2022年cfa考試原題-歷年真題及答案集錦

2022年cfa考試原題?歷年真題

及答案集錦

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.MattJacobs,CFA,isaninvestmentadvisertoseveraluniversity

endowmentfunds.Jacobspreviouslyrecommendedtoaclientthathe

buysharesinTimeco.Theshareshaveunderperformedthemarketthis

year,andtheclienthasspokenwithJacobsaboutclosingoutthe

position.JacobsfirmlybelievesTimecoisstillaworthyinvestmentand

thattheclientshouldnotsell.Sincethestockisthinlytraded,Jacobs

buys1,000Timecosharesinhispersonalaccountinorderboostthe

company'sshareprice,withtheintentofreversingthetradeafewdays

later.Aftermakingthepurchase,thesharepricerises,allowingJacobsto

convincehisclienttoholdontohisTimecoshares.HasJacobsviolated

theStandardonmarketmanipulation?

A.No,becausehemadethetradesforthebenefitofhisclient.

B.Yes,becauseheintendedtointerferewiththemarketpriceof

Timeco.

C.Yes,becausehefailedtoconsiderthestock'scurrentpricein

relationtoitstruevalue.

【答案】B

12.WilliamRex,CFA,distributesmaterialsreferencinghis

performanceresultssinceheistheonlyportfoliomanageratthefirmhe

hasfounded.Inthepresentation,Rexincludesfiveyearsofinvestment

performance,fourofwhichwerewithapreviousemployer.The

presentationdoesnotmakeadistinctionbetweenthefirstfouryears

andthemostrecentyearofperformance.Alsoincludedinthe

presentationaresimulatedresultsofastockselectionmodelRexhas

recentlydevelopedandtested.Thefactthattheresultsaresimulatedis

disclosedinthepresentation.HasRexviolatedanyCFAInstitute

StandardsofProfessionalConduct?

A.No.

B.Yes,failingtodisclosethatfouryearsofhisperformanceresults

werewithanotheremployerisaviolation,butincludingthesimulated

resultsisacceptable.

C.Yes,bothfailingtodisclosethatfouryearsofhisperformance

resultswerewithanotheremployerandincludingthesimulatedresults

areviolations.

【答案】B

13.TonyRoberts,CFA,isaportfoliomanageratDeltaSecurities.He

suspectsacolleague,whoisnotamemberorcandidate,ofongoing

activitiesthat,whilenotillegalunderlocallaw,violateCFAInstitute

StandardsofProfessionalConduct.Robertsandthecolleagueboth

reporttothesamemanagingdirectoratDeltaandarebothcurrently

beingconsideredforapromotiontoseniorportfoliomanager.According

totheCFAInstituteStandardsofProfessionalConduct,Roberts:

A.isrequiredtodissociatefromtheactivitiesthatviolatetheCode

andStandardsiftheycontinue.

B.isnotrequiredtoactbecausetheCodeandStandardsdonot

applytonon-members.

C.mustreportthesuspectedviolationsoftheCodeandStandards

firsttohissupervisorandthentoCFAInstitute.

【答案】A

14.JudyBlushisaCFAcandidateandisrecommendingthe

purchaseofamutualfundthatinvestssolelyinlong-termU.S.Treasury

bonds(T-bonds)tooneofherclients.Shestatesthat,"SincetheU.S.

governmentguaranteespaymentofboththebond'sprincipaland

interest,riskoflosswiththisinvestmentisvirtuallyzero."Blush'sactions

violated:

A.theStandardonmisrepresentation.

B.theStandardoncommunicationwithclientsandprospective

clients.

C.noneoftheCFAInstituteStandardsofProfessionalConduct.

【答案】A

15.Whichofthefollowingactionsisleastlikelyaviolationofthe

StandardconcerningconductasMembersandCandidatesintheCFA

Program?

A.AmemberanonymouslypostsadisparagingcommentaboutCFA

Institutepoliciesonaninternetmessageboard.

B.Amemberfailstodiscloseaformalcomplaintfromaclienton

herannualProfessionalConductStatement.

C.AcandidatediscusseswhichtopicswereemphasizedontheJune

LevelICFAexamwithacandidatefortheDecemberexam.

