1、单项选择题(本题型共5小题，每小题20分，每小题只有一个正确答案，请从每小题的备选答案中选出一个你认为正确的答案，在答题卡相应位置上用2B铅笔填涂相应的答案代码，答案写在试题卷上无效)

　　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.

　　Answer：

　　第一题：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.

　　第二题：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.

　　第三题：solution：B

　　answer：Interest revenues are calculated by multiplying the implicit interest rate by net receivables at the beginning of the period.

　　第四题：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.

　　第五题：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.

　　CFA一级：重点关注十个主题领域的基本知识，并使用投资工具进行简单分析

　　CFA二级：强调投资工具和概念的应用，重点是所有类型资产的估值

　　CFA三级：重点综合各种应用中的所有概念和分析方法，进行有效的投资组合管理和财富规划。

　　CFA考试的复习时间官方描述是至少300个小时，如果是非财经类的同学可能要花费500小时以上，每天复习时间最好控制4小时。

　　许多考生觉得CFA考试知识点多且零散，给人一种摸不着边际的感觉，其实可从以下两方面来解决问题：

　　1、根据考纲的要求，找出考试要点、难点，逐个攻破。从分数比重来看，会计、数学、资产定价、道德规范等科目比较重要，考生投入的精力也应多些。

　　2、每门科目的知识都是体系，考生可分科目复习，总结这部分的理论、公式，经典题、难题。在吃透每门科目的基础上，再将整个知识体系融会贯通，全面性、条理性、逻辑性地把握知识要点。

　　-在理解基础上记忆。CFA考试主要是对于知识点的积累和记忆，大家可以在复习的时候将重要的关键词和公式制成卡片随身携带，在上班途中可以用这些卡片替代手机，多多记忆。

　　-边看书边做笔记。我们现在好多人看书没有做笔记的习惯，通常都是看完了就完了，就过去了，事实上看书的时候做做笔记，记录下自己难以理解的知识点，或者将重要的公式圈起来，整理成一本学习笔记，在考前看看自己的笔记就行，这样可以更加节约时间，可以腾出时间做一些其他的准备。

　　适当参加专业CFA培训。专业教师的指导有助于考生更好地理解知识、分析重点，增强复习的针对性。可以让你少走很多的弯路，这个对于刚参加CFA考试的朋友比较适用。

　　-模拟做题至关重要。答题速度是通过考试的重点之一，因为考试一共有240道题，虽然都是选择题，但是其中需要计算的也不少，因此，考生在复习备考的过程中不仅要掌握知识原理，还要进行适当和有效的题目训练。

　　CFA考试贵在坚持，许多人都是因为不想坚持了，才放弃的CFA。如果保持足够的自律，拿下CFA考试问题并不是很大，加油哦！

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