最新なCIMA CIMAPRA19-F03-1問題集（435題）、真実試験の問題を全部にカバー！

質問 1：
Company ABC is planning to bid for company DDD, an unlisted company in an unrelated industry sector to ABC.
The directors of ABC are considering a number of different valuation methods for DDD before making a bid.
Which of the following is the MOST appropriate method for ABC to use to value DDD?
A. Discounting DDD's forecast cash flows using ABC's cost of equity.
B. Using DDD's tangible assets.
C. Applying Company ABC's P/E ratio to DDD's forecast earnings.
D. Applying an industry P/E ratio to DDD's forecast earnings.
正解：D

質問 2：
Company AAB is located in Country A with the A$ as its functional currency It plans to grow by acquisition and has identified Company BBA as a potential takeover candidate Company BBA is located in Country B with the BS as its functional currency.
The directors of Company AAB are concerned about foreign currency risk if the acquisition goes ahead Which of the following will be most effective in reducing Company AAB's exposure to translation risk if the acquisition is successful1?
A. Using forward contracts to fix the exchange rate between the AS and the B$
B. Setting up a mufti-currency bank account to net-off receipts and payments
C. Financing the acquisition with borrowings in BS's
D. Financing the acquisition with equity in A$'s.
正解：A

質問 3：
A company is valuing its equity prior to an initial public offering (IPO).
Relevant data:
* Earnings per share $1.00
* WACC is 8% and the cost of equity is 12%
* Dividend payout ratio 40%
* Dividend growth rate 2% in perpetuity
The current share price using the Dividend Valuation Model is closest to:
A. $6.12
B. $4.00
C. $6.80
D. $4.08
正解：D

質問 4：
Which of the following statements about the tax impact on debt finance is correct?
A. Preference share dividends attract tax relief in the same way as debenture interest.
B. Debt instruments issued with fixed and floating charges do not attract tax relief on interest paid.
C. Interest on debt is deducted from pre-tax profits.
D. Interest on debt is deducted from post-tax profits.
正解：C

質問 5：
Which TWO of the following situations offer arbitrage opportunities?
A.

B.

C.

D.

正解：A

質問 6：
A UK company enters into a 5 year borrowing with bank P at a floating rate of GBP Libor plus 3% It simultaneously enters into an interest rate swap with bank Q at 4.5% fixed against GBP Libor plus 1.5% What is the hedged borrowing rate, taking the borrowing and swap into account?
Give your answer to 1 decimal place.
正解：
7.5%

質問 7：
A company enters into a floating rate borrowing with interest due every 12 months over the five year life of the borrowing.
At the same time, the company arranges an interest rate swap to swap the interest profile on the borrowing from floating to fixed rate.
These transactions are designated as a hedge for hedge accounting purposes under IAS 39 Financial Instruments: Recognition and Measurement.
Assuming the hedge is considered to be effective, how would the swap be accounted for 12 months later?
A. The swap would be shown at fair value the statement of financial position and the change in value posted to other comprehensive income.
B. The swap would be shown at fair value the statement of financial position and the change in value posted to profit or loss.
C. The swap would be shown at nominal value in the statement of financial position and the change in value posted to profit or loss.
D. The swap would be shown at nominal value in the statement of financial position and the change in value posted to other comprehensive income.
正解：A

質問 8：
Company A is planning to acquire Company B. Both companies are listed and are of similar size based on market capitalisation No approach has yet been made to Company B's shareholders as the directors of Company A are undecided about the most suitable method of financing the offer Two methods are under consideration a share exchange or a cash offer financed by debt.
Company A currently has a gearing ratio (debt to debt plus equity) of 30% based on market values. The average gearing ratio (debt to debt plus equity) for the industry is 50% Although no formal offer has been made there have been market rumours of the proposed bid. which is seen as favorable to Company A. As a consequence. Company As share price has risen over the past few weeks while Company B's share price has fallen.
Which THREE of the following statements are most likely to be correct?
A. Based on current share price movements, a share exchange would mean Company A has to issue fewer shares to acquire Company B than it would have done a few weeks ago
B. The method of finance chosen will not affect the post-acquisition earning per share of the combined business
C. Company A's gearing will increase following a share exchange.
D. Company A's weighted average cost of capital will fall if financing is with debt
E. Company B's shareholders will be able to participate in the future growth of the combined business if it is a share exchange
正解：A,D