CFA一級模考試題

ANSWERSFORMOCKEXAM1(MORNINGSESSION)D.AlthoughTerencehaspassedLevelIII,hehasnotyetreceivedhischarterandcannotusetheCFAdesignation.Thedescriptionprovidedinthecoverletterproperlydescribeshissituation.C.Amymusttakebothactions-notifyingherimmediatesupervisoranddeliveringacopyoftheCodeandStandards.D.C.Membersmayundertakeanindependentpracticethatcouldresultincompensationorotherbenefitincompetitionwiththeiremployerprovidedtheyobtainwrittenconsentfromboththeiremployerandthepartyforwhomtheyundertakeindependentpractice.C.Tomaintainhisobjectivity,Keithshouldpayhisownhotelbill.Becausetheitineraryrequiredcharterflightsduetoalackofcommercialtransportation,A&KLimitedcanappropriatelyprovidethem.6.C.UnderERISA,fiduciariesmustactsolelyintheinterestof,andfortheexclusivepurposeofbenefiting,theplanparticipantsandbeneficiaries.7.B.Danielmustgiveprioritytotransactionsforclientsandemployersovertransactionsforhischildren.A.Toavoidviolatingthestandards,memberscannottradeuntilthemember'sclientsandemployershavehadanadequateopportunitytoactontherecommendation.C.TherequirementsofStandardIV(B.5)arenotintendedtopreventLambertfromcooperatingwithaninvestigationbyAIMR'sProfessionalConductProgram.B.Vivianshoulddisclosetoherclientsandprospectsherhusband'sholdingsinDoubleLimitedbecausethismattercouldbeexpectedtoimpairherabilitytomakeunbiasedandobjectiverecommendations.B.B.Accrualsaccountingisrequired.C.StandardI(B)FundamentalResponsibilities.Prohibitionagainstparticipatingorassistinginillegalandethicalviolations.IfRobertssuspectssomeoneisplanningorengaginginillegalactivities,heshould:(1)determinethelegalityoftheactivities,(2)disassociatehimselffromtheillegalorunethicalactivity,and(3)urgehisfirmtoattempttopersuadetheperpetratortostop.TheAIMRStandardsofProfessionalConductdonotrequirethatRobertsreportsuchactivitiestotheauthorities,butthelawmight.C.StandardIII(C)DisclosureofConflictstoEmployer.Gloriashoulddisclosetoheremployerallmattersthatcouldreasonablybeexpectedtointerferewithherabilitytomakeunbiasedandobjectiverecommendations.HerserviceasatrusteeoftheWellLimitedFoundationforHeartResearchismostlikelytobeconsideredaconflictofinterestwithherresponsibilitytoheremployer.C.StandardIII(E)ResponsibilitiesofSupervisors.Paulmaydelegatesupervisoryduties,butsuchdelegationdoesnotrelievehimofhissupervisoryresponsibility.A.StandardIV(B.3)FairDealing.Johnsonviolatedthestandardonfairdealingbecausehedidnotdealfairlyandobjectivelywithallclientsandprospectswhendisseminatinginvestmentrecommendations.Instead,heshowedfavoritismtohisbestclients.Indisseminatinginvestmentrecommendations,Johnsonshouldconsidermakingtheinformationavailabletoclientsbasedontheirinterestandsuitability.Achangeofrecommendationfrombuytosellorselltobuyisgenerallymaterial.D.StandardIV(B.5)PreservationofConfidentiality.ChoiceBisfalsebecausethisAnswersforMockExam1(MorningSession)(Rev.1)1standardprohibitsmembersfromexecutingsettlementagreementsthatpreventmembersfromprovidinginformationinaninvestigationbyAIMR'sProfessionalConductProgram(PCP).ChoiceCisfalsebecauseapersoncannotwithholdinformationduringPCPinvestigations.ChoiceAisfalsebecauseifamemberreceivesinformationduetohisorherspecialrelationshipwiththeclientindicatingillegalbehavioronthepastoftheclient,themembermaynothaveanobligationtoinformtheappropriateauthorities.A.StandardIV(B.6)ProhibitionagainstMisrepresentation.Membersarenotpermittedtomakeanyassurancesorguaranteesaboutanyinvestment,excepttocommunicateaccurateinformation.Thestatementthatinvestmentgradebondshavelessdefaultriskthanjunkbondsisanaccuratestatement.B.ThepresentvalueofaperpetuityisPV=A/r=500/0.1=$5,000