CIMA F3 問題集

質問 1：
A company wishes to raise additional debt finance and is assessing the impact this will have on key ratios.
The following data currently applies:
* Profit before interest and tax for the current year is $500,000
* Long term debt of $300,000 at a fixed interest rate of 5%
* 250,000 shares in issue with a share price of $8
The company plans to borrow an additional $200,000 on the first day of the year to invest in new project which will improve annual profit before interest and tax by $24,000.
The additional debt would carry an interest rate of 3%.
Assume the number of shares in issue remain constant but the share price will increase to $8.50 after the investment.
The rate of corporate income tax is 30%.
After the investment, which of the following statements is correct?
A. Interest cover will rise; P/E ratio will fall.
B. Interest cover will rise; P/E ratio will rise.
C. Interest cover will fall; P/E ratio will rise.
D. Interest cover will fall; P/E ratio will fall.
正解：C

質問 2：
A company plans to raise S15 million to finance an expansion project using a rights issue Relevant data
* Shares will be offered at a 20% discount to the present market price of S12 50 per share
* There are currently 3 million shares in issue
* The project is forecast to yield a positive NPV of $9 million
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
A. $11 25
B. $11.67
C. $9.50
D. $13.67
正解：B

質問 3：
Which THREE of the following long term changes are most likely to increase the credit rating of a company?
A. An increase in the interest cover ratio.
B. A decrease in the (Book value of debt) / (Book value of equity) ratio.
C. A decrease in the dividend cover ratio.
D. An increase in the free cashflow generated from operations.
E. A decrease in the (Net debt) / (Earnings before interest, tax, depreciation and amortisation) ratio.
正解：A,D,E

質問 4：
Which of the following statements about IFRS 7 Financial Instruments: Disclosures is true?
A. IFRS 7 requires sensitivity analysis in relation to credit risk.
B. IFRS 7 requires disclosures to be given for each separate class of financial instruments.
C. The main requirement of IFRS 7 is for qualitative disclosures relating to financial instruments and market risks.
D. IFRS 7 only applies to entities that are designated as financial institutions by a regulatory authority.
正解：B

質問 5：
Company XXY operates in country X with the X$ as its currency. It is looking to acquire company ZZY which operates in country Z with the Z$ as its currency.
The assistant accountant at Company XXY has started to prepare an initial valuation of Company ZZY's equity for the first 3 years, however their valuation is incomplete. TBC' in the table below indicates that her calculations have yet to be completed.

The following information is relevant:

What is the correct figure (to the nearest million S) to include in year 3 as the present value in X$ million?
A. X$360 million
B. X$401 million
C. X$504 million
D. X$453 million
正解：A

質問 6：
Company A is based in country A with the AS as its functional currency. It expects to receive BS20 million from Company B in settlement of an export invoice.
The current exchange rate is A$1 =B$2 and the daily standard deviation of this exchange rate = 0 5% What is the one-day 95% VaR in AS?
A. A$82,250
B. A$822,500
C. A$50,000
D. A$164,500
正解：A

質問 7：
A company's current profit before interest and taxation is $1.1 million and it is expected to remain constant for the foreseeable future.
The company has 4 million shares in issue on which the earnings yield is currently 10%. It also has a $2 million bond in issue with a fixed interest rate of 5%.
The corporate income tax rate is 20% and is expected to remain unchanged.
Which of the following is the best estimate of the current share price?
A. $1.10
B. $2.50
C. $2.00
D. $2.75
正解：C

質問 8：
Company AB was established 6 years ago by two individuals who each own 50% of the shares.
Each individual heads a separate division within the company, which now has annual turnover of GBP10 million and employs 40 people.
Some of the employees are very highly paid as they are important contributors to the company's profitability.
The owners of the company wish to realise the full value of their investment within the next 12 months.
Which TWO of the following options are most likely to be acceptable exit strategies to the two owners of the company?
A. Sale to a Private Equity Investor on an earn-out basis
B. Management Buyout
C. Initial Public Offering (IPO)
D. Spin off (or de-merger)
E. Sale to a larger competitor
正解：B,E