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 which prepares its financial statements using IFRS wrote down its inventory value by €20,000 in 2009. In 2010, prices increased and the same inventory was worth €30,000 more than its value at the end of 2009. Which of the following statements is most accurate? In 2010, the company’s cost of sales:【單選題】

A.was unaffected.

B.decreased by €20,000.

C.decreased by €30,000.

正確答案:B

答案解析:"Inventories,” Michael A. Broihahn, CFA
2011 Modular Level 1, Vol.3, pp.386-388
Study Session: 9-36-f
Discuss the measurement of inventory at the lower of cost and net realisable value.
Under IFRS, the recovery of previous write-down is limited to the amount of the original write-down (€20,000) and is reported as a decrease in the cost of sales.

2、A U.S. pulp brokerage firm which prepares its financial statements according to U.S. GAAP and
uses a periodic inventory system had the following transactions during the year:

The cost of sales (in ‘000s) is closest to:【單選題】

A.$3,850 using FIFO.

B.$4,080 using LIFO.

C.$5,890 using weighted average.

正確答案:A

答案解析:"Inventories,” Michael A. Broihahn, CFA
2011 Modular Level I, Vol.3, pp.382-386
Study Session: 9-36-c, e
Calculate cost of sales and ending inventory using different inventory valuation methods and explain the impact of the inventory valuation method choice on gross profit.
Compare and contrast cost of sales, ending inventory, and gross profit using different inventory valuation methods.
FIFO cost of sales is $3,850 as per the table.

3、As CFA members, when they dealing with the investment service for his or herclients and employer, which of the following statements is most accurateaccording to the Standards of Professional Conduct relating to loyalty, prudenceand care?【單選題】

A.CFA members must place their clients ’ and employers ’ interests beforetheir own clients' interests.

B.CFA members must place their employers' interests before their own interests.

C.CFA members must place their clients' interests before their employers'or their own interests.

正確答案:C

答案解析:關于對客戶忠誠、謹慎投資和合理注意(Loyalty, Prudence and Care)的專業行為標準中規定：“會員和考生對于其客戶有忠誠的責任，并且必須履行合理的注意和執行謹慎的判斷。會員和考生必須要以客戶的利益行事，并且把客戶的利益放在他們的雇主或他們自身的利益之前?！?/p>

4、Last year, a portfolio manager earned a return of 12%. The portfolio’s beta was 1.5. For the same period, the market return was 7.5% and the average risk-free rate was 2.7%. Jensen’s alpha for this portfolio is closest to:【單選題】

A.0.75%.

B.2.10%.

C.4.50%.

正確答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay Singal
2012 Modular Level I, Vol. 4, pp. 429–432
Study Session 12-45-h
Describe and demonstrate applications of the CAPM and the SML.
B is correct. Jensen’s alpha = 0.12 – [0.027 + 1.5(0.075 – 0.027)] = .021 or 2.10%.

5、Which of the following is least likely a requirement of the GIPS standards? Firms are required to:【單選題】

A.have their performance records verified by an independent third party.

B.present a minimum of five years of annual investment performance compliant with the GIPS standards.

C.include all discretionary, fee-paying portfolios in at least one composite.

正確答案:A

答案解析:It is a recommendation but not a requirement that firms obtain independent third-party verification to claim GIPS compliance. Firms are required to include all discretionary, fee-paying portfolios in at least one composite. They must also present a minimum of five years of annual investment performance compliant with the GIPS standards. 2014 CFA Level I "Global Investment Performance Standards (GIPS)," CFA Institute GIPS Standards