CIMAPRA19-F03-1软件版 & CIMAPRA19-F03-1考題套裝

P.S. Testpdf在Google Drive上分享了免費的2026 CIMA CIMAPRA19-F03-1考試題庫：https://drive.google.com/open?id=1kNQBMblHIQrm3uULJc5RELpZVx_5cwEC

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CIMA CIMAPRA19-F03-1（F3 財務策略）認證考試是一個全球認可的認證考試，旨在為想要增強財務策略領域技能和知識的財務專業人士設計。此認證考試由管理會計師公會（CIMA）提供，該機構是一個領先的為全球財務專業人士提供培訓和認證計劃的專業機構。CIMAPRA19-F03-1 考試針對想要發展戰略財務管理技能並向雇主和客戶展示其專業知識的個人。

CIMA CIMAPRA19-F03-1 考試是 CIMA 考試課程中最具挑戰性的論文之一，主要考試學生批判性評估組織用來平衡不同類型風險並實現商業目標的不同財務策略的能力。 F3 財務戰略論文適用於有興趣從事財務和會計職業（尤其是財務分析，管理會計和企業金融職位）的個人。

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最新的 CIMA Strategic level CIMAPRA19-F03-1 免費考試真題 (Q429-Q434):

問題 #429
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$35,000
B. Domestic: A$41,250
C. Domestic: A$33,750
D. Foreign subsidiary: A$38,500

答案：A

解題說明：
1. Sell from domestic market
Revenue = A$100,000
Costs (given) = A$45,000
Import duty = 10% of 100,000 = A$10,000 (tax-deductible)
Profit before tax = 100,000 # 45,000 # 10,000 = A$45,000
Tax at 25% = 0.25 × 45,000 = A$11,250
Profit after tax = 45,000 # 11,250 = A$33,750
2. Sell via foreign subsidiary
Revenue = B$104,500
Costs = B$49,500
Profit before tax = 104,500 # 49,500 = B$55,000
Tax at 30% = 0.30 × 55,000 = B$16,500
Profit after tax = 55,000 # 16,500 = B$38,500
Convert to A$ at A$1 = B$1.10:
A$ profit = 38,500 / 1.10 = A$35,000
Foreign subsidiary gives the higher after-tax profit.

問題 #430
DFG is a successful company and its shares are listed on a recognised stock exchange. The company's gearing ratio is currently in line with the industry average and the directors of DFG do not want to increase the company's financial risk. The company does not carry a large cash balance and its shareholders are not expected to be willing to support a rights issue at this time LMB is a small services company owned and managed by a small board of directors who are going to retire within the next year DFG wishes to purchase LMB and has approached LMB's owners, who are broadly open to the proposal, to discuss the bid and the consideration to be offered by DFG. LMB's owners explain to DFG that they are also keen to defer any tax liabilities they would be subject to on receipt of the consideration.
Based on the information provided, which of the following types of consideration would be most suitable to finance the acquisition?

A. Loan stock in DFG for the current value of LMB
B. Cash for the current value of LMB
C. DFG shares for a percentage of the current value of LMB plus a three year earn-out arrangement
D. DFG shares for the current value of LMB

答案：D

問題 #431
A company is currently all-equity financed with a cost of equity of 8%.
It plans to raise debt with a pre-tax cost of 4% in order to buy back equity shares.
After the buy-back, the debt-to-equity ratio at market values will be 1 to 2.
The corporate income tax rate is 30%.
Which of the following represents the company's cost of equity after the buy-back according to Modigliani and Miller's Theory of Capital Structure with taxes?

A. 13.6%
B. 9.8%
C. 9.4%
D. 8%

答案：C

問題 #432
Company A has made an offer to acquire Company Z.
Both companies are quoted and their current market share prices are:
* Company A - $4
* Company Z - $5
Shareholders in company Z have been given three alternative offers:
* Cash of $5.50 per share
* Share for share exchange on the basis of 3 for 2
* 10.5% long dated bond for every 20 shares
The bond is has a nominal value of $100 and the expected yield on bonds of similar risk is 10%.
You are advising a Company Z shareholder on the three offers.
She requires a 15% premium if she is to accept the offer.
In providing your advice, which of the following statements is correct?

A. The bond offer is above the minimum threshold and should be accepted.
B. The bond offer is only worth $100 which represents a zero premium and should be rejected.
C. The value of the consideration given by the cash and bond offers is certain, unlike the share offer.
D. The share for share exchange is the only offer which is above the acceptance threshold.

答案：D

問題 #433
Company H is considering the valuation of an unlisted company which it hopes to acquire.
It has obtained the target company's financial statements.
Company H has been advised that the book value of net assets as shown in the financial statements of the target company does not provide a reliable indicator of their true value.
Advise the Board of Directors which of the following THREE statements are disadvantages of the net asset basis of valuation?

A. The net realisable value is usually different from the net book value shown in the financial statements.
B. The net book value of assets is merely a record of past transactions which complies with accounting conventions.
C. Intangible assets are often not shown in the company's financial statements.
D. The net book value of assets can be obtained from the financial statements.
E. The net book value of current assets is normally a reliable indicator of their realisable value.

答案：A,B,C

問題 #434
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CIMAPRA19-F03-1软件版 & CIMAPRA19-F03-1考題套裝

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最新的 CIMA Strategic level CIMAPRA19-F03-1 免費考試真題 (Q429-Q434):