[2024年05月]更新のCIMA CIMAPRA19-F03-1問題集厳選された問題集でパスして、最短時間を目指そう
CIMA CIMAPRA19-F03-1試験問題集で[2024年最新] 練習 高合格率な試験問題集問題
CIMA F3試験は、60の多肢選択問題からなる客観的なテストです。試験は2つのセクションに分かれています。セクションAとセクションBです。セクションAは、財務戦略、リスク管理、および財務分析をカバーする30の質問から構成されています。セクションBは、財務的意思決定、投資評価、およびコスト管理をカバーする30の質問から構成されています。
質問 # 15
Company Z has identified four potential acquisition targets: companies A, B. C and D.
Company Z has a current equity market value of S590 million.
The price it would have to pay for the equity of each company is as follows:
Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
- A. C
- B. D
- C. A
- D. B
正解：A
質問 # 16
B, a European based modern art dealer, frequently imports and sells single high value items created in the United States. The price is fixed at the date of sale but the items are commissioned and made to order with a lead time of three to nine months depending on the individual specification B holds payment for his customers from the point of purchase and passes funds when the items are shipped However, despite putting the money on short term deposit, there have been times when B's profits have been almost entirely eroded by adverse movements m interest rates Advise B by matching the appropriate instrument to B's requirements.
正解：
解説：
質問 # 17
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?
- A.
- B.
- C.
- D.
正解：D
質問 # 18
A project requires an initial outlay of $2 million which can be financed with either a bank loan or finance lease.
The company will be responsible for annual maintenance under either option.
The tax regime is:
* Tax depreciation allowances can be claimed on purchased assets.
* If leased using a finance lease, tax relief can be claimed on the interest element of the lease payments and also on the accounting depreciation charge.
The trainee management accountant has begun evaluating the lease versus buy decision and has produced the following dat
a. He is not confident that all this information is relevant to this decision.
Using only the relevant data, which of the following is correct?
- A. The bank loan is $20,000 LESS expensive than the finance lease.
- B. The bank loan is $30,000 MORE expensive than the finance lease.
- C. The bank loan is $70,000 LESS expensive than the finance lease.
- D. The bank loan is $120,000 LESS expensive than the finance lease.
正解：C
質問 # 19
A company is preparing an integrated report according to the International <IR> Framework as issued by the International Integrated Reporting Council.
Which THREE of the following should be included in the report?
- A. A summary of the key issues discussed by directors in main board meetings.
- B. The challenges and uncertainties that the organisation is likely to encounter in pursuing its strategy.
- C. A comparison of the key elements of its financial statements with those of its main competitor.
- D. A detailed analysis of the organisation's business model.
- E. An of how the organisation's governance structure supports its ability to create value in the short, medium and long term.
正解：B、D、E
質問 # 20
A company's Board of Directors is assessing the likely impact of financing new projects by using either debt or equity finance.
The impact of using debt or equity finance on some key variables is uncertain.
Which THREE of the following statements are true?
- A. The use of debt finance is always preferable to equity finance.
- B. The use of equity finance reduces the company's overall financial risk.
- C. The use of debt finance increases the cost of equity.
- D. The use of debt finance will always result in an increase in earnings per share.
- E. The use of equity finance will create pressure for increases in dividend per share in the future.
- F. Retained earnings is the cheapest form of equity finance.
正解：B、C、E
質問 # 21
A company has just received a hostile bid. Which of the following response strategies could be considered?
- A. Change the Articles of Association to amend voting rights
- B. Poison pill strategy
- C. Revalue non-current assets
- D. Approach a White Knight
正解：D
質問 # 22
A wholly equity financed company has the following objectives:
1. Increase in profit before interest and tax by at least 10% per year.
2. Maintain a dividend payout ratio of 40% of earnings per year.
Relevant data:
* There are 2 million shares in issue.
* Profit before interest and tax in the last financial year was $4 million.
* The corporate income tax rate is 20%.
At the beginning of the current financial year, the company raised long term debt of $2 million at 5% interest each year.
