随着金融界的发展，CFA考试已经有越来越多的人报名，每年的6月份和12月份会有一次CFA 考试，6月份的CFA 考试考一，二，三级，而12月份的CFA 考试只考CFA一级，那么我们的CFA一级是在一年CFA考试中高频次出现啊，小编先带着大家来看一下2019年CFA一级考试历年真题
CFA一级考试科目：
道德与职业行为标准（Ethics and Professional Standards）
定量分析（Quantitative）
经济学（Economics）
财务报表分析（Financial Statement Analysis）
公司理财（Corporate Finance）
投资组合管理 （Portfolio Management）
权益投资（Equity Investments）
固定收益投资（Fixed Income）
衍生工具（Derivatives）
其他类投资（Alternative Investments）
CFA一级考试真题。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.
小编精心整理了CFA一级考试试题练习题，看一眼，不会怎么样的！首先记住CFA一级考试的特征，然后科目学习，要先复习科目所占比重的，看notes，对最基本的知识点了解透彻，因为CFA考试为全英文，所以在英语方面也要多多注意
