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、A company issued a $50,000 7-year bond for $47,565. The bonds pay 9 percent per annum and the yield-to-maturity at issue was 10 percent. The company uses the effective interest rate method to amortize any discounts or premiums on bonds. After the first year, the yield to maturity on bonds equivalent in risk and maturity to these bonds is 9 percent. The amount of the bond discount amortization ($) recorded in the second year is closest to:【單選題】

A.282.

B.348.

C.2,178.

正確答案:A

答案解析:“Long-term Liabilities and Leases,” Elizabeth A. Gordon and R. Elaine Henry, CFA
2010 Modular Level I, Vol. 3, pp.520-523
Study Session 9-39-a
Compute the effects of debt issuance and amortization of bond discounts and premiums on financial statements and ratios.
Interest paid = Market rate at issue x Issued amount of bonds = 9% x $50,000
Interest expense = Market rate at issue x Carrying (BV) of bonds
Amortization of discount = Interest expense - Interest paid

2、Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the three-year, two-year and one-year returns for the fund. He includes a footnote that states in small print "Past performance does not guarantee future returns." He does not claim compliance with the GIPS standards in the disclosures or footnotes. He also includes a separate sheet showing the fund's most recent semiannual and quarterly returns, which notes that those returns have been neither audited nor verified. Has Chen most likely violated any Codes and Standards?【單選題】

A.Yes, because he did not adhere to the Global Investment Performance Standards

B.No

C.Yes, because he included unaudited and unverified results

正確答案:B

答案解析:The Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with the (GIPS) standards, auditing, or verification requirements. See Standard III(D).
2014 CFA Level I
"Guidance for Standards I-VII," CFA Institute

3、Which of the following institutional investors is most likely to have the lowestrisk tolerance?【單選題】

A.Banks.

B.Endowments.

C.Defined benefit pension plan.

正確答案:A

答案解析:銀行的風險承受能力較低，因為銀行必須要保持低風險并且需要充分的流動性來滿足儲戶取款的要求。捐贈基金是為某個特殊目的而成立的基金，具有較高的風險容忍度。而給定領取型養老基金（defined benefit pension plan)，作為養老金通常有相當長的投資期限，其基于員工收入為受托人提供長期的收入保障，所以風險承受能力也較高。

4、An analyst does research about the inventory write-down.A reversal of an inventorywrite-down from a previous period is most likely reported as a(n):【單選題】

A.unrealized gain.

B.decrease in the cost of sales.

C.increase in the inventory valuation allowance.

正確答案:B

答案解析:存貨的減值：如果存貨的成本高于現時的公允價值，此時就需要對存貨進行減值，以反映出其真實價值。
IFRS ： lower of cost or net realizable value(NRV)
NRV = expected selling price - estimated selling cost
如果NRV低于資產負債表上的賬面價值(carrying value)，則存貨要減值并在利潤表上顯示為losses。如果日后要恢復，那么就加值，gains反映為當期銷貨成本（COGS）的減少，記入利潤表中。但賬面價值不能超過原始成本。

5、All else being equal, which of the following most likely increase credit quality?A company decreases its:【單選題】

A.margin stability.

B.retained cash flow.

C.dividend payout ratio.

正確答案:C

答案解析:派發給股東的股利越少，在公司里留給債權人的現金就越多，對債權人也越有利，并會增加公司的信用質量；減少利潤率的穩定性和留存的現金流，都會降低公司的信用質量。