2020年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、Verification of compliance with the Global Investment Performance Standards(GAPS?):【單選題】

A.may be performed on a single composite.

B.is required for a firm to claim GAPS? compliance.

C.requires the verification report to be issued for the entire firm.

正確答案:C

答案解析:GAPS?的認證（verification）是企業自愿的，并不是必須的，而且如果企業做認證，則必須選擇獨立第三方進行，認證必須針對整個公司范圍，而不是某個組合群（composite）。

2、Which of the following is most accurate concerning key characteristics of different types of preference shares?【單選題】

A.Preference shares have characteristics of both debt and equity securities.

B.Preference shareholders rank above subordinated bondholders with respect to claims on the company’s net assets upon liquidation.

C.The price of convertible preference shares tends to be more volatile than their underlying common shares because they do not allow investors to share in profits of the company.

正確答案:A

答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA
2013 Modular Level I, Vol. 5, Reading 49, Section 3.2
Study Session 14-49-a, b, e
Describe characteristics of types of equity securities.
Describe differences in voting rights and other ownership characteristics among different equity classes.
Compare the risk and return characteristics of types of equity securities.
A is correct. Preference shares have characteristics of both debt securities and common shares. Similar to interest payments on debt securities, the dividends on preference shares are fixed but not contractual obligations. Similar to common shares, preference shares can be perpetual and can pay dividends indefinitely.

3、To gain insight into what portion of the company’s assets is liquid, an analyst will most likely use:【單選題】

A.the cash ratio.

B.the current ratio.

C.common-size balance sheets.

正確答案:C

答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp 252–253
“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
2012 Modular Level I, Vol. 3, pp. 341–342; 359
Study Session 8-26-h, 8-28-b, c
Convert balance sheets to common-size balance sheets, and interpret common-size balance sheets.
Classify, calculate, and interpret activity, liquidity, solvency, profitability, and valuations ratios.
Describe the relationships among ratios, and evaluate a company using ratio analysis.
C is correct. A common-size balance sheet expresses all balance sheet accounts as a percentage of total assets and provides insight into what portion of a company’s assets is liquid. In contrast, cash and current ratios measure liquidity relative to current liabilities, not relative to total assets.

4、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standards relating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【單選題】

A.

B.

C.

正確答案:C

答案解析:所列兩項都屬于重大的投資流程的改變，根據與客戶及潛在客戶溝通的專業行為標準，需要告知客戶這兩項變化。

5、Which of the following is most likely to include detailed information on acompany's revenue recognition?【單選題】

A.The auditor's report.

B.The cash flow statement.

C.The financial notes and supplementary schedule.

正確答案:C

答案解析:財務報告的補充部分是用以解釋整個公司經營活動的部分。公司采用的會計方法、假設和估計會顯示在財務報表的補充部分。財務報表的補充部分還說明了哪些部分審計過了，哪些部分沒有審計過，以及其他額外的信息。