CFA一级考试题是怎样的呢？大家都说是选择题，那是怎么样的选择题呢？今天我们一探究竟！让你面对2020年CFA一级有个心理准备！

　　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

　　单项选择题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

　　这是CFA协会会提醒各位考生的，是英文书写的，那这道题的答案是怎样的呢？我们一起看看！

　　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.