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's balance sheet shows the following values (€):

The company’s cash ratio is closest to:【單選題】

A.0.46.

B.0.97.

C.0.37.

正確答案:A

答案解析:The cash ratio is

2014 CFA Level I
“Understanding Balance Sheets,” by Elaine Henry and Thomas R. Robinson Section 7.2 “Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
Section 4.3.1

2、Babu Dhaliwal, CFA, does research about foreign exchange market.The europer Argentine peso (EUR/ARS) spot rate is 0.178 9 and the forward rate is ata discount of 0.27%.The forward rate is closest to:【單選題】

A.0.1741

B.0.1784

C.0.1794

正確答案:B

答案解析:0.1789 × (l -0.27%) =0.1784，說明阿根廷比索貶值，而歐元升值。

3、A trader takes a long position in 40 futures contracts on Day 1. The futures have a daily price limit of $5 and closes with a settlement price of $106. On Day 2, the futures trade at $111 and the bid and offer move to $113 and $115, respectively. The futures price remains at these price levels until the market closes. The marked-to-market amount the trader receives in his account at the end of Day 2 is closest to:【單選題】

A.$200.

B.$280.

C.$320.

正確答案:A

答案解析:“Futures Markets and Contracts,” Don M. Chance, CFA
2013 Modular Level I, Vol. 6, Reading 62, Section 3
Study Session 17-62-d
Describe price limits and the process of marking to market, and calculate and interpret the margin balance, given the previous day’s balance and the change in the futures price.
A is correct. Because the future has a daily price limit of $5, the highest possible settlement price on Day 2 is $111. Therefore, the marked to market value would be ($111-$106) x 40 = $200.

4、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【單選題】

A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.

B.obtain global acceptance of calculation and presentation standards in a fair, comparable formatwith full disclosure.

C.promote fair competition among investment management firms in all markets by requiringcommon fee structures.

正確答案:C

答案解析:One of the objectives of the GIPS standards is to promote fair competition among investmentmanagement firms in all markets; this objective does not require unnecessary entry barriers orhurdles for new firms, such as common fee structures.
CFA Level I
"The GIPS Standards," CFA Institute
Fundamentals of Compliance

5、An analyst has made three observations in his worksheets about a company that he is reviewing. Which of the observations most likely reduces the quality of earnings of the company? The company:【單選題】

A.reported for the first time an asset titled “Deferred customer acquisition costs.”

B.has reduced its estimate of the expected useful life of computer equipment from 8 years to 5 years.

C.entered into long-term leases for its manufacturing equipment instead of purchasing it and recorded the leases as capital leases.

正確答案:A

答案解析:“Financial Reporting Quality: Red Flags and Accounting Warning Signs,” Thomas R. Robinson and Paul Munter
2012 Modular Level I, Vol. 3, pp. 594–595
Study Session 10-33-b, d
Describe activities that will result in a low quality of earnings.
Describe common accounting warning signs and methods for detecting each.
A is correct. An asset such as “deferred acquisition costs” could indicate the company is deferring current period expenses to future periods, which is a warning sign and an indication of lower quality earnings.