Calculate the dividend per share that will be announced this year assuming the company achieves its objective of increasing profit before interest and tax by 10%.
- A. $0.52
- B. $0.47
- C. $1.20
- D. $1.09
正解：A
質問 # 23
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
正解：
解説：
49
質問 # 24
Extracts from a company's profit forecast for the next financial year as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 1,250 million ordinary shares currently in issue and canceling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
- A. $0.175
- B. $0.125
- C. $0.100
- D. $0.200
正解：C
質問 # 25
Company A has a cash surplus.
The discount rate used for a typical project is the company's weighted average cost of capital of 10%.
No investment projects will be available for at least 2 years.
Which of the following is currently most likely to increase shareholder wealth in respect of the surplus cash?
- A. Investing in the local money market at 4% each year.
- B. Investing in a 2 year bond returning 5% each year.
- C. Maintaining the cash in a current account.
- D. Paying the surplus cash as a dividend at the earliest opportunity.
正解：D
解説：
Calc_Set4
質問 # 26
A company is considering either directly exporting its product to customers in a foreign country or setting up a subsidiary in the foreign country to manufacture and supply customers in that country.
Details of each alternative method of supplying the foreign market are as follows:
There is an import tax on product entering the foreign country of 10% of sales value.
This import duty is a tax-allowable deduction in the company's domestic country.
The exchange rate is A$1.00 = B$1.10
Which alternative yields the highest total profit after taxation?
- A. Foreign subsidiary: A$38,500
- B. Domestic: A$33,750
- C. Domestic: A$41,250
- D. Foreign subsidiary: A$35,000
正解：D
質問 # 27
A company's gearing is well below its optimal level and therefore it is considering implementing a share re-purchase programme.
This programme will be funded from the proceeds of a planned new long-term bond issue.
Its financial projections show no change to next year's expected earnings.
As a result, the company plans to pay the same total dividend in future years.
If the share re-purchase is implemented, which THREE of the following measures are most likely to decrease?
- A. The Weighted Average Cost of Capital
- B. The gearing, based on book value (debt ÷ (debt + equity))
- C. The number of shares in issue
- D. The interest cover
- E. Next year's dividend per share
- F. The cost of equity
正解：A、C、D
質問 # 28
Company A is planning to acquire Company B by means of a cash offer. The directors of Company B are prepared to recommend acceptance if a bid price can be agreed. Estimates of the net present value (NPV) of future cash flows for the two companies and the combined group post acquisition have been prepared by Company A's accountant. There are as follows:
What is the maximum price that Company A should offer for the shares in Company B?
Give your answer to the nearest $ million
- A. 0
- B. 1
正解：B
解説：
質問 # 29
Company A is a listed company that produces pottery goods which it sells throughout Europe. The pottery is then delivered to a network of self employed artists who are contracted to paint the pottery in their own homes.
Finished goods are distributed by network of sales agents.The directors of Company A are now considering acquiring one or more smaller companies by means of vertical integration to improve profit margins.
Advise the Board of Company A which of the following acquisitions is most likely to achieve the stated aim of vertical integration?
- A. A pottery factory in the Middle East.
- B. A listed international logistics firm.
- C. A company in a similar market to Company A.
- D. A company that produces accessories.
正解：B
質問 # 30
X exports goods to customers in a number of small countries Asi
a. At present, X invoices customers in X's home currency.
The Sales Director has proposed that X should begin to invoice in the customers currency, and the Treasurers considering the implications of the proposal.
Which TWO of the following statement are correct?
- A. The overseas customers may have difficulty obtaining X's name currency with which to make the purchases, so the Sales Director's proposal may increase sales.
- B. X may be able to sell the receipts forward.
- C. If the proposal is adopted, X will have a lower effective sales price per unit due to exchange rate fluctuations.
- D. X will know advance the amount of home currency it will receive for the export sales.
- E. The customer will tear the foreign exchange risk and will only buy from X if they are prepared to accept this.
