincurringaneconomic

loss.

【答案】C

40.Ananalystdoesresearchabouttheimpactofgapbetween

moneydemandandmoneysupply.Whenthequantityofmoney

suppliedbythebankingsystemexceedsthequantityofmoney

demandedatthecurrentinterestrate,investorswillmostlikely:

A.buybonds,andinterestrateswillfall.

B.buybonds,andinterestrateswillrise.

C.sellbonds,andinterestrateswillfall.

【答案】A

41.Thepriceofagoodfallsfrom$15to$13.Giventhisdeclinein

price,thequantitydemandedofthegoodrisesfrom100unitsto120

units.Thearcpriceelasticityofdemandforthegoodisclosestto:

A.1.3.

B.1.5.

C.10.0.

【答案】A

42.Ifthequantitydemandedofpearsfallsby4%whenthepriceof

applesdecreasesby3%,thenapplesandpearsarebestdescribedas:

A.inferiorgoods.

B.complements.

C.substitutes.

【答案】C

43.Threefirmsoperateunderperfectcompetition,producing900

unitsofthesameproductbutusingdifferentproductiontechnologies.

Eachcompany'scoststructureisindicatedinthetable:

Whichofthefollowingstatementsismostaccurate?Iftheunit

sellingpriceis:

A.$4.50,allfirmsshouldcontinuetooperateintheshortrun,but

exitthemarketinthelongruniftheseconditionsareexpectedto

persist.

B.$3.00,FirmXshouldcontinuetooperateintheshortrun,but

FirmsYandZshouldshutdownproduction.

C.$6.00,allfirmsshouldexitthemarketinthelongrun.

【答案】B

44.Thefollowinginternationaltradeinformationisavailablefora

hypotheticaleconomy:

Followinga12%depreciationintheDCU,thetradebalancewillbe

closestto:

A.-1,674.

B.-1,648.

C.-1,726.

【答案】B

45.Anexpansionaryfiscalpolicyismostlikelyassociatedwith:

A.anincreaseincapitalgainstaxrates.

B.crowdingoutofprivateinvestments.

C.anincreaseingovernmentspendingonsocialinsuranceand

benefits.

【答案】B

31.Aresearcherneedstochooseaprobabilitydistributionforthe

priceofanassetthatisquitevolatileinordertosimulatereturns

outcomes.Shehasaprogramthatwillgeneraterandomvariablesfrom

anyofavarietyofdistributions.Themostappropriatedistributionfor

hertoselecttogeneratetheassetpricedistributionisa:

A.normaldistribution.

B.lognormaldistribution.

C.Student'st-distribution.

【答案】B

32.Aninvestorisinterestedinthefollowingpieceofproperty:

,Thepropertywillcost$200,000attimezero.

,Itwillprovidecashflowsof$50,000inyear1,$60,000inyear2,

$70,000inyear3,and$80,000inyear4.

•A$20,000investmentwillberequiredinyear5astheproperty

willhavesomeenvironmentalcontaminationandwillhavetobe

restoredtoitsoriginalcondition.

WhatistheNPVoftheprojectiftheinvestor'srequiredrateof

returnis10%?

A.-$10,144.

B.$14,693.

C.$15,232.

【答案】A

33.Ifinvestors'expectedfutureincomesincreaseandthedemand

forfinancialcapitalincreases,otherthingsequal:

A.theequilibriuminterestratewillrise.

B.theequilibriuminterestratewillfall.

C.thesetwofactorswillhaveopposingeffectsontheequilibrium

interestrate.

【答案】A

34.Assumethattherequiredreserveratiois20%,andbanks

currentlyhavenoexcessreserves.IftheFederalReservethenbuys$100

millionofTreasurybillsfromthebanks,themoneysupplycould

potentiallyincreaseby:

A.$20million,

B.$100million.

C.$500million.

【答案】C

35.Ifaminimumwageissetabovetheequilibriumwageinthe

labormarket,whatisthemostlikelyeffect?

A.Theminimumwagewillhavenoeffectonthequantityoflabor

employed.

B.Firmswilluselessthantheeconomicallyefficientamountof

capital.

C.Therewillbeexcesssupplyoflabor,andunemploymentwill

increase

【答案】C

51.Foracompanythatpreparesitsfinancialstatementsunder

InternationalFinancialReportingStandards(IFRS),forwhichofthe

followingassetsisitmostlikelythatthecompanycouldreportusingthe

fairvaluemodel?

A.Housesbuiltbythecompanyforsaletocustomers

B.Abuildingownedbythecompanyandleasedouttotenants

C.Abuildingthecompanyownsandusestohouseits

administrativeactivities

【答案】B

52.Themethodahighendcustom-builtmotorcyclemanufacturer

usestovalueitsinventoryresultsinthematchingofthephysicalflowof

theparticularitemssold,andtheitemsremainingininventory,totheir

actualcost.Whichofthefollowinginventoryvaluationmethodsisthe

manufacturermostlikelyusing?

A.FIFO

B.Weightedaveragecost

C.Speci