2022cfa例題-歷年真題及答案

2022cfa例題.歷年真題及答案

完整版

1.WhichofthefollowingstatementsabouttheCFAInstitute's

ProfessionalConductProgram(PCP)isleastaccurate?

A.Possiblesanctionsincludecondemnationbyamember'speersor

suspensionofacandidate'sparticipationintheCFAProgram.

B.IftheDesignatedOfficerdeterminesthatasanctionagainsta

memberiswarranted,themembermusteitheracceptthesanctionor

losetherighttousetheCFAdesignation.

C.MemberswhocooperatewithaPCPinquirybyproviding

confidentialclientinformationtoPCPstaffarenotinviolationof

Standardlll(E)PreservationofConfidentiality.

【答案】B

2.RobertMiguel,CFA,isaportfoliomanagerforalargeinvestment

advisoryfirm.Inappreciationofhisimpressiveportfolioreturnslast

quarter,oneofhisclients,KevinGoodman,hasinvitedMiguelandhis

wifetobehisguestsathisluxurysuiteforamajorleaguebaseball

playoffgame.Miguel,abaseballfan,acceptstheinvitationandattends

thegame.Thenextdayatwork,Migueldoesn'tmentiontohis

supervisorthatheattendedthegameasaguestoftheclient.According

totheStandardconcerningindependenceandobjectivityandthe

Standardonknowledgeofthelaw,Miguel'sactionsareinviolationof."

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

3.AnnSmith,CFA,callsBillJones,CFA,andtellshimthather

researchshowsthatBiokemCompanyisunderpricedandthatearnings

persharewillexceed$3.00thisyear.JoneshadneverheardofBiokem

beforehercallbutknowsthatSmithiswidelyconsideredtobethebest

analystinhersector.Smith'sresearchhasbeenreleasedpublicly,and

SmithtellsJoneshe's"welcometoit."Aftertheirconversation,Jones

arrangesaconferencecallwithhisfirm'sportfoliomanagersand

announcesthatBiokemisunderpricedandwilllikelyearnover$3.00per

sharethisyear.Duringthecallwiththeportfoliomanagers,Jonesdoes

notreferencehisconversationwithSmith.AccordingtotheStandards

thatconcernmisrepresentationanddiligenceandreasonablebasis,

Jonesviolated:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

4.DougWatson,CFA,servesinasalespositionatSommerset

Brokerage,aregisteredinvestmentadviser.Aspartofhisemployment,

heisexpectedtoentertainclients.Frequentlyattheseclientoutings,

Watsondrinksexcessively.Ononeoccasion,a代erdroppingoffaclient,

Watsonwascitedbylocalpoliceformisdemeanorpublicintoxication.

AccordingtotheStandardonknowledgeofthelawandtheStandardon

misconduct,Watsonisinviolationof:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】B

5.KevinRichardsisaperformanceanalystforReliableAdvisors,a

retailinvestmentadvisoryandconsultingfirm.Richards,whoisaLevelI

CFAcandidate,washired-aspartofthefirm'seffortstoattractCFA

candidatesintocriticalareasofthefirm,suchasperformance

measurementandattribution.Richards'supervisorinstructshimto

referencethefirm'scompliancewithGIPSinmarketingmaterialsto

attractmoreclients.ForRichards'referencetothefirm'sGIPS

compliancetobeaccurate,Reliableisleastlikelyrequiredto:

A.applyGIPScompliancefirmwideandnotonlytothespecific

assetclassesmentionedinthemarketingmaterials.

B.claimcompliancewithGIPSonlyifithasacompliant

performancehistoryoffiveyearsormore.

C.includealldiscretionaryfee-payingaccountsincompositesbased

ontheirinvestmentobjectivesand/orstrategies.

【答案】B

6.HeidiKrueger,CFA,hasdiscretionaryauthorityovertheaccounts

ofJohnson,forwhomshemanagesaportfolioofenergystocks,and

Osaki,forwhomshemanagesadiversifiedportfolioofdomesticand

internationalstocks.Kruegeralwaysseeksthebestpriceandexecution

andhasdisclosedtoallofherclientstheprocessshefollowstomakeuse

ofsoftdollarsandapplythemforthebenefitofherclients.Intheyear

2008,KruegerappliedsoftdollarsgeneratedfromtheJohnsonandOsaki

accountstopurchaseareportontheeconomicimpactofworldevents,

topurchaseananalysisofthedomesticsteelindustry,andtopurchasea

newconferencetableforheroffice.Kruegerwasincompliancewiththe

CodeandStandardsintheyear2008:

A.Onlyifshehadnotusedsoft:dollarstopayfortheconference

table.

