Free CFA Level 1 Practice Test 54 Questions Bank Answer Keys AMBIPi

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

CFA Notes Materials and QBanks

CFA Level 1 Notes
CFA Level 1 QBank: 1 to 10CFA Level 1 QBank: 11 to 20
CFA Level 1 QBank: 21 to 30CFA Level 1 QBank: 31 to 40
CFA Level 1 QBank: 41 to 50CFA Level 1 QBank: 51 to 60
CFA Level 1 QBank: 61 to 70CFA Level 1 QBank: 71 to 80
CFA Level 1 QBank: 81 to 90CFA Level 1 QBank: 91 to 100
CFA Level 1 QBank: 101 to 110CFA Level 1 QBank: 111 to 120
CFA Level 1 QBank: 121 to 130CFA Level 1 QBank: 131 to 140
CFA Level 1 QBank: 141 to 150CFA Level 1 QBank: 151 to 160
CFA Level 1 QBank: 161 to 170CFA Level 1 QBank: 171 to 180
CFA Level 1 QBank: 181 to 190CFA Level 1 QBank: 191 to 200
CFA Level 1 QBank: 201 to 210CFA Level 1 QBank: 211 to 220
CFA Level 1 QBank: 221 to 230CFA Level 1 QBank: 231 to 240
CFA Level 1 QBank: 241 to 250CFA Level 1 QBank: 251 to 260
CFA Level 1 QBank: 261 to 270CFA Level 1 QBank: 271 to 280
CFA Level 1 QBank: 281 to 290CFA Level 1 QBank: 291 to 300
CFA Level 1 QBank: 301 to 310CFA Level 1 QBank: 311 to 320
CFA Level 1 QBank: 321 to 330CFA Level 1 QBank: 331 to 340
CFA Level 1 QBank: 341 to 350CFA Level 1 QBank: 351 to 360
CFA Level 1 QBank: 361 to 370CFA Level 1 QBank: 371 to 380
CFA Level 1 QBank: 381 to 390CFA Level 1 QBank: 391 to 400
CFA Level 1 QBank: 401 to 410CFA Level 1 QBank: 411 to 420
CFA Level 1 QBank: 421 to 430CFA Level 1 QBank: 431 to 440
CFA Level 1 QBank: 441 to 450CFA Level 1 QBank: 451 to 460
CFA Level 1 QBank: 461 to 470
CFA Level 1 QBank: 481 to 480CFA Level 1 QBank: 491 to 500
CFA Level 1 QBank: 501 to 510CFA Level 1 QBank: 511 to 520
CFA Level 1 QBank: 521 to 530CFA Level 1 QBank: 531 to 540
CFA Level 1 QBank: 541 to 550CFA Level 1 QBank: 551 to 560
CFA Level 1 QBank: 561 to 570CFA Level 1 QBank: 571 to 580
CFA Level 1 QBank: 581 to 590CFA Level 1 QBank: 591 to 600
CFA Level 1 QBank: 601 to 610CFA Level 1 QBank: 611 to 620

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