【答案】A

16.WhichofthefollowingstatementsconcerningwhytheGlobal

InvestmentPerformanceStandards(GIPS)werecreatedisleastlikely

correct?TheGIPSstandardswerecreatedto:

A.provideclientscertaintyinwhatispresentedandallowthemto

makereasonablecomparisons.

B.establishastandardized,industrywideapproachforinvestment

firmstofollow.

C.identifyasetofethicalprinciplesforfirmstofollowincalculating

andpresentinghistoricalinvestmentresults.

【答案】A

17.JanLoots,CFA,quithisjobasaportfoliomanageratan

investmentfirmwithwhomhehadanon-solicitationagreementhe

signedseveralyearsago.Lootsreceivedpermissiontotakehis

investmentperformancehistorywithhimandalsotookacopyofthe

firm'ssoftware-tradingplatform.Subsequently,Lootssentoutmessages

onsocialmediasitesannouncinghewaslookingforclientsforhisnew

investmentmanagementfirm.AccesstoLoots'ssocialmediasitesis

restrictedtofriends,family,andformerclients.Lootsleastlikelyviolated

theCFAInstituteStandardsofProfessionalConductconcerninghis:

A.non-solicitationagreement.

B.investmentperformancehistory.

C.tradingsoftware.

【答案】B

18.SergioMorales,CFA,believeshehasfoundevidencethathis

supervisorisengagedinfraudulentactivityinvolvingaclient'saccount.

WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyaware

oftheissue.Laterthatday,Moralescontactstheclientandafter

disclosingthefraudulentactivity,heistoldbytheclienttomindhisown

business.Followingtherequirementsoflocallaw,Moralesprovidesallof

hisevidence,alongwithcopiesoftheclient'smostrecentaccount

statements,toagovernmentwhistleblowerprogram.HasMoralesmost

likelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,concerningDutiestoEmployers

C.Yes,concerningPreservationofConfidentiality

【答案】A

19.Forapositivelyskewedunimodaldistribution,whichofthe

followingmeasuresismostaccuratelydescribedasthelargest?

A.Median

B.Mean

C.Mode

【答案】B

20.Atechnicalanalystobservesaheadandshoulderspatternina

stockshehasbeenfollowing.Shenotesthefollowinginformation:

Basedonthisinformation,herestimateofthepricetargetisclosest

to:

A.$59,50.

B.$48,00.

C.$44,50.

【答案】B

21.Whichofthefollowingmostaccuratelydescribesadistribution

thatismorepeakedthannormal?

A.Mesokurtotic

B.Platykurtotic

C.Leptokurtotic

【答案】C

22.Usingthefollowingsampleresultsdrawnas25paired

observationsfromtheirunderlyingdistributions,testwhetherthem

eanreturnsofthetwoportfoliosdifferfromeachotheratthe1%level

ofstatisticalsignificance.Assumetheunderlyingdistributionsofreturns

foreachportfolioarenormalandthattheirpopulationvariancesarenot

known.

Basedonthepairedcomparisonstestofthetwoportfolios,the

mostappropriateconclusionisthatHLshouldbe:

A.acceptedbecausethecomputedteststatisticislessthan2.807.

B.rejectedbecausethecomputedteststatisticexceeds2.807.

C.acceptedbecausethecomputedteststatisticexceeds2.807.

【答案】B

23.Thenullhypothesisismostlikelytoberejectedwhenthe

p-valueoftheteststatistic:

A.exceedsaspecifiedlevelofsignificance.

B.isnegative.

C.fallsbelowaspecifiedlevelofsignificance.

【答案】C

24.Overthepastfouryears,aportfolioexperiencedreturnsof

-8%,4%,17%,and-12%.Thegeometricmeanreturnoftheportfolioover

thefour-yearperiodisclosestto:

A.0.99%.

B.-0.37%.

C.0.25%.

【答案】B

25.

A.equal.

B.greater.

C.smaller.

【答案】C

26.Ifanormaldistributionhasameanof10andavarianceof40,a

standardizedvalueof0.5correspondstoanobservationvaluethatis

closestto:

A.6.84

B.13.16

C.20.00

【答案】B

27.Theleastaccuratestatementaboutmeasuresofdispersionfora

distributionisthatthe:

A.Rangeprovidesnoinformationabouttheshapeofthedata

distribution.

