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(shù)上。一起加油前行。

1、The following information is from a company’s investment portfolio:
Investment

If the investment is reclassified as Available-for-sale as of 31 December 2010, the balance sheet carrying value of the company’s investment portfolio would most likely:【單選題】

A.remain the same.

B.decrease by $10,000.

C.decrease by $12,000.

正確答案:B

答案解析:"Understanding The Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol.3, p. 224
Study Session: 8-33-f
Demonstrate the appropriate classifications and related accounting treatments for marketable and nonmarketable financial instruments held as assets or owed by the company as liabilities.
Held-for-trading and available-for-sale securities are carried at market value, whereas held-to-maturity securities are carried at amortized cost. If the investment is reclassified as available-for-sale in 2010, the carrying amount should be adjusted to its market value, which is $10,000. Compared with the amortized cost of $20,000, it’s a decrease of $10,000.

2、An analyst does research about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【單選題】

A.remain in compliance with lending covenants.

B.obtain trade relief in the form of quotas or protective tariffs.

C.negotiate favorable terms from creditors.

正確答案:A

答案解析:本題考查的是財務(wù)報告質(zhì)量（financial reporting quality）中管理層操縱盈利的動機。管理層試圖提高凈利潤的動機包括：
·Meet earnings expectations.（實現(xiàn)盈利目標。）
·Remain in compliance with lending covenants.（遵守貸款合約。）
·Receive higher incentive compensation.（獲得更高的激勵性薪酬。）
管理層試圖降低凈利潤的動機包括：
·Obtain trade relief in the form of quotas or protective tariffs.（獲得貿(mào)易限額或者保護性關(guān)稅。）
·Negotiate favorable terms from creditors.（獲得債權(quán)人給予的優(yōu)惠性條款。）
·Negotiate favorable labor union contracts.（從工會取得優(yōu)惠的勞動條款。）

3、All other things being equal, a decrease in expected yield volatility most likely increases the price of:【單選題】

A.a putable bond.

B.a callable bond.

C.an option-free bond.

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, Reading 53, Section 10
Study Session 15-53-n
Explain how yield volatility affects the price of a bond with an embedded option and how changes in volatility affect the value of a callable bond and a putable bond.
B is correct because the price of a callable bond is equal to the value of an option-free bond minus the value of the embedded call option. A decrease in yield volatility will decrease the value of the call option and, therefore, increase the value of the callable bond.

4、An analyst does research about a bond's indenture.Which of the following isan example of a affirmative covenant?【單選題】

A.Limit additional borrowings unless certainfinancial conditions are met.

B.Prohibit the same assets back several debt issues simultaneously.

C.Maintain of current ratio above 2.5.

正確答案:C

答案解析:債券契約中有肯定性條款和否定性條款，選項A和B都是否定性的，只有選項C保持流動性比率大于2.5，屬于肯定性條款。

5、Raymond Ortiz, CFA, provides investment advice to high-net-worth investors. Ortiz has just completed an analysis of Continental Wheat, a manufacturer of wheat-based food products. He rated the company a long-term hold for investors seeking growth and income. Ortiz’s analysis included a review of the company’s management team, financial data, pro forma financial positions, dividends and dividend policy, and a comparison of Continental with its competitors. Although he does not tell anyone, five years ago, Ortiz worked for and managed the commodities derivatives trading unit of Continental. As part of his compensation at Continental, he received stock, which he still owns. Based upon his research, Ortiz recommends Continental to clients who have a moderate risk tolerance. Two weeks later Continental announces its quarterly earnings are 30% less than a year ago. Consequently, shares of Continental drop by 50%. Ortiz most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct related to his stock:【單選題】

A.research.

B.ownership.

C.recommendation.

正確答案:B

答案解析:CFA Institute Standards
2012 Modular Level I, Vol. 1, pp. 107–108, 123–126
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
B is correct because there is a violation of Standard VI (A) Disclosure of Conflicts; the analyst worked for Continental and still has ties to the company in the form of his stock ownership.