CFA一级每日一练(含详细解析)63

1、CFA 级每日一练（含详细解析）6371、Independent samples drawn from normally distributed populations exhibit the following characteristics:单选题】Assuming that the variances of the underlying populations are equal, the pooled estimate of the sample variance is 2,678.05. The t-test statistic appropriate to test the hyp

2、othesis that the two population means are equal is closest to:A. 0.29.B. 0.94.C. 1.90.正确答案 :B答案解析 :“Hypothesis Testing, ”Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, pp. 608-612Study Session 3-11-gIdentify the appropriate test statistic an

3、d interpret the results for a hypothesis test concerning the equality of the population means of two at least approximately normally distributed populations, based on independent random samples with (1) equal or (2) unequal assumed variances.B is correct. The t statistic for the given information (n

4、ormal populations, variances assumed equal) is calculated as:2、A company reports its interest payments on long-term debt as a financing activity under IFRS. If the company reports under U.S. GAAP, the most likely effect would be:单选题】A. an increase in cash flow from operations.B.a decrease in cash fl

5、ow from investing activities.C.an increase in cash flow from financing activities.正确答案 :C答案解析 :"Understanding The Cash Flow Statement,”Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA2011 Modular Level I, Vol.3, pp. 251-254"Internation

6、al Standards Convergence,”Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA2011 Modular Level I, Vol.3, pp. 650-651Study Session: 8-34-c, 10-43-cCompare and contrast the key differences in cash flow statements prepared under international financi

7、al reporting standards and U.S. generally accepted accounting principles.Identify and explain the major differences between international and U.S. GAAP accounting standards concerning the treatment of interest and dividends on the statement of cashflows.Interest payments can be reported either as op

8、erating or financing cash flow under IFRS, but can only be reported as operating cash flow under U.S. GAAP. The interest payment wasoriginally reported as financing activity under IFRS, but under U.S. GAAP, it would be an operating activity. Therefore, cash flow from financing activities would incre

9、ase, and operatingcash flows decrease by the same amount.3、The following selected information is from a company's most recent financial statements:(£ millions)20092008Sales2,8012,885Cost of Goods SoldL9692,071hiterest Expense123110Cash & Marketable Securities108105Accounts Receivable318

10、286Inventories248285Accounts Payable361346Notes Payable5099【单选题】The 2009 cash conv ersi on cycle, in days, is closest to:A. 23.B. 26.C. 28.正确答案:A答案解析：Financial Analysis Techniques”，Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA.Peters on, C

11、FA2010 Modular Level I, Vol. 3, pp. 329-330Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P2010 Modular Level I, Vol. 4 pp .89-93Study Session 8-35-d, 11-46-cCalculate, classify and in terpret activity, liquidity, solve ncy, p rofitability, and valuati on ra

12、tios.CalculationEvaluate overall work ing cap ital effective ness of a company, using the op erat ing and cash conv ersi on cycles, and compare its effective ness with other p eer companies.Activity RatiosInventory Turnover DOH (days on hand)7.3949.4COGS/Average Inventory365/Inventory Turnover1969/(

13、248+285)/2365/7.39Receivable Turnover9.27Sales/Av erage Receivables2801/(318+286)/2DSO (days sales o/s)39.4365/ReceLvables Turnover365/9.27Payables Turnover Days ill Payables5.5765.5COGS/Average Payables365/Payables Turnover1969/(361+346)/2365/5.57Cash Conversion Cycle23.3DOH + DSO Days In P町49.4 +

14、39.4 65.54、 An analyst does research about moneyness of an option.An investor owns aput option with the following terms:Option price1$7.28Strike price$81.76【单选题】$ 81.76 - $ 75.21 = $ 6.55。If the un derly ing is curre ntly p riced at $ 75.21, the moneyn ess of the op ti onfor this inv estor is closes

15、t to:A. - $ 0.73B. $ 0C. $ 6.55正确答案:C 答案解析:期权的价值(moneyness)要看其行权价和当前价格，以及该期权是看涨还是看跌，不考虑期权本身的价格。5、 An analyst does research about corporate governance.The interests of acompany's share owners are least likely to be served if that company's executivemanagement compensation program:【单选题】A.E ncourages Ion g-term growth in stead of short-term in creases in sharevalue.B. ln cludes dow nward reprising of strike p rices for p reviously gran ted stock op ti ons.C. ln cludes an eleme