B.Meanabsolutedeviationwillalwaysbesmallerthanthestandard

deviation.

C.Arithmeticaverageofthedeviationsaroundthemeanwillalways

beequaltoone.

【答案】C

28.Ananalystcollectsthefollowingsetoftenreturnsfromthe

past.

Thegeometricmeanreturn(%)isclosestto:

A.9.62.

B.10.81.

C.10.89.

【答案】B

29.Aportfolioearnedthefollowingholdingperiodreturnsduring

2006:

Theportfolio,stime-weightedrateofreturnfor2006wasclosest

to:

A.6.9%

B.7.5%

C.30.4%

【答案】C

30.Whichofthefollowingchartsillustratestheopeningpricefor

eachtradingperiod?

A.Point-and-figurechart.

B.Linechart.

C.Candlestickchart.

【答案】C

31.Aresearcherneedstochooseaprobabilitydistributionforthe

priceofanassetthatisquitevolatileinordertosimulatereturns

outcomes.Shehasaprogramthatwillgeneraterandomvariablesfrom

anyofavarietyofdistributions.Themostappropriatedistributionfor

hertoselecttogeneratetheassetpricedistributionisa:

A.normaldistribution.

B.lognormaldistribution.

C.Student'st-distribution.

【答案】B

32.Aninvestorisinterestedinthefollowingpieceofproperty:

,Thepropertywillcost$200,000attimezero.

,Itwillprovidecashflowsof$50,000inyear1,$60,000inyear2,

$70,000inyear3,and$80,000inyear4.

?A$20,000investmentwillberequiredinyear5astheproperty

willhavesomeenvironmentalcontaminationandwillhavetobe

restoredtoitsoriginalcondition.

WhatistheNPVoftheprojectiftheinvestor'srequiredrateof

returnis10%?

A.-$10,144.

B.$14,693.

C.$15,232.

【答案】A

33.Ifinvestors'expectedfutureincomesincreaseandthedemand

forfinancialcapitalincreases,otherthingsequal:

A.theequilibriuminterestratewillrise.

B.theequilibriuminterestratewillfall.

C.thesetwofactorswillhaveopposingeffectsontheequilibrium

interestrate.

【答案】A

34.Assumethattherequiredreserveratiois20%,andbanks

currentlyhavenoexcessreserves.IftheFederalReservethenbuys$100

millionofTreasurybillsfromthebanks,themoneysupplycould

potentiallyincreaseby:

A.$20million,

B.$100million.

C.$500million.

【答案】C

35.Ifaminimumwageissetabovetheequilibriumwageinthe

labormarket,whatisthemostlikelyeffect?

A.Theminimumwagewillhavenoeffectonthequantityoflabor

employed.

B.Firmswilluselessthantheeconomicallyefficientamountof

capital.

C.Therewillbeexcesssupplyoflabor,andunemploymentwill

increase

【答案】C

36.Isunanticipatedinflationlikelytoresultinagainto:

EmployeesBorrowers

attheexpenseofemployers?attheexpenseof

lenders?

A.NoNo

B.NoYes

C.YesNo

【答案】B

37.Inaflexibleexchangeratesystem,isacountryJscurrencylikely

todepreciateasaresultofan:

DecreaseintheUnanticipatedshifttoamore

realinterestrate?expansionarymonetarypolicy?

A.NoYes

B.YesNo

C.YesYes

【答案】C

38.Ifthecentralbankunexpectedlyshiftstoamorerestrictive

monetarypolicy,themostlikelyeffectis:

A.Anincreaseinrealinterestrates.

B.Adecreaseinrealinterestrates.

C.Anincreaseinassetprices.

【答案】A

39.Theshort-runeffectsofunanticipatedexpansionarymonetary

policyaremostlikelytoinclude:

A.Adecreaseintherealinterestrate

B.Adecreaseintheinflationrate

C.Adecreaseinrealoutputandemployment

【答案】A

40.Ismonopolisticcompetitionamarketinwhich:

Eachsellerproducesadifferentiatedproduct?Competeon

price,quality,marketing?

