歷年CFA考試真題及答案解析

1、歷年 CFA 考試真題及答案解析 1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【單選題】A.weekly. B.monthly. C.quarterly. 正確答案:B答 案 解 析 :“The Time Value of Money,” Richar

2、d A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 25c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time valu

3、e of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.2、Which of the following is a constraint as define

4、d in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【單選題】A.Neutrality B.Timeliness C.Going concern 正確答案:B答 案 解 析 :“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen OConnor Rubs

5、am, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3 、 Which method of calculating the firms cost of equity is most likely to incorpora

6、te the long-run return relationship between the firms stock and the market portfolio?【單選題】A.Dividend discount model B.Capital asset pricing model C.Bond-yield-plus risk-premium 正確答案:B答 案 解 析 :“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing m

7、odel uses the firms equity beta, which is computed from a market model regression of the companys stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【單選題】A.Money market yield B.Discount

8、-basis yield C.Bond equivalent yield 正確答案:C答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson,andPamelaPetersonDrake5 、 An investor gathers the following data.To estimate the stocks justified forward P/E, the investor prefers to use the compounded annual earnings growth and t

9、he average of the payout ratios over the relevant period (i.e., 20082011). If the investor uses 11.5% as her required rate of return, the stocks justified forward P/E is closest to:【單選題】A.10.B.12.C.21.正確答案:C答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and StephenE.Wilcox6 、 A

10、 bond portfolio manager is considering three Bonds A, B, and C for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise i

11、dentical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.” Is the manager most likely correct?【單選題】A.Yes.B.No, Bond As nominal yield spread should be less than Bond Cs. C.No, Bond Bs

12、 nominal yield spread should be less than Bond Cs. 正確答案:C答 案 解 析 :“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond Bs embedded put option benefits the investor and the yield spread will therefore be less than the yield spread of Bond C, which does not contain this benefi

13、t.7 、 Which of the following characteristics is best described that the information in financialstatements can influence users economic decisions or affect users evaluationof past events or forecasts of future events in accordance with the IFRSframeworks definitions and recognition criteria?【單選題 】 A

14、.Relevance. B.Comparability.C.Faithful representation. 正確答案:A答案解析:根據(jù) IFRS 的條款，財務(wù)報表的兩個基本特性使得這些財務(wù)信息有用，這兩個特性包括相關(guān)性（relevance）和公允陳述（faithful representation）。相關(guān)性是指財務(wù)報告中的信息會影響使用者的經(jīng)濟(jì)決策，或者影響使用者對于歷史實踐和未來事件的評估。公允陳述是指信息公允陳述，并且是完整的、中立的（沒有偏差）和沒有錯誤?？杀刃裕╟omparability）增加了相關(guān)性和公允陳述，是指不同公司和不同時間的財務(wù)報告陳述是 統(tǒng)一的。8 、 An analy

15、st does research about revenue recognition in special cases and gathersthe following information about a construction contract which will be completedin 5 years:Under percentage-of-completion method, revenue recognized in Year 2 is closest to:【單選題】A.$0B.$8 000 000 C.$12 000 000正確答案:C答案解析:$6 000 000/

16、$12 000 000 $24 000 000 = $12 000 000。9、An analyst does research about cash conversion cycle and gathers the followinginformation about a company:Analyzing the cash conversion cycle, the companys liquidity has most likely:【單選題】A.decreased. B.remained unchanged. C.increased.正確答案:B答案解析:現(xiàn)金周轉(zhuǎn)期（cash conv

17、ersion cycle） = 應(yīng)收賬款回收天數(shù)（days of sales outstanding） + 存貨周轉(zhuǎn)天數(shù)（days of inventory on hand） - 應(yīng)付賬款償還天數(shù)（number of days of payables）。10、Firms with which of the following characteristics are most likely candidates for a management buyout(MBO)?【單選題】A.Firms with low levels of cash flowB.Firms with high dividend payout ratiosC.Firms with large amounts of und