Hi CFA Aspirants, welcome to AKVTutorials. Are you preparing for CFA Level 1, 2, 3 exams for making a career in CFA (Charted Financial Analyst). According to CFA Wikipedia, CFA The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute. A candidate who successfully completes the program and meets other professional requirements is awarded the “CFA charter” and becomes a “CFA charter holder”. Therefore, you need CFA Study Notes and Free CFA Level 1 Practice Test 54 Questions Bank Answer Keys AMBIPi.
In this article, you will get Free CFA Level 1 Mock Exam Practice Questions.
Free CFA Level 1 Mock Practice Exam Questions Bank
Free CFA Level 1 Practice Question No: 531:
Selected information from a company’s comparative income statement and balance sheet is presented below:
The cash collected from customers in 2019 is closest to:
Option A : $111,500
Option B : $96,100
Option C : $88,500
Show/Hide Answer
Option C : $88,500
CFA Level 1 Exam Question No: 532:
B12. The following information applies to a capital asset of a company:
This company uses the straight line depreciation method for this capital asset.
At the end of 2019, the expected remaining life of the capital asset, in years, is closest to:
Option A: 17
Option B: 20
Option C: 6
Show/Hide Answer
Option A : 17
Free CFA Level 1 Mock Exam Question No: 533:
Assume a company has the following portfolio:
If the company reports under IFRS compared with US GAAP, its net income in the current most likely be:
Option A: $500,000 lower
Option B: the same
Option C: $500,000 higher
Show/Hide Answer
Option B : the same
CFA Level 1 Free Practice Question No: 534:
The convergence of global accounting standards has advanced to a degree that the Securities & Exchange Commission in the United States now mandates that foreign private issuers who use IFRS may report under:
Option A: U.S. GAAP or under IFRS with a reconciliation to U.S.GAAP
Option B: U.S. GAAP or under IFRS
Option C: U.S. GAAP with voluntary supplemental reporting under IFRS
Show/Hide Answer
Option B : U.S. GAAP or under IFRS
Free CFA Practice Question No: 535:
Which of the following statements is most accurate about the responsibilities of
publicly traded firm in the United States? The auditor must:
Option A: ensure that the financial statements are free from error, fraud, or illegal acts
Option B: state that the financial statements are prepared according to generally accepted accounting
Option C: express an opinion about the effectiveness of the company’s internal control system
Show/Hide Answer
Option C : express an opinion about the effectiveness of the company’s internal control system
CFA Level 1 Sample Question No: 536:
At the start of the year, a company acquired new equipment at a cost of €50,000, estimate have a three-year life and a residual value of €5,000. If the company depreciates the asset using the double declining balance method, the depreciation expense that the company will report for the third year is closest to:
Option A: €3,705
Option B: €555
Option C: €3,328
Show/Hide Answer
Option B : €555
Free CFA Level 1 Quiz Question NO: 537:
In a period of rising prices, when compared with a company that uses weighted average inventory, a company using FIFO will most likely report higher values for its:
Option A: debt-to-equity ratio
Option B: return on sales
Option C: inventory turnover
Show/Hide Answer
Option B : return on sales
Free CFA Level 1 Quiz Question NO: 538:
The following data is available on a company:
Under a common-size analysis, the value used for research & development expenses closest to:
Option A: 8.3%
Option B: 4.2%
Option C: 5.0%
Show/Hide Answer
Option B : 4.2%
Free CFA Practice Question No: 539:
Which of the following statements is most accurate?
Option A: Accrued revenue arises when a company receives cash prior to earning the revenue
Option B:Accrued expenses arise when a company incurs expenses that have not yet been paid as of the end of the accounting period.
Option C: A valuation adjustment for an asset converts its historical cost to its depreciated value
Show/Hide Answer
Option B : Accrued expenses arise when a company incurs expenses that have not yet been paid as of the end of the accounting period.
CFA Mock Exam Free Question No: 540:
A company that prepares its financial statements in accordance with International financial Reporting Standards (IFRS) uses the revaluation model to value land. At the end of the current year the value of land, newly acquired this year, has increased and will be adjusted on the balance sheet. This land is the only asset in its asset class for revaluation purposes. Which of the following is most accurate? In the current period, the revolution of the land will:
Option A: increase return on assets
Option B: decrease the debt-to-equity ratio
Option C: increase return on sale
Show/Hide Answer
Option B : decrease the debt-to-equity ratio
