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[General] 100% Pass CIMA - Perfect F3 - Reliable F3 Financial Strategy Exam Papers

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【General】 100% Pass CIMA - Perfect F3 - Reliable F3 Financial Strategy Exam Papers

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CIMA F3 is a certification exam to test IT expertise and skills. If you find a job in the IT industry, many human resource managers in the interview will reference what CIMA related certification you have. If you have CIMA F3 Certification, apparently, it can improve your competitiveness.
CIMA F3 (Financial Strategy) Exam is a comprehensive exam that tests candidates on their understanding of financial management and strategy. F3 exam is part of the Chartered Institute of Management Accountants (CIMA) Professional Qualification and is designed to assess a candidate's ability to analyze, evaluate and apply financial information in a business context. The F3 Exam is a critical stage in the CIMA qualification, and passing it is an essential step towards becoming a Chartered Global Management Accountant (CGMA).
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To prepare for this certification exam, candidates should have a strong foundation in financial accounting, management accounting, and financial management. They should also have practical experience in financial analysis and decision-making. CIMA offers study materials, including textbooks, practice questions, and study courses, to help candidates prepare for the exam.
CIMA F3 exam covers several topics, including financial analysis, strategic planning, and risk management. Candidates will be expected to demonstrate their knowledge and understanding of these topics through a variety of tasks, including multiple-choice questions, case studies, and essays. F3 Exam is designed to test not just the candidate's knowledge of financial strategy but also their ability to apply that knowledge in real-world scenarios.
CIMA F3 Financial Strategy Sample Questions (Q391-Q396):NEW QUESTION # 391
A company with a market capitalisation of S50million is considering raising $1 million debt to fund a new
10-year capital investment protect
The value of this issue is considered to be small in comparison to the company's market capitalisation The company is considering whether to raise the debt finance by either a "bond private placing' or a 'public bond issue.
Which THREE of the following statements are correct?
  • A. An initial public bond issue will be administratively complex and relatively expensive for the relatively small amount of debt being raised whereas a bond private placing will be relatively less complex
  • B. An initial public bond issue can be arranged relatively quickly whereas a bond private placing can take up to a year to arrange.
  • C. An initial public bond issue does not need to be underwritten whereas a bond private placing must be underwritten.
  • D. An average investor is made aware of a potential initial public bond issue whereas the average investor is only made aware of a bond private placing after it has occurred.
  • E. The company's credit rating will be a key element in determining the interest rate payable and the potential success of either the public bond issue or the bond private placing
Answer: A,B

NEW QUESTION # 392
Company A is a large well-established listed entertainment company and Company B is a small unlisted company specializing in providing online media streaming.
Company A has a gearing ratio of 60% (using book values) and interest cover of 2.
Company A is considering making an offer for Company B, either a cash offer financial by raising additional debt finance or a share-for-share exchange.
Which of the following is most likely to occur if Company A offers a share-for exchange rather than offering cash finance by raising debt?
  • A. There would be no dilution f of control.
  • B. Divided per share would be higher.
  • C. Gearing would be lower.
  • D. Earnings per share would be higher.
Answer: C
Explanation:
Two options for Company A buying B:
Cash offer financed by new debt # increases debt, so gearing goes up.
Share-for-share exchange # issues new shares (equity) instead of increasing debt.
So, relative to a debt-financed cash bid, a share-for-share offer leads to lower gearing (or at least avoids increasing gearing further).
The others are unlikely:
A & B: Using shares instead of (usually cheaper) debt doesn't generally make EPS or DPS higher.
D: Issuing new shares dilutes control, so there is dilution, not "no dilution".

NEW QUESTION # 393
Company U has made a bid for the entire share capital of Company B.
Company U is offering the shareholders in Company B the option of either a share exchange or a cash alternative.
Advise the shareholders in Company B which THREE of the following would be considered disadvantages of accepting the cash consideration?
  • A. Company U is not expected to change its dividend policy post-acquisition.
  • B. Taxation is payable on realised capital gains.
  • C. Interest rates on deposit accounts are currently at a historic low and are expected to remain low.
  • D. Cash consideration is certain whereas Company U's future share price performance is uncertain.
  • E. There will be no opportunity to participate in the future economic success of Company U.
Answer: B,C,E
Explanation:
B). Low deposit interest rates - cash received will likely earn poor returns compared with equity.
D). Taxation on realised capital gains - cash offer crystallises a disposal now, potentially triggering CGT.
E). No opportunity to participate in Company U's future success - once they take cash, they no longer share in upside from post-acquisition performance.
Option A is actually an advantage of cash (certainty), and C relates to the dividend policy if they take shares, not a disadvantage of cash itself.

NEW QUESTION # 394
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:

The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?
  • A. Retained earnings
  • B. Bank overdraft
  • C. Rights issue
  • D. Private placement of a bond
Answer: C

NEW QUESTION # 395
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:

HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question.
Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
  • A. Cash flows of S24 million discounted at the cost of equity
  • B. Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
  • C. Share price x number of shares in issue plus retained profits
  • D. Share price x number of shares in issue
  • E. Cash flows of S14 million discounted at the cost of equity
Answer: A,B,D
Explanation:
Explanation (concise):
To value the equity of BNM appropriately, HJK can use:
D). Share price × number of shares in issue
This is simply the market capitalisation, i.e. the current market value of equity.
A). Cash flows of $24 million discounted at the cost of equity
Discounting cash flows available to equity holders (free cash flow to equity) at the cost of equity is a standard equity valuation approach under CIMA F3.
E). Cash flows of $30 million (= $40 million net of tax at 25%) discounted at WACC minus the value of debt Here, $30m is effectively FCFF = EBIT × (1 - T). Discounting FCFF at WACC gives the value of the firm; subtracting the value of debt then gives the equity value.
Option B double counts retained profits (already reflected in the share price), and option C is based on the wrong cash flow definition for equity valuation.

NEW QUESTION # 396
......
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