距离12月2日CFA考试还有1个多月，大家是不是有点紧张了！面对成千上万的知识点，很多考生在复习过程中感到力不从心，如何在浩如烟海的阅读材料中把握核心、消除困惑。下面高顿CFA老师整理一些关于CFA一级考试考题，帮助测试一下大家学习的情况。更多CFA考试题，请下载CFA题库APP来勤加练习，这样能快速掌握考题。
 
　　12月CFA一级考前测试题
 
　　1. The sale of a building for cash would be classified as what type of activity on the cash flow statement?
　　A. Operating.
　　B. Investing.
　　C. Financing.
　　Solution: B.
　　Purchases and sales of long-term assets are considered investing activities. Note that if the transaction had involved the exchange of a building for other than cash (for example, for another building, common stock of another company, or a long-term note receivable), it would have been considered a significant non-cash activity.
　　CFA红宝书发布，免费下载，可打印！重磅CFA资料！
 
　　免费索取高顿研究院CFA研究中心出品的《2017年CFA必考点知识梳理手册》……
 
　　《2017、2018年CFA考生必备资料！》 - 在线下载中心
 
　　118个章节，240道考题
 
　　672个考点LOS
 
　　3500多页的考试教材
 
　　CFA免费红宝书下载>>https://jinshuju.net/f/bssl1r?x_field_1=seogdcom
　　2. Interest paid is classified as an operating cash flow under:
　　A. US GAAP but may be classified as either operating or investing cash flows under IFRS.
　　B. IFRS but may be classified as either operating or investing cash flows under US GAAP.
　　C. US GAAP but may be classified as either operating or financing cash flows under IFRS.
　　Solution: C.
　　Interest expense is always classified as an operating cash flow under US GAAP but may be classified as either an operating or financing cash flow under IFRS.
　　3. Comparison of a company’s financial results to other peer companies for the same time period is called:
　　A. technical analysis.
　　B. time-series analysis.
　　C. cross-sectional analysis.
　　Solution: C.
　　Cross-sectional analysis involves the comparison of companies with each other for the same time period. Technical analysis uses price and volume data as the basis for investment decisions. Time-series or trend analysis is the comparison of financial data across different time periods.
 
　　4. Which ratio would a company most likely use to measure its ability to meet short-term obligations?
　　A. Current ratio.
　　B. Payables turnover.
　　C. Gross profit margin.
　　Solution: A.
　　The current ratio is a liquidity ratio. It compares the net amount of current assets expected to be converted into cash within the year with liabilities falling due in the same period. A current ratio of 1.0 would indicate that the company would have just enough current assets to pay current liabilities.
 
　　5. Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:
　　A. +$0.41 million.
　　B. –$0.41 million.
　　C. –$1.22 million.
　　Solution: A.
　　The average accounts receivable balances (actual and desired) must be calculated to determine the desired change. The average accounts receivable balance can be calculated as an average day’s credit sales times the DSO. For the most recent fiscal year, the average accounts receivable balance is $15.62 million [= ($300,000,000/365) × 19]. The desired average accounts receivable balance for the next fiscal year is $16.03 million (= ($390,000,000/365) × 15). This is an increase of $0.41 million (= 16.03 million – 15.62 million). An alternative approach is to calculate the turnover and divide sales by turnover to determine the average accounts receivable balance. Turnover equals 365 divided by DSO. Turnover is 19.21 (= 365/19) for the most recent fiscal year and is targeted to be 24.33 (= 365/15) for the next fiscal year. The average accounts receivable balances are $15.62 million (= $300,000,000/19.21), and $16.03 million (= $390,000,000/24.33). The change is an increase in receivables of $0.41 million.
 
　　6. Which of the following would be least likely to cause a change in investing cash flow?
　　A. The sale of a division of the company
　　B. The purchase of new machinery
　　C. An increase in depreciation expense
　　Solution: C.
　　Depreciation does not represent a cash flow. To the extent that it affects the firm's taxes, an increase in depreciation changes operating cash flows, but not investing cash flows.
 
　　7. Which of the following statements is most accurate regarding cash flow statements prepared under IFRS and U.S. GAAP?
　　A. Under U.S. GAAP, bank overdrafts should be classified as a financing cash flow
　　B. Under IFRS, interest paid can be reported either as an operating or an investing cash flow
　　C. Both the direct and indirect formats of cash flow statements are allowed under IFRS and U.S. GAAP, but indirect is encouraged under IFRS only
　　Solution: A.
　　Under U.S. GAAP, bank overdrafts are not considered part of cash and cash equivalents and are classified as financing cash flows.
　　8. An analyst has calculated a ratio using as the numerator the sum of operating cash flow, interest, and taxes, and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indicate?
　　A. This ratio is an interest coverage ratio, measuring a company's ability to meet its interest obligations and indicating a company's solvency
　　B. This ratio is an effective tax ratio, measuring the amount of a company's operating cash flow used for taxes, and indicating a company's efficiency in tax management
　　C. This ratio is an operating profitability ratio, measuring the operating cash flow generated for taxes and interest and indicating a company's liquidity
　　Solution: A.
　　This is the interest coverage ratio using operating cash flow rather than earnings before interest, tax, depreciation, and amortization (EBITDA).
 
　　获取CFA资料的方法：
　　1、关注微信公众号：高顿金融分析师(ID：gaoduncfa)  菜单栏“资料”免费获得。
　　2、添加2017-2018 CFA考试交流群：251902489。回复“资料”免费获取。
　　3、点击下方链接免费获取2018年CFA资料精华合集↓↓↓
 
　　相关CFA内容推荐：