A.NoYes

B.YesNo

C.YesYes

【答案】C

41.Ifaregulatoryagencyintervenestoreduceprices,amonopoly

willmostlikelyexpandoutputtothelevelwhere:

A.Marginalcostequalssupply.

B.Averagecostequalsmarginalrevenue.

C.Averagecostequalsdemand.

【答案】C

42.Whichofthefollowingstatementsaboutpriceelasticityismost

likelyfalse?

A.Theelasticityofdemandofagoodincreaseovertime.

B.ifthepriceofgasolineincreases,totalexpendituresongasoline

willincrease.

C.Ifthepriceofabrandoftoiletpaperincreases,totalexpenditure

onthatbrandoftoiletpaperwillincrease.

【答案】C

43.Inregardtotherelationbetweenoutputandcostsinthe

short-run,adeclineinthemarginalcostmostlikelyoccursatwhatlevel

ofproduction?

A.Highoutput

B.Lowoutput

C.Profit-maximizingoutput

【答案】B

44.Themostlikelyobjectiveofgovernmentregulationofanatural

monopolyisto:

A.expandoutputsoconsumerdemandisfullymet.

B.provideincentivesforpotentialcompetitorstoenterthemarket.

C.reducetheproductpricetothesupplier'saveragetotalcostper

unitofoutput.

【答案】C

45.Ananalystcheckedthefinancialinformationofaprofitable

companynamedYorkCorporation.Thecompanybeganofferinga

warrantyonanewproductintroducedduringtheyear,accruing

warrantyexpensesof$400,000.Theactualexpendituresforrepairs

underthiswarrantyduringtheyearwere$100,000.Thecompany'stax

ratewas30percent.Withrespecttothenewproductwarrantyonly,the

mostlikelyamountandclassificationofdeferredtaxrecordedwasa(n):

A.$60,000asset.

B.$60,000liability.

C.$90,000asset.

【答案】C

31.Aresearcherneedstochooseaprobabilitydistributionforthe

priceofanassetthatisquitevolatileinordertosimulatereturns

outcomes.Shehasaprogramthatwillgeneraterandomvariablesfrom

anyofavarietyofdistributions.Themostappropriatedistributionfor

hertoselecttogeneratetheassetpricedistributionisa:

A.normaldistribution.

B.lognormaldistribution.

C.Student'st-distribution.

【答案】B

32.Aninvestorisinterestedinthefollowingpieceofproperty:

,Thepropertywillcost$200,000attimezero.

,Itwillprovidecashflowsof$50,000inyear1,$60,000inyear2,

$70,000inyear3,and$80,000inyear4.

?A$20,000investmentwillberequiredinyear5astheproperty

willhavesomeenvironmentalcontaminationandwillhavetobe

restoredtoitsoriginalcondition.

WhatistheNPVoftheprojectiftheinvestor'srequiredrateof

returnis10%?

A.-$10,144.

B.$14,693.

C.$15,232.

【答案】A

33.Ifinvestors'expectedfutureincomesincreaseandthedemand

forfinancialcapitalincreases,otherthingsequal:

A.theequilibriuminterestratewillrise.

B.theequilibriuminterestratewillfall.

C.thesetwofactorswillhaveopposingeffectsontheequilibrium

interestrate.

【答案】A

34.Assumethattherequiredreserveratiois20%,andbanks

currentlyhavenoexcessreserves.IftheFederalReservethenbuys$100

millionofTreasurybillsfromthebanks,themoneysupplycould

potentiallyincreaseby:

A.$20million,

B.$100million.

C.$500million.

【答案】c

35.Ifaminimumwageissetabovetheequilibriumwageinthe

labormarket,whatisthemostlikelyeffect?

A.Theminimumwagewillhavenoeffectonthequantityoflabor

employed.

B.Firmswilluselessthantheeconomicallyefficientamountof

capital.

C.Therewillbeexcesssupplyoflabor,andunemploymentwill

increase

【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%.

B.8.5%.

C.9.5%.

【答案】C

54.AnanalystgatheredthefollowinginformationabouttheMetron

company:

,Netincomeequals$15,000

,5,000sharesofcommonstockissuedonJanuary1,2009

,10percentstockdividendissuedonJune1,2009

,1000sharesofcommonstockwererepurchasedonJuly1,2009

,1000sharesof10percent,par$100preferredstockeach