2019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、At the beginning of the year, a company had total shareholders’ equity consisting of ￥200,000 in common share capital and ￥50,000 in retained earnings.The total shareholders’ equity at the end of the year is closest to:【單選題】

A.￥276,000.

B.￥279,000.

C.￥282,000.

正確答案:A

答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson[1663201704061-image/0232.jpg]

2、Which of the following is least likely a benefit of the direct method for reporting cash flow from operating activities? Compared with the indirect method, the direct method provides:【單選題】

A.supplementary data under U.S. GAAP

B.details on the specific sources of operating receipts and payments.

C.insight on differences between net income and operating cash flows.

正確答案:C

答案解析:“Understanding Cash Flow Statements,” Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning, and Michael A. BroihahnC is correct. Providing insight on the differences between net income and cash flow is a benefit of the indirect method. The indirect method starts with net income and integrates a series of adjustments to calculate cash flow from operations.

3、The following information is available about a company ($ millions):During 2012, the company most likely experienced a significant decrease in:【單選題】

A.the proportion of sales made on a cash basis.

B.inventory, anticipating lower demand for its products in 2013.

C.the proportion of interest-bearing debt relative to trade accounts payable.

正確答案:A

答案解析:Sales are nearly the same for the two years. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, which would increase accounts receivable and decrease cash flow from operations.Sections 2.3.1, 3.2.5

4、Which date in the chronology of a dividend payment is most likely determined by a Securities Exchange? The:【單選題】

A.declaration date.

B.ex-dividend date.

C.holder-of-record date.

正確答案:B

答案解析:“Dividends and Share Repurchases: Basics,” George H. Troughton, CFA and Gregory Noronha, CFAB is correct. The ex-dividend date is normally determined by the Securities Exchange on which the shares are listed. The corporation determines the holder-of-record date and declaration date.

5、For a forward contract with a value of zero, a situation where the spot price is above the forwardprice is best explained by high:【單選題】

A.convenience yield.

B.storage costs.

C.interest rates.

正確答案:A

答案解析:If the convenience yield is high, holding the underlying confers large benefits, thus the spot price canexceed the forward price for a forward contract with a value of zero. Based on theformula [1667201704111-image/452.jpg] and an initial value [1667201704111-image/453.jpg] of zero, largebenefits γ explain why the spot price can exceed the forward price.Section 2.2.5