正解：A、C
質問 # 31
Select the category of risk for each of the descriptions below:
正解：
解説：
質問 # 32
An unlisted software development business is to be sold by its founders to a private equity house following the initial development of the software. The business has not yet made a profit but significant profits are expected for the next three years with only negligible profits thereafter. The business owns the freehold of the property from which it operates. However, it is the industry norm to lease property.
Which THREE of the following are limitations to the validity of using the Calculated Intangible Value (CIV) method for this business?
- A. Significant profits are forecast for the next three years with only negligible profits thereafter.
- B. The business has not yet made a profit.
- C. The CIV method cannot be applied to an unlisted company.
- D. The business owns the freehold property from which it operates.
- E. The intellectual property representing the software development has not been included in the accounts.
正解：B、D、E
質問 # 33
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
- A. $50.2 million
- B. $32.0 million
- C. $41.6 million
- D. $65.0 million
正解：C
質問 # 34
An unlisted company operates in a niche market, exploring the west coast of Africa for new oiI reservoirs.
The oil exploration program has been successful in recent years and t now has a substantial amount of oil reserves with a high level of certainty of being recoverable Under financial reporting regulations, oil still in the ground is not recognised as an asset unit is extracted.
The expense of the exploration program has used up all the company's available cash resources.
The company has denied to list or a stock market and raise finds through an initial public offering to finance its drilling program.
Which of the following valuation methods in the appropriate to use in calculating an initial listing price for this company?
- A. Discounted cash flow valuation
- B. Net asset valuation based on book values.
- C. Market capitalisation.
- D. Framings valuation using the ratio of a multinational oil exploration company
正解：A
質問 # 35
A UK based company is considering investing GBP1 ,000,003 in a project it the USA. It is anticipated that the project will yield net cash inflows of USD580.000 each year for the next three years. These surplus cash flows will be remitted to the UK at the end of each year.
Currently GBP1.00 is worth USD1.30.
The expected inflation rates in the two countries ever the next four years are 2% in the UK and 4% in the USA.
Applying the purchasing power parity theory, which of the following represents the expected remittance at the end of year three, in GBP whole the nearest whole GBP)?
- A. GBP450,906
- B. GBP472,916
- C. GBP568,846
- D. GBP546,547
正解：A
質問 # 36
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million
- A. 56.76, 56.75
- B. 56.76, 56.76
正解：A
質問 # 37
Company A is based in Country A where the functional currency is the A$. Currently all sales are to domestic customers in Country A. However, the company is planning to expand internationally by acquiring Company B, a distribution company in Country B, to enable it to sell goods worldwide The functional currency of Country B is the BS Company A will invoice its international customers in their local currency.
Wage increases in Country B are forecast to be modest, due to high unemployment levels, but overall inflation in Country B is forecast to be significantly higher than in Country A Which TWO of the following statements about the economic risk of the acquisition of Company B are true?
- A. Higher inflation will increase the project's BS returns, so the economic risk can be ignored
- B. Economic risk can be eliminated by using forward contracts to convert future cash flows into A$
- C. Using purchasing power parity, AS is forecast to strengthen against B$, so the economic risk can be ignored
- D. Financing this acquisition with block denominated in B$ will reduce economic risk.
- E. Exporting into a variety of international markets will reduce economic risk.
正解：E
質問 # 38
Which of the following statements are true with regard to interest rate swaps?
Select ALL that apply.
- A. Some companies interest rate swap to deliberately increase their risks because they believe that they are better at predicting future interest rates than the market.
- B. An nicest rate swap is an internal hedging technique.
- C. Risk of default is high from the floating interest rate payer if interest rates rise.
- D. When interest rates are falling the risk of default by the fixed interest rate payer is low.
- E. An interest rate swap is an external hedging technique.
正解：C、D、E
質問 # 39
......
CIMAPRA19-F03-1試験問題集でPDF合格保証 成功は正確かつ更新された問題：https://www.goshiken.com/CIMA/CIMAPRA19-F03-1-mondaishu.html
CIMAPRA19-F03-1問題集-[最新2024]CIMA試験問題集を掴み取れ：https://drive.google.com/open?id=1uVap0RTTlBY8dhMZZyXxrl1oL6kr11LM