B.Onlyifshehadnotusedsoftdollarstopayfortheconference

tableandhadnotusedsoftdollarsfromthetradingofJohnsonJs

accounttopayforthereportonthedomesticsteelindustry.

C.Becauseshedisclosedheruseofsoftdollarsandappliedthem

forthedirectandindirectbenefitofherclients.

【答案】A

7.GloriaBrown,CFA,isthefounderandportfoliomanagerofthe

EvergladesFund.Initsfirstyearthefundgeneratedareturnof35%.

Buildingonthefund'sperformance,Gloriacreatednewmarketing

materialsthatshowedthefund'sgross1-yearreturnaswellasthe3-z

and5-yearreturnswhichhecalculatedbyusingback-tested

performanceinformation.Asthemarketingmaterialisusedonlyfor

presentationstoinstitutionalclients,Gloriadoesnotmentionthe

inclusionofback-testeddata.AccordingtotheStandardsofPractice

Handbook,didGloriaviolateanyCFAInstituteStandardsofProfessional

Conduct?

A.No.

B.Yes,becausehedidnotdisclosetheuseofback-testeddata.

C.Yes,becausehefailedtodeductallfeesandexpensesbefore

calculatingthefund'strackrecord.

【答案】B

8.ScottMarshisaresearchanalystforabrokeragefirmfollowing

thecomputerindustry.JoePerryisMarsh'sformercollegeroommate

andistheheadoftechnologyforMercury,alargesoftwarecompany.

PerryinformsMarshonTuesdaythatintwodaysthecompanywillbe

makinganofficialannouncementthatitsreleaseofitsnewestversionof

itssoftwarewillbemoveduponemonth,fromOctober1toSeptember

1.Theannouncementwillbesurprisingtotheindustryandwilllikelybe

metwithskepticismbecausethecompanyhashadtroublemeeting

releasedatesinthepast.PerryassuresMarshthatheiscertainthatthey

willmeettheSeptember1date.MarshconsidersPerrytobeveryhonest

andhighlycompetent.Marshshould:

A.Waituntilthepublicannouncementismade,thenreleasea

reportexplainingthathebelievesthecompanywillmaketherelease

date;disclosingthatoneofthereasonsforhisopinionisPerryisafriend

ofhis.

B.Producehisresearchreportintwodaysbasedsolelyonthe

officialannouncement,nottakingintoconsiderationtheinformation

fromPerry.

C.Waituntilthepublicannouncementismade,thenreleasinga

reportstatingthatheissurethatthecompanywillmakehisreleasedate,

butnotdisclosetherelationshipwithPerry.

【答案】A

9.Wheneveraninvestmentmanagementfirmpresentsinvestment

performanceincompliancewiththeGlobalInvestmentPerformance

Standards(GIPS),itmuststatehowitdefinesitselfasafirm.UnderGIPS,

afirmmaydefineitselfforthepurposeofclaimingGIPScompliance

usinganyofthefollowingoptionsexceptwhen:

A.Anentityisregisteredwiththeappropriatenationalregulatory

authorityoverseeingtheentity,sinvestmentmanagementactivities.

B.Allassetsaremanagedtooneormorebasecurrencies.

C.ThesubsidiaryordivisionofacompanyclaimsGIPScompliance

whentheparentcompanyisGIPScompliant.

【答案】C

10.BillKimm,CFAownsanassetmanagementfirmwithoffices

downtown.Tominimizerentexpenses,eachyearBillshipstheprevious

year'sresearchrecordstoanearbywarehouse.There,thereportsare

digitizedandstoredinbothelectronicandhard-copyforms.Afterfive

years,allpapercopiesaredestroyedandonlyelectroniccopiesare

retained.AreBilTsrecord-retentionproceduresincompliancewiththe

CFAInstituteStandardsofPractice?

A.Yes.

B.No,becausehedidnotretainthecopiesinhisoffices.

C.No,becausehefailedtoretaintheoriginaldocuments.

【答案】A

11.WinJangishisfirm'sresearchdirector,andoneofhisregular

dutiesistodistributeamonthly”Top10BuysandSells“l(fā)istdrawnfrom

companieslistedinHongKong.Onemonth,Jangreadsanacademic

researchpaperdetailingascreeningalgorithm(basedoncompaniesJ

earnings,depreciation,interestexpense,andcurrentstockprice)that

wasusedtogenerateabnormalprofitsintheGermanstockmarket.Jang

appliesthealgorithm,withoutmakinganychanges,toHongKongstocks,

andusestheresultstoformthemonth'sbuyandselllist.Janghas:

A.Properlyreliedonanotherparty*sresearch.

