Question： According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing: A. personal trading limitations. B. selective disclosure. C. firewalls. Answer = B Selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. See Standard II(A). CFA Level I "Guidance for Standards I-VII," CFA Institute Standard II(A)     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业方向 只考CFA一级有用吗？ 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式

Question： Which of the following statements is most accurate about the responsibilities of an auditor for a publicly traded firm in the United States? The auditor must:  A. ensure that the financial statements are free from error, fraud, or illegal acts.  B. state that the financial statements are prepared according to generally accepted accounting principles.  C. express an opinion about the effectiveness of the company's internal control systems.    Answer = C  For a publicly traded firm in the United States, the auditor must express an opinion as to whether the company's internal control system is in accordance with the Public Accounting Oversight Board, under the Sarbanes–Oxley Act. The opinion is given either in a final paragraph in the auditor's report or as a separate opinion.    CFA Level I  "Financial Statement Analysis: An Introduction," Elaine Henry and Thomas R. Robinson  Section 3.1.7      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

Question： For a positively skewed unimodal distribution, which of the following measures is most accurately described as the largest?  A. Median  B. Mean C. Mode Answer = B  For a positively skewed unimodal distribution, the mode is less than the median, which is less than the mean.  CFA Level I

Question： Which of the following is most likely a benefit of the direct method for reporting cash flow from operating activities? Compared with the indirect method, the direct method:  A. mirrors the forecasting approach normally used by analysts.  B. provides insight on differences between net income and operating cash flows.  C. provides details on the specific sources of operating receipts and payments.  Answer = C  The primary benefit of the direct method is that it provides information on the specific sources of  operating cash receipts and payments.  CFA Level I  "Understanding Cash Flow Statements,"Elaine Henry, Thomas R. Robinson, Jan Hendrik van  Greuning, and Michael A. Broihahn  Section 2.3      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级企业理财的学习策略 95后，结婚，生孩子，考CFA，这就是我的经历  

– Rf)] = 0.155 – [0.025 + 1.2 × (0.118 – 0.025)] = 0.0184.  CFA Level I  "Portfolio Risk and Return: Part II," Vijay Singal  Section 4.3.2      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA考试难吗？适合哪些人考？ 2016年6月CFA报名开始及具体报名流程（第一阶段截止至9月23日） CFA考试介绍及难度  

Question: Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power company's shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:  A. Disclosure of Conflicts.  B. Suitability.  C. Independence and Objectivity.  Answer = B  The utility is not a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation of Standard III(C)–Suitability. CFA Level I "Guidance for Standards I–VII" Standard I(B)–Independence and Objectivity, Standard III(C)–Suitability, Standard VI(A)–Disclosure  of Conflicts   CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级企业理财的学习策略 要进投行？是不是必须要考CFA！？  

or losses on the disposal of discontinued operations are reported separately near the bottom of the income statement and are included in net income, not other comprehensive income.  CFA Level I  "Understanding Income Statements," Elaine Henry and Thomas R. Robinson  Sections 5.1, 8      CFA特许金融分析师1-3级【沪江金程

Question： Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notices there are  substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?  A. Complete a thorough and diligent analysis of the company and then sell the stock.  B. Sell the stock immediately because she has a reasonable basis for taking this investment action.  C. Take no investment action.  Answer = C  The information concerning the qualified opinion is material. It is also nonpublic because it has not been released and is not available online, so the mosaic theory would not hold up in this case. As a result, she would be in violation of Standard II(A)–Material Nonpublic Information if she took investment action based on this information. She should also make reasonable efforts to achieve public dissemination of the information. CFA Level I "Guidance for Standards I–VII" Standard II(A) Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略  

Question： James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve the quality of his company's communication with institutional fund managers. He holds an investor briefing with this group the evening before the company earnings are announced. The company's quarterly earnings are broadcast in a press release the next day before the market opens. The earnings information in the investor briefing is identical to that in the press release. Did Simone most likely violate the CFA Institute Standards of Professional Conduct?  A. Yes  B. No, because the company releases information while the market is closed  C. No, because investor briefing and press release information are identical  Answer = A  Simone violated Standard II(A)–Material Nonpublic Information by giving institutional fund managers access to material nonpublic information prior to public dissemination (i.e., the press release). By releasing earnings results to a select group of institutional fund managers prior to a public press release, Simone allows the institutional fund managers a time advantage over other investors not invited to the investor briefing. CFA Level I "Guidance for Standards I–VII" Standard II(A)–Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 这可能是目前zui快通过CFA、FRM双证的捷径了 通过CFA一级需要花费多长时间？

别的。等到真的报名上课的那天，才发现给自己上课的老师不好，那岂不很惨? 　　第四、算算课时数，课时数量的核算我们在了解课程的时候，不要只看表象上的有几个月时间，一定要核算每周能真正上课的课时。 　　有的学校会告诉你，你可以随时来上课，我们可以想一下，那么多学员，真的可以随时上课吗?别人的成本怎么处理。有的学校是每天都会排一些课在那里，也许根本就不是你所想要上课的那个级别，或则是一些花里胡哨的课。例如就像我们买一个相机，厂家告诉它有什么什么的功能，试问我们的消费者，有很多功能你用过吗?你买这个相机究培训机构随处可见，当我们面对如此多的培训班和培训机构时，我们要如何选择，才能在众多的英语培训竟要它做什么?所以我们要关心的，要根据我们自身的课程进度，每周真正有几堂课。不要为那些不必要的课程去买单。 　　成人学习英语是为了提高自己的能力，让自己能够更好的在社会上立足，提高自己选择一个好的培训机构能够缩短我们的学习时间，让我们在最短的时间内快速成长。