F3予想試験 & F3日本語版問題解説ユーザーのニーズによりよく応えるために、F3調査の質問では、ユーザーがプロのワンストップサービスを利用できるように、サービスシステムの完全なセットを設定しました。ユーザー向けのプレセールで無料デモを提供するだけでなく、ユーザーが購入できる3つのバージョンを選択できると同時に、F3トレーニング資料も24時間のアフターサービスを提供します。私たちのF3テストガイドの完璧なワンストップサービスは、あなたが選択を後悔することはないと信じており、あなたの時間、完全な勉強、効率的にF3試験に合格することができると信じています。 CIMA F3 Financial Strategy 認定 F3 試験問題 (Q389-Q394):質問 # 389
Formed in 2010, the International Integrated Reporting Council <IIRC) brings together a cross-section of representatives from a wide variety of business sectors The primary purpose of the IIRC's framework is to help enable an organisation to communicate which of the following'?
A. How it creates value in the short medium and long term.
B. How it contributes positively to the economic wellbeing of the environment in which it operates.
C. How it minimises the environmental impact of its business processes.
D. How it ensures that the conflicting net sets of different stakeholder groups are met in an optimal manner.
正解：A
解説：
The IIRC's Integrated Reporting Framework is about showing how an organisation creates value over short, medium and long term, not just financial but using all capitals.
質問 # 390
An entity prepares financial statements to 31 December each year. The following data applies:
1 December 20X0
* The entity purchased some inventory for $400,000.
* In order to protect the inventory against adverse changes in fair value the entity entered into a futures contract to sell the inventory for a fixed price on 31 January 20X1.
* The entity designated this contract as a fair value hedge of the value of the inventory.
31 December 20X0
* The inventory had a fair value of $480,000 and the futures contract had a fair value of $75,000 (a financial liability).
What will be the impact on the statement of profit or loss and other comprehensive income for the year ended
31 December 20X0 in respect of the change in the value of the inventory and the futures contract?
A. A net gain of $5,000 will be recognised in other comprehensive income.
B. A loss of $75,000 will be recognised in profit or loss.
C. A loss of $75,000 will be recognised in other comprehensive income.
D. A net gain of $5,000 will be recognised in profit or loss.
正解：D
解説：
This is a fair value hedge of inventory.
Under fair value hedge accounting, both:
the change in fair value of the hedged item (inventory), and
the change in fair value of the hedging instrument (futures)
go to profit or loss.
Inventory: fair value rises from $400,000 to $480,000 # gain $80,000.
Futures: fair value becomes a $75,000 liability # loss $75,000.
Net effect in P&L: $80,000 - $75,000 = $5,000 gain.
Nothing goes to OCI for a fair value hedge.
質問 # 391
Where a company acquires another company, which THREE of the following offer the greatest potential for enhancing shareholder wealth?
A. Exploiting production synergies.
B. Achieving greater cultural diversity
C. Creating new opportunities for employees.
D. Elimination of existing competition.
E. Acquiring intellectual property assets
F. Achieving more press coverage for the company
正解：A、D、E
質問 # 392
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million 正解：
解説：
300, 300000000
質問 # 393
Company A plans to diversify by a cash acquisition of Company B an unlisted company in another country (Country B) which operates in a different industrial sector Company A already manufactures its product in Country B and has a loan denominated in Country B's currency Company A regularly suffers foreign exchange losses due to volatility in the exchange rate between the two countries' currencies in recent years.
Which THREE of the following appear to be be valid justifications of this diversification decision?
A. The diversification will enable Company A to enjoy production scale economies
B. The diversification will give Company A protection from political risk
C. The diversification will give Company A greater protection from transaction risk.
D. The diversification into another product market will lower business risk
E. The diversification will give Company A greater protection from translation risk
正解：C、D、E
解説：
B). Diversification into another product market will lower business risk Diversifying into a different sector can reduce unsystematic (business-specific) risk, as cash flows from different industries may be less correlated.
C). Greater protection from transaction risk
Company A already has B$ exposures (manufacturing and a B$ loan). Acquiring Company B, which operates and earns in B$, can provide B$ inflows that help naturally hedge B$ outflows, reducing transaction risk.
D). Greater protection from translation risk
The acquisition adds net assets in B$, which can act as a balance sheet hedge against existing B$ liabilities (such as the B$ loan). On consolidation, this can reduce the volatility of reported equity due to exchange rate movements, i.e. translation risk.
Option A is weak: political risk in Country B is not reduced by owning more assets there. E is doubtful because Company B is in a different industrial sector, so classic production scale economies are unlikely to be a primary justification.