B.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetodifferencesintheGermanandHongKong

markets.

C.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetotherelianceonaquantitativemodel.

【答案】B

12.AccordingtotheStandardsofPracticeHandbook,members

mustmakeareasonableinquiryintoaclient'sfinancialsituation,and

mustdoallofthefollowingexcept:

A.Considerthesuitabilityofinvestmentrecommendationsforthe

client.

B.Distinguishbetweenfactandopinionwhenmaking

recommendations.

C.Updateinformationintheclient'ssituationatleast

semi-annually.

【答案】C

13.Whichofthefollowingisnotareasonforthecreationofthe

GlobalInvestmentPerformanceStandards(GIPSstandards):

A.Toimproveinvestmentperformanceasmanagersdiversify

internationally.

B.Theneedforconsistentperformancemeasurementduetothe

globalizationoffinancialmarkets.

C.Toallowinvestmentclientstomoreeasilycompareinvestment

performances.

【答案】A

14.ZhangZhong,CFA,isaportfoliomanagerinalargeinvestment

managementcompany.HediscoversthatChenQin,CFA,oneofthe

assistantportfoliomanagershesupervises,mayhaveviolatedthelocal

securitylaw.AccordingtotheStandardsofPracticeHandbook,Zhang

Zhong'sinitialcourseofactionmustbeto:

A.placelimitsontheemployee'sactivities.

B.reporttheconducttogovernmentalauthorities.

C.startaninvestigationtodeterminetheextentofthewrongdoing.

【答案】C

15.TheeightmajorprovisionsoftheGlobalInvestment

PerformanceStandards(GIPS)atleastinclude:

A.AlternativeAssets.

B.RealEstate.

C.PrivateEquity.

【答案】A

16.ZhouLun,CFA,isanequityanalystwhorecentlypreparedafull

reportonBMMCorporation.Thereportincludedfinancialprojections

developedbyZhouLunandinformationgatheredfromathird-party

researchfirm,whichshereferenced,inthereport,ZhouLunwrote,“We

recommendthisstockfortheportfoliosofclientswithaggressiverisk

profiles.Thisrecommendationisbasedonthird-partyresearchwe

believetobereliable.Attheendofthereport,ZhouLunnoted,“The

author'sfamilyownsBMMCorporationsecuritiesincludingcommon

stocksandbonds."Thereportwaspostedonthecompany'swebsite

forclientaccessanddistributedtoclientsviae-mail.Accordingtothe

StandardsofPracticeHandbook,hasZhouLunviolatedanyCFAInstitute

StandardsofProfessionalConduct?

A.No.

B.Yes,becausethereportreliedonthird-partyresearch.

C.Yes,becausethereportwasnotproperlydisseminated.

【答案】A

17.ScottLaRueisaportfoliomanagerforWashingtonAdvisors.

Washingtonhasdevelopedaproprietarymodelthathasbeen

thoroughlyresearchedandisknownthroughouttheindustryasthe

Washingtonmodel.Themodelispurelyquantitativeandscreensstocks

intobuy,hold,andsellcategories.Thebasicphilosophyofthemodelis

thoroughlyexplainedtoclients.Thedirectorofresearchfrequentlyalters

themodelbasedonrigorousresearch-anaspectthatiswellexplainedto

clients,althoughthespecificalterationsarenotcontinuallydisclosed.

Portfoliomanagersthenmakespecificsectorandsecurityholding

decisions,purchasingonlysecuritiesthatareindicatedas"buys"bythe

model.LaRuehasconductedsomeresearchonhisownandfeelsthe

modelwouldbeimprovedbyaddingsomefactors.Basedonhisresearch,

heappliedhisownversionofthemodel,whichisoccasionallyinconflict

withtheWashingtonmodel.LaRuediscloseshismodeltohisownclients

butnottohissupervisor.LaRueis:

A.ViolatingtheStandardsbynotconsideringtheappropriateness

oftherecommendationstoclients.

B.ViolatingtheStandardsbynotbeingobjective.

C.ViolatingtheStandardsbynothavingareasonableandadequate

basisforhisinvestmentrecommendation.

【答案】C

18.Analystmadethefollowingtwostatements:

,AfirmclaimingcompliancewiththeGIPSstandardsmustprovidea

compliantpresentationandadescriptionforanycompositeonthefirm'

slisttoanyprospectiveclientwhomakessucharequest.

,AfirmclaimingcompliancewithGIPSstandardsisprohibitedfrom

statingthatthecalculationmethodologyusedincomposite

presentationsisalsoinaccordancewiththeGIPSstandards.

