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 portfolio manager holds the following three bonds, which are option free and have the indicated durations.

The portfolio’s duration is closest to:【單選題】

A.4.75.

B.5.20.

C.5.33.

正確答案:A

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 4.8
Study Session 16-58-g
Calculate the duration of a portfolio, given the duration of the bonds comprising the portfolio, and explain the limitations of portfolio duration.
A is correct because the portfolio’s duration is a weighted average of the durations of the individual holdings, computed as:
(12/24) × (3.0) + (6/24) × (7.0) + (6/24) × (6.0) = 4.75.

2、An investor does research about annual return and standard deviation of returns,and is considering the purchase of two securities issued by different companiesoperating in different industries.Each security has an expected annual return of10 percent and an expected standard deviation of returns of 18 percent.Regardlessof the weights selected, will a portfolio composed of the two securities mostlikely have an expected:【單選題】

A.

B.

C.

正確答案:A

答案解析:投資組合中兩個證券的投資收益率都為10%，不管是什么權重，最后投資組合的收益率也為10%。兩個證券來自不同的行業，說明它們的相關系數至少不為l。如果相關系數是1，則兩個資產組合的收益率標準差為18%。如果相關系數小于1，則這兩個資產組合的收益率標準差小于18%。

3、An analyst does research about difference between Generally Accepted AccountingPrinciples (U.S.GAAP) and International Financial Reporting Standards (IFRS).The indirect method of presenting cash flow from operation is NOT allowed under?【單選題】

A.IFRS only.

B.U.S.GAAP only.

C.Neither IFRS nor U.S.GAAP.

正確答案:C

答案解析:無論是IFRS還是U.S.GAAP，都允許用間接法（indirect method）和直接法（direct method）編制現金流量表，但鼓勵用直接法。

4、A company, which prepares its financial statements in accordance with IFRS is in the process of developing a more efficient production process for one of its primary products. The most appropriate accounting treatment for those costs incurred in the project is to:【單選題】

A.expense them as incurred.

B.capitalize costs directly related to the development.

C.expense costs until technical feasibility has been established.

正確答案:C

答案解析:“Long-Lived Assets,” Elaine Henry, CFA, and Elizabeth A. Gordon
2011 Modular Level I, Vol.3, pp. 418-419.
Study Session: 9-37-a
Distinguish between costs that are capitalized and costs that are expended in the period in which they are incurred.
Under IFRS research and development costs are expensed until certain criteria are met, including that technical feasibility has been established and the company intends to use it.

5、An investor purchases the bonds of JLD Corp., which pay an annual coupon of 10% and mature in 10 years, at an annual yield to maturity of 12%. The bonds will most likely be selling at:【單選題】

A.par.

B.a discount.

C.a premium.

正確答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 2.1
Study Session 15-53-b
Identify the relations among a bond’s coupon rate, the yield required by the market, and the bond’s price relative to par value (i.e., discount, premium, or equal to par).
B is correct because the coupon rate on the bonds is lower than the yield to maturity, implying that the bonds should be selling at a price lower than their par value—that is, at a discount.