.B.i=6/12=0.5;n=10x12=120;PV=40,000ComputePMTA.A.Abinomialrandomvariablehasanexpectedvalueormeanequaltonpandvarianceequaltonp(1-p).Mean=12(0.5)=6;variance(12)(0.5)(1-0.5)=3D.B.Rbt-1=InSt+1/St=(1+RL1-1)=In(40/25)=0.47.Thus,47%isthecontinuouslycomputedreturnfortheone-yearholdingperiod.B.ChoiceAdescribescross-sectionaldata.ChoiceBdescribestime-seriesdata.D.Thedependentvariable,Y,isequaltotheintercept,b0,plusaslopecoefficient,b1,timestheindependent,X,plusanerrorterm,ε.C.INFVComputePV10110090.91102150123.97103200150.26104250170.75Total535.89B.Step1:SolveforthePVofthe5paymentsof3,000tobereceivedinyears3through7.n=5;i=10;PMT=3,000;computePV=11,372.3611,372.36fallsoneyearbeforethefirstpayment,orinyear2.Step2:Findthepresentvalueof11,372.36thatistwoyearsinthefuture.n=2;i=10;FV=11,372.36;computePV=9,398.64or9,399(rounded).D.Fromweakesttostrongest,theorderingofmeasurementsscalesisnominal,ordinal,interval,andratio.B.Anintervalisasetofreturnvalueswithinwhichanobservationnotfalls.C.Step1.Calculatethemeanmonthlyreturn=2%+(-4%)+1%+5%=4%M=1%Step2.Calculatethepopulationstandarddeviation:([(2%-1%)2+(-4%-1%)2+(1%-1%)2+(5%-1%)2]N)1/2=3.24%Step3.Calculatethesamplestandarddeviation:([(2%-1%)2+(-4%-1%)2+(1%-1%)2+(5%-l%)2])/n-1)1/2=3.74%B.AccordingtoChebyshev'sinequality,theproportionoftheobservationswithin2,whichisk,standarddeviationsofthemeanisatleast1-(l/k)2=1-(1/22)=0.75or75%.A.Theprobabilityis30/200=0.15.B.Usingtheadditionruleforprobabilities,P(analystorpositive)=P(analyst)+AnswersforMockExam1(MorningSession)(Rev.1)2P(positive)-P(analystandpositive)P(Aorpositive)=130/200+140/200-(100/130)=0.58or58%B.Savingsincreasestoholdinterestratesconstant.Thismeansaggregatedemandchangeslittle.C.Theempiricalevidenceontherelationshipbetweenbudgetdeficitsandinterestratesismixed.Fewstudiesshowasignificantpositiveshort-termlinkbetweenbudgetdeficitsandrealinterestrates.B.Expansion=1/reserverequirement=1/0.25=4(4)(150)=600C.Peoplerealizethisleadstoinflationinthelongrun,sotheyreducetheirmoneyholdings.Outputrisesbecausetheincreaseisunexpected.C.Inpurelycompetitivemarkets,therearealargenumberofdependentfirms.D.D.C.C.D.ChoiceA:Accrualaccountingdoesnotrequirethereceiptofcashforassuranceofpaymenttoexist.ChoiceCandD:Theserelateonlytotheconditionofcompletionoftheearningsprocess.D.ADemandforcurrencydecreaseswhenrealinterestratesdecreasebecauseofdecreasedcapitalflows.CForeignexchangequotationscanbeexpressedonadirectbasis-thehomecurrencypriceofanothercurrency—oranindirectbasis--theforeigncurrencypriceofthehomecurrency.CF/S=(1+rD)/(l+rF)whereratesarelistedasDC/FCF=(1.3/1.25)(0.4)=0.416C.Directmethod:Netincome1000Depreciation70Goodwill30Changeinaccountsreceivable25Changeininventory(35)Changeinaccountspayable30Changeinwagespayable15Operatingcashflows113551.B.Purchaseequipment(200)Selltruck25Investingcashflows(175)52.D.Saleofcommonstock100Issuanceofbonds20Financingcashflows120D.Acommonsizebalancesheetexpressesallbalancesheetaccountsasapercentageoftotalassets.54.C.Originalsharesofcommonstock=1,000,000(12)=12,000,000Stockdividend=200,000(12)=2,400,000Newsharesofcommonstock=200,000(3)=600,000Totalsharesofcommonstock=15,000,000/12=1,250,000Stockdividendsareassumedtohavebeenoutstandingsincethebeginningoftheyear.D.Inventoryturnover,definedasCOGS/Averageinventory,ifoftenmeaninglessforLIFOcompaniesduetothemismatchingofcosts.ThenumeratorrepresentsAnswersforMockExam1(MorningSession)(Rev.1)3currentcosts,whereasthedenominatorreportsoutdatedhistoricalcosts.Thus,theturnoverratiounderLIFOwill,whenpricesdecrease,trendlowerbecauseofsmallCOGSandlargerinventory.Netprofitmargin,definedasEAT/Sales,ishigherduringperiodsofdecreasingprofitsforLIFOcompanies.LIFOleadstoasmallerCOGS,whichreducesEAT,withoutaffectingsales.A.Inthissituation,LIFOresultsinlowercostofgoodssoldbecauseitusesthemorerecentandlowercoststhanLIFO.LIFOresultsinlowercashflowsbecausethecashonincometaxesisapercentage(themarginaltaxrate)ofthedifferenceininventoryvalues.Thus,withLIFO:Sales-COGS(smaller)EBT(larger)-Taxes(larger)Becausetaxespaidoutareacashoutflow.EAT(larger)Iftaxesarelarger,thencashflowillbesmaller.D.COGSFIFO=COGSLIFO-(EndingLIFOReserve-BeginningLIFOReserve)COGSFIFO=$250,000-($8,000-$5,000)=$247,000D.Comparedtoexpensing,capitalizingresultsinhigherprofitabilityinearlyyearsandlowerprofitabilityinlateryears.C.D.Thepresentvalueoftheminimumleasepaymentsequalsorexceeds90percentofthevalueofthefairvalueoftheleasedproperty.B.Capitalleaseaffectsontheincomestatement:Step1:Calculatethedepreciationcharge:($3,500,000-$450,000)/10=$305,000Step2:Calculatetheinterestexpense:$3,500,000(0.15)=$525,000Totalexpense:$305,000+$525,000=$830,000A.C.A.B.D.B.Dealer-marketsareprice-drivenmarkets.D.C.C.P/E=Dividendpayoutratio/(k-g)Dividendpayoutratio=1-retentionratio=1-0.2=0.8P/E=0.8(0.15-0.08)=5.6B.k=D1/P0+g=$4/$25+0.09=0.25A.Step1:Calculatetheendingindexvalue=($100)(5)=$500Step2:Calculatetheexpectedreturn.E(R1)=[Dividends+(Endingvalue-Beginningvalue)]/(Beginningvalue)[40+(500-490)]/$490=0.1or10%D.ThecriticalfactorsdeterminingthefranchiseP/Earethedifferencebetweentheexpectedreturnonthenewopportunities(R)andthecurrentcostofcapital(k)andthesizeofthesegrowthopportunitiesrelativetothefirm'scurrentsize.A.C.76.DThecompletedcontractmethodlessnetincomeintheperiodsbeforeconstructioniscompleted,butnotattheendofthecontract,thanusingthepercentage-of-completionmethod.Thisisbecausethecompletedcontractmethodrecognizesrevenueandexpenseonlywhenthecontracthasbeencompleted.77.A.Netincome1,000Adjustmentfornon-cashandnon-operatingitemsAnswersforMockExam1(MorningSession)(Rev.1)4Depreciation100Deferredtaxes(increase)40Profitfromsaleofequipment(10)Adjustmentforworkingcapitalitems:Accountsreceivable(decrease)(120)Inventory(increase)(40)Accountspayable(increase)(20)Wagespayable(decrease)(10)Cashflowfromoperations940DAWheninventoryandaccountsreceivableincrease,thisisauseofcash(cashoutflow);whenassetsdecrease,thisisasource(cashinflow).Whenaccountspayableincrease,thisisasourceofcash(cashinflow);whenliabilitiesdecrease,thisisause(cashoutflow).BCashconversioncycle=receivablesdays+inventoryprocessingdays-payablespaymentperiod.Receivablesdays=365/receivabiesturnover=365/30=12.17days.Inventoryprocessingdays=365/inventoryturnover=365/15=24.33days.Payablespaymentperiod=365/payabIesturnover=365/20=18.25days.Cashcollectioncycle=12.17+24.33–18.25=18.25days.BChoiceA:Buyingfixedassetsoncreditdoesnotaffectcurrentassetsbutincreasescurrentliabilities.Therefore,thecurrentratiofalls.ChoiceB:Buyinginventoryonaccountincreasesbothinventoryandaccountspayable.BecausethecurrentratiostartedoffbelowI,theratiowillincrease.ChoiceC:Sellingmarketablesecuritiesforcashdoesnotaffecttheamountofcurrentassetsandleavesthecurrentratiounaffected,ChoiceD:Payingoffaccountspayablefromcashlowerscurrentassetsandcurrentliabilitiesbythesameamount.Becausethecurrentratiostartedoffbelow1,theratiowillfall.DROE=ProfitmarginxTotalassetturnoverxfinancialleverageROE=(0.3)(2.1)(0.5)=0.315or31.5%AROE=[(S/A)(EBIT/S)-(I/A)](A/EQ)(I-t)ROE=[(2.5)(0.2)-(0.08)](1.2)(0.6)=0.30or30%ABEPS=($180,000-$4,000)/50,000=$3.52pershareBDCTheserelationshipsarereversedinthelatteryearsoftheasset'slifeifthefirm'scapitalexpendituresdecline.DC.C.D.D.Absoluteyieldspread=YieldonBondA-YieldonBondB=10%-7