Istheanalystcorrectwithrespecttothe:

Firststatement?Secondstatement?

A.NoYes

B.YesNo

C.YesYes

【答案】C

19.JustinBanksjustwonthelotteryandistryingtodecidebetween

theannualcashflowpaymentoptionorthelumpsumoption.Justincan

earn8%atthebankandtheannualcashflowoptionis$100,000/year,

beginningtodayfor15years.Whatistheannualcashflowoptionworth

toJustintoday?

A.$1,500,000.00.

B.$1,080,000.00.

C.$924,423.70.

【答案】C

20.Considerthefollowinggraphofadistributionforthepricesfor

variousbottlesofCalifornia-producedwine.

Whichofthefollowingstatementsisfalse?

A.Thedistributionispositivelyskewed.

B.Approximately68%ofobservationsfallwithinonestandard

deviationofthemean

C.PointArepresentsthemode.

【答案】B

21.Thefollowingtablesummarizestheresultsofapoll

(hypothetically)takenofCFAcharterholdersandCFAcandidates

regardingtheimportanceofacontinuingeducationrequirementafter

theCFAdesignationisobtained:

Giventheinformationthatamemberofthegroupisinfavorofa

continuingeducationrequirement,whatistheprobabilitythatsheisa

CFAcandidate?

A.18%.

B.37%.

C.43%.

【答案】C

22.StephenKroller,CFA,analyzesinternationalequityfunds.Kroller

constructsasampleofinternationalequitymutualfundsthathaveat

leasta10-yearperformancehistory.Basedonthereturnsofthefundsin

hissample,Krollerconcludesthatinternationalequityfunds

outperformedtheircomparableU.S.stockindexesoverthe10-year

period.Kroller'ssampleandtestresultsaremostlikelysubjectto:

A.look-aheadbias.

B.timeperiodbias.

C.survivorshipbias.

【答案】c

23.Whichofthefollowingstatementsaboutcommonprobability

distributionsisleastaccurate?

A.Aprobabilitydistributionspecifiestheprobabilitiesofthe

possibleoutcomesofarandomvariable.

B.Inabinomialprobabilitydistribution,eachobservationhasonly

twopossibleoutcomesthataremutuallyexclusive.

C.Anormaldistributionisadiscretesymmetricprobability

distributionthatiscompletelydescribedbytwoparameters:itsmean

andvariance.

【答案】C

24.Forabinomialrandomvariablewitha40%probabilityof

successoneachtrial,theexpectednumberofsuccessesin12trialsis

closestto:

A.4.8.

B.5.6.

C.7.2.

【答案】A

25.Whichofthefollowingstatementsabouttheunivariate,

multivariate,andstandardnormaldistributionsisleastaccurate?

A.Aunivariatedistributiondescribesasinglerandomvariable.

B.Amultivariatedistributionspecifiestheprobabilitiesforagroup

ofrelatedrandomvariables.

C.Thestandardnormalrandomvariable,denotedZ,hasmean

equaltooneandvarianceequaltoone.

【答案】C

26.Basedonhistoricalreturns,aportfoliohasaSharperatioof2.0.

Ifthemeanreturntotheportfoliois20%,andthemeanreturntoa

risk-freeassetis4%,thestandarddeviationofreturnontheportfoliois

closestto:

A.12%.

B.8%.

C.10%.

【答案】B

27.Thefollowing10observationsareasampledrawnfroman

approximatelynormalpopulation

Thesamplestandarddeviationisclosestto:

A.13.18

B.12.50

C.11.92

【答案】A

28.Thefollowingtenobservationsareasampledrawnfroman

approximatelynomlalpopulation:

Thesamplestandarddeviationisclosestto:

A.17.56.

B.18.58.

C.19.59.

【答案】C

29.Theminimumrateofreturnaninvestormustreceiveinorderto

acceptaninvestmentisbestdescribedasthe:

A.internalrateofreturn.

B.requiredrateofreturn.

C.expectedreturn.

【答案】B

30.Whichofthefollowingmostaccuratelydescribeshowto

standardizearandomvariableX?

A.SubtractthemeanofXfromX,andthendividethatresultbythe

standarddeviationofX.

B.SubtractthemeanofXfromX,andthendividethatresultbythe

standarddeviationofthestandardnormaldistribution.

C.DivideXbythedifferencebetweenthestandarddeviationofX

andthestandarddeviationofthestandardnormaldistribution.

【答案】A

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

36.Aconsumerhasabudgetof$30permonthtospendontwo

typesoffruit,pricedasfollows:

,Apples:$2.50perpound.

