12月CFA真题汇总免费下载
备考必备 | 2015-12-04
CFA协会的原题多为CFA协会真实出题的方向， 请各位务必重视这些题目。我们推荐做完原版书后的所有习题， 如时间紧张， 至少完成我们划的重点CFA题目。
1.1.股票期权：执行时的CFO会增加
为什么exercise of employee stock options会导致减税从而增加CFO,一直理解不了Which of the following transactions is least likely to increase reported operating cash flow for the period?
A.Financing of payables.
B.Securitization of receivables.
C.Exercise of employee stock options.
Solution：A
lFinancing payables actually reduces operating cash flow as payables are reclassified as short-term debt. Companies may decrease operating cash flows reported under the indirect method by using this strategy. 给应付账款融资，CFF会增加（借钱），CFO会减少（因为支付了应付账款）。
lSecuritization of receivables increases operating cash flows as the funds received are treated as an operating cash inflow.
lExercise of employee stock options increases operating cash flows due to tax benefits associated with exercise.
员工执行期权，如股价为10，执行价为6，则相当于花费了4元费用，税法认可此费用，可少交税（在执行时）
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