2026 CIMA F3 Realistic Exam Papers Free PDF Quiz

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CIMA F3 Exam Syllabus Topics:

Section	Weight	Objectives
Financial Risks	20%	- Currency Risk Management 1. Hedging techniques 2. Transaction exposure 3. Translation exposure - Risk Identification and Assessment 1. Liquidity risk 2. Credit risk 3. Market risk - Interest Rate Risk Management 1. Interest rate derivatives 2. Forward rate agreements 3. Interest rate exposure
Financial Policy Decisions	15%	- Development of Financial Strategy 1. Dividend decisions 2. Investment decisions 3. Financing decisions - Strategic Financial Objectives 1. Shareholder wealth maximization 2. Financial and non-financial objectives 3. Stakeholder objectives
Sources of Long-Term Funds	25%	- Equity Finance 1. Ordinary shares 2. Rights issues 3. Private placements - Capital Structure and Dividend Policy 1. Cost of capital 2. Dividend policy theories 3. Capital structure theories - Debt Finance 1. Bank borrowing 2. Loan notes and bonds 3. Lease finance
Business Valuation	40%	- Mergers and Acquisitions 1. Acquisition financing 2. Financial implications 3. Strategic rationale - Post-Transaction Issues 1. Value realization 2. Integration planning 3. Performance monitoring - Business Valuation Techniques 1. Earnings and market-based valuation 2. Discounted cash flow valuation 3. Asset-based valuation

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CIMA F3 Financial Strategy Sample Questions (Q176-Q181):

NEW QUESTION # 176
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 $120,000 LESS expensive than the finance lease.
B. The bank loan is $20,000 LESS expensive than the finance lease.
C. The bank loan is $30,000 MORE expensive than the finance lease.
D. The bank loan is $70,000 LESS expensive than the finance lease.

Answer: D

NEW QUESTION # 177
A company is planning a new share issue.
The funds raised will be used to repay debt on which it is currently paying a high interest rate.
Operating profit and dividends are expected to remain unchanged in the near future.
If the share issue is implemented, which THREE of the following are most likely to increase?

A. The number of shares in issue
B. Interest cover
C. Next year's payment of corporate income tax
D. The cost of equity
E. The gearing (book value of debt as a percentage of the book value of equity + debt)

Answer: A,C,E

NEW QUESTION # 178
Company MB is in negotiations to acquire the entire share capital of Company BBA. Information about each company is as follows:

It is expected that Company BBA's profit before interest and tax will be $30 million in each of the two years after acquisition. Company AAB is considering how best to structure the offer Company AAB's discount factor and appropriate cost of equity for use in valuing Company BBA is 10% Shareholders taxation implications should be ignored Which of the following provides the shareholders of Company BBA with the highest offer price?

A. A share-for-share exchange of five shares in Company AAB for every eight shares in Company BBA.
B. A cash offer of S290 million now.
C. Cash of $270 million now plus 60% of Company BBA's profit before interest and tax for the two years after acquisition, paid in 2 years' time.
D. A cash offer at 105% of the share price of Company BBA.

Answer: C

NEW QUESTION # 179
A company has an opportunity to invest in a positive net present value project, but the project would require debt finance that would push the company's gearing ever a limit imposed by a debt covenant on an existing loan.
Which THREE of the following actions could be taken by the company?

A. The directors could proceed will the project because their primary duly is maximise shared older wealth, even if that conflicts with lenders' interest.
B. The company could seek alternative sources of finding, such as a reduction in the annual dividend payment, to finance the project.
C. The project could proceed if the cash inflows from the project will enable some of the debt to be repaid before the end of the financial year and so the breach of covenant may never be detected
D. The directors could meet with key shareholder to discuss whether they wish the project proceed despite the breach of the covenant
E. The company could approach its existing Lenders to negotiate a relaxation of :he conditions imposed by the covenant.
F. The project could be foregone if it cannot be funded without breaching the covenant

Answer: B,E,F

Explanation:
Acceptable actions:
Negotiate with lenders (A)
Drop the project if funding would breach the covenant (B)
Look for other finance such as cutting dividends (D)
Breaching covenants deliberately or relying on shareholders to "approve" a breach is not acceptable.

NEW QUESTION # 180
H Company has a fixed rate load at 10.0%, but wishes to swap to variable. It can borrow at LIBOR 8%.
The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask).
What net rate will HHH Company pay if it enters into the swap?

A. Risk-free rate +6.5%
B. Risk-free rate +3.1%
C. Risk-free rate +8%
D. Risk-free rate +6.9%

Answer: D

NEW QUESTION # 181
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