,Bananas:$2.00perpound.

Assumingthequantityofapplesismeasuredontheverticalaxis

andbananasonthehorizontalaxis,theslopeofthebudgetconstraintis

closestto:

A.1.25.

B.-0.80.

C.-1.25.

【答案】B

37.Whichofthefollowingstatementsmostaccuratelydescribesa

valuationallowancefordeferredtaxes?Avaluationallowanceisrequired

under:

A.IFRSonrevaluationofcapitalassets

B.U.S.GAAPifthereisdoubtaboutrecoveringadeferredtaxasset.

C.bothIFRSandU.S.GAAPontaxdifferencesarisingfromthe

translationofforeignoperations.

【答案】B

38.Thefollowinginformationappliestoastart-upcompanysolely

ownedbyanentrepreneur.

Thecompany'seconomicprofitisclosestto:

A.$784,250

B.$318,750

C.$659,250

【答案】C

39.Thediagramtothebelowillustratesaconsumer'sallocationof

herbudgetbetweenitemsXandY.Withaninitialbudget(BC1)she

consumesQaunitsofitemY.WhenthepriceofYdrops,sheconsumes

QcunitsofitemY.LinesBC2andBC3areparalleltooneanother.

TheincomeeffectarisingfromthischangeinthepriceofYisbest

describedasthedistancebetween:

A.QbandQa.

B.QcandQa.

C.QcandQb.

【答案】C

40.Whichofthefollowingismostlikelytocauseashifttotheriqht

intheaqqreqatedemandcurve?

A.Increaseintaxes

B.Decreaseinrealestatevalues

C.Boominthestockmarket

【答案】C

41.Whichofthefollowingtypesofunemploymentismostlikelyto

beassociatedwithaneconomyinwhichmanyworkershavebeenmade

obsoletebychangingtechnology?

A.Cyclical

B.Frictional

C.Structural

【答案】C

42.Thefree-riderproblem,anobstacletoefficiency,ismostlikely

associatedwith:

A.monopolies

B.publicgoods

C.subsidiesandquotas

【答案】B

43.Acompanyhasdeterminedthatthequantityofthatcompany,s

productdemandedwillincreaseby5percentwhenpriceisreducedby

10percent.Thatcompany*selasticitydemandisbestdescribedas:

A.Unitaryelastic

B.Perfectlyelastic

C.Relativelyinelastic

【答案】C

44.AccordingtothePhillipscurveapproach,wheninflationisless

thanexpected,themostlikelyinitialeffectisthat:

A.realwagerateswillfall.

B.thenaturalrateofunemploymentwillrise.

C.unemploymentwillriseaboveitsnaturalrate.

【答案】C

45.AnanalystgatheredthefollowinginformationfromLeneor

Corporation's2009financialstatementspublished:

AfterreviewingthefootnotestothefinancialstatementsofLeneor

Corporation,theanalystconcludesthatthepresentvalueofoperating

leasepaymentsfor2010is$8millionandthepresentvalueofoperating

leasepaymentsforallyearsafter2010totals$80million.Other

companiesinthisindustryusecapitalizedleaseobligationsdominantly.

SotheanalystneedstoadjustthefinancialratioofLeneorCorporation.

LeneorCorporation'sadjusted2009totaldebt-to-totalcapitalandtotal

assetturnoverratios,respectively,thatbestcomparethecompanyto

theindustryare:

Totaldebt-to-totalcapitalratioTotalassetturnoverratio

A.63%2.6

B.63%3.2

C.53%2.6

【答案】A

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

51.Ananalysthasgatheredthefollowingdataaboutacompany:

,Averagereceivablescollectionperiodof37days

,Averagepayablespaymentperiodof31days

,Averageinventoryprocessingperiodof46days

Whatistheircashconversioncycle?

A.45days.

B.76days.

C.52days.

【答案】C

52.AnanalysthastestedLIFOandFIFOinventorymethod'simpact

toacompany'sratioandgatheredthefollowinginformationaboutFYK

ManufacturingCorporation($million):

UsingtheFIFOinventorymethodcomparedwithLIFO,wouldFYK

ManufacturingCorporation?s2009grossprofitmarginandcurrentratio,

respectively?

GrossprofitmarginusingFIFOCurrentratiousingFIFO

A.HigherLower

B.LowerHigher

C.HigherHigher

【答案】C

53.Afirm'sfinancialstatementsreflectthefollowing:

Whichofthefollowingistheclosestestimateofthefirm's

sustainablegrowthrate?

A.11.5%