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Actual CIMAPRA19-F03-1 Test Answers, Valid CIMAPRA19-F03-1 Test Cost

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CIMA F3 Financial Strategy Sample Questions (Q389-Q394):

NEW QUESTION # 389
A company has a covenant on its 5% long-term bond, stipulating that its retained earnings must not fall below $2 million.
The company has 100 million shares in issue.
Its most recent dividend was $0.045 per share. It has committed to grow the dividend per share by 4% each year.
The nominal value of the bond is $60 million. It is currently trading at 80% of its nominal value.
Next year's earnings before interest and taxation are projected to be $11.25 million.
The rate of corporate tax is 20%.
If the company increases the dividend by 4%, advise the Board of Directors if the level of retained earnings will comply with the covenant?

A. Covenant is not breached as retained earnings = $2.40 million.
B. Covenant is breached as retained earnings = $1.92 million.
C. The covenant is not breached as retained earnings = $4.68 million.
D. Covenant is not breached as retained earnings = $2.10 million.

Answer: B

NEW QUESTION # 390
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. A $10,000 profit will be recognised within other comprehensive income.
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. Not recognised in 20X3 as the forward contract is not settled until after the year end.

Answer: A

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 # 391
Which THREE of the following would be of most interