CIMA CIMAPRA19-F03-1 Real Question | Test CIMAPRA19-F03-1 Dumps.zip

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Passing the CIMA CIMAPRA19-F03-1 (F3 Financial Strategy) Certification Exam demonstrates that a candidate has the skills and knowledge required to succeed in the field of financial management. It is an excellent way for professionals to enhance their career prospects and increase their earning potential. Employers in the finance and accounting industry value candidates with this certification because it demonstrates their commitment to professional development and their ability to drive financial performance in their organizations.

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CIMA CIMAPRA19-F03-1 Certification Exam is a computer-based exam that consists of objective-type questions. CIMAPRA19-F03-1 exam is divided into two sections, Section A and Section B. Section A consists of 35 objective-type questions, and Section B consists of two case studies with a total of 10 objective-type questions. Candidates are required to pass both sections of the exam to earn the certification.

CIMA F3 Financial Strategy Sample Questions (Q306-Q311):

NEW QUESTION # 306
On 31 October 20X3:
* A company expected to agree a foreign currency transaction in January 20X4 for settlement on 31 March
20X4.
* The company hedged the currency risk using a forward contract at nil cost for settlement on 31 March
20X4.
* The transaction was correctly treated as a cash flow hedge in accordance with IAS 39 Financial Instruments: Recognition and Measurement.
On 31 December 20X3, the financial year end, the fair value of the forward contract was $10,000 (asset).
How should the increase in the fair value of the forward contract be treated within the financial statements for the year ended 31 December 20X3?

A. Not recognised in 20X3 as the forward contract is not settled until after the year end.
B. A $10,000 profit will be recognised within the Income Statement.
C. Not recognised in 20X3 as the gain will be offset by a loss on the hedged transaction.
D. A $10,000 profit will be recognised within other comprehensive income.

Answer: D

Explanation:
Under IAS 39, a derivative such as a forward contract must always be measured at fair value in the statement of financial position. When that derivative is designated as a cash flow hedge of a highly probable forecast transaction and hedge accounting criteria are met, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), not in profit or loss.
Here, by 31 December 20X3 the forward contract (entered at nil cost) has a positive fair value of $10,000, so there is a gain of $10,000. Because the hedge has been correctly designated as a cash flow hedge, that gain is treated as part of the cash flow hedge reserve in equity via OCI. It will be recycled to profit or loss in a later period when the hedged transaction affects profit or loss (e.g. when the forecast foreign currency transaction occurs).
So for the year ended 31 December 20X3, the correct treatment is to recognise a $10,000 gain in OCI - answer D.

NEW QUESTION # 307
A company is currently all-equity financed.
The directors are planning to raise long term debt to finance a new project.
The debt:equity ratio after the bond issue would be 30:60 based on estimated market values.
According to Modigliani and Miller's Theory of Capital Structure without tax, the company's cost of equity would:

A. increase or decrease depending on the bond's coupon rate.
B. increase.
C. stay the same.
D. decrease.

Answer: B

NEW QUESTION # 308
A is a listed company. Its shares trade on a stock market exhibiting semi-strong form efficiency.
Which of the following is most likely to increase the wealth of A's shareholders?

A. Announcing that the final dividend will remain unchanged from the previous 3 years.
B. Announcing that inventory will be impaired.
C. Announcing that a project will be undertaken generating a positive net present value.
D. Announcing that a non-current asset will be revalued in the statement of financial position.

Answer: C

Explanation:
Semi-strong form efficiency means all publicly available information is already in the share price; only new information about future cash flows or risk will change shareholder wealth.
A positive-NPV project creates new value # share price should rise on announcement.
The other options (unchanged dividend, revaluation, impairment) either convey no new value creation, or even bad news (impairment).

NEW QUESTION # 309
Which THREE of the following methods of business valuation would give a valuation of the equity of an entity, rather than the value of the whole entity?

A. Non-current assets, plus current assets, minus current liabilities
B. Forecast future cash flows to all Investors, discounted at the weighted average cost of capital.
C. Expected dividend in one year's time / (cost of equity - growth rate).
D. Total earnings x appropriate price-earnings ratio.
E. Forecast future cash flows to equity, discounted at the cost of equity.

Answer: C,D,E

Explanation:
We want methods that give the value of equity, not the value of the whole entity.
A). D# / (k# - g) # Gordon growth dividend model = value of equity (share value). #
B). Total earnings × P/E # market capitalisation = equity value. #
C). Free cash flows to all investors discounted at WACC # enterprise / firm value (equity + debt). #
D). Free cash flows to equity discounted at cost of equity # equity value. #
E). NCA + CA # CL # value of net assets before deducting long-term debt, i.e. value of the business to all capital providers, not just equity. # So correct choices: A, B, D.

NEW QUESTION # 310
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. Interest rates on deposit accounts are currently at a historic low and are expected to remain low.
B. There will be no opportunity to participate in the future economic success of Company U.
C. Company U is not expected to change its dividend policy post-acquisition.
D. Taxation is payable on realised capital gains.
E. Cash consideration is certain whereas Company U's future share price performance is uncertain.

Answer: A,B,D

NEW QUESTION # 311
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