CFA一級考試你復習的如何呢？今天融躍老師給你送來了幾道CFA模擬真題，看看你這一階段通過考試的達標率是多少呢？想要通過考試還需要做些什么？
我們知道CFA一級考試題型是獨立的考題，對下一考題的關(guān)聯(lián)性不大，所以，考生要對考點要有清楚的了解！
單項選擇題(本題型共5小題，每小題20分，每小題只有一個正確答案，請從每小題的備選答案中選出一個你認為正確的答案，在答題卡相應位置上用2B鉛筆填涂相應的答案代碼，答案寫在試題卷上無效)
1、Earlier this year, Barracuda Company issued 5,000 employee stock options. Recently, 2,000 options were exercised at a price of $10 per share. To avoid dilution, Barracuda purchased 2,000 shares at an average price of $12 per share. Barracuda reported both transactions as financing activities in its cash flow statement. For analytical purposes, what adjustment is necessary to better reflect the substance of the stock repurchase?
Operating cash flow Financing cash flow
A. Decrease $4,000 No adjustment
B. No adjustment ?Increase $4,000
C. Decrease $4,000 Increase $4,000
2、If a lessee enters into a finance lease rather than an operating lease, it can expect to have a:
A. higher return on assets.
B. higher debt-to-equity ratio.
C. lower debt-to-equity ratio.
3、Which of the following statements regarding a direct financing lease is least accurate?
A. The principal portion of the lease payment is a cash inflow from investing on the lessor';s cash flow statement.
B. Interest revenue on the lessor';s income statement equals the implicit interest rate times the lease payment.
C. The lessor recognizes no gross profit at the inception of the lease.
4、Which of the following statements about the impact of leases on the financial statements of the lessee is least accurate?
A. Net income is lower in the early years of a finance lease than an operating lease.
B. A finance lease results in higher liabilities compared to an operating lease.
C. Cash flow from investing is higher for a finance lease than an operating lease.
5、Interest expense is reported on the income statement as a function of:
A. the market rate.
B. the coupon payment.
C. the unamortized bond discount.
不知道你的CFA模擬真題做對了幾道呢？我們一起來分析一下答案是怎樣的！
answer：
*題：solution：C
answer：Barracuda reported a $4,000 net outflow from financing activities [2,000 options* ($12 average market price-$10 exercise price)]. However, since the options are a form of compensation, the $4,000 outflow should be reclassified as an operating activity for analytical purposes. This is accomplished by increasing financing cash flow $4,000 and decreasing operating cash flow $4,000.
第二題：solution：B
answer：Leasing the asset with an operating lease avoids recognition of the debt on the lessee’s balance sheet. Having fewer assets and liabilities on the balance sheet than would exist if the assets were purchased increases profitability ratios (e.g., return on assets) and decreases leverage ratios (e.g., debt-to-equity ratio). In the case of a finance lease, the assets are reported on the balance sheet and are depreciated.
第三題：solution：B
answer：Interest revenues are calculated by multiplying the implicit interest rate by net receivables at the beginning of the period.
第四題：solution：C
answer：Cash flow from investing is not affected by a lease being either a finance or an operating lease. Finance leases reduce cash flow from operations by only the portion of the lease payment attributed to interest expense. Cash flow from financing is reduced by the rest of the finance lease payment which is the principal part of the payment.
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第五題：solution：A
answer：Interest expense is always equal to the book value of the bond at the beginning of the period multiplied by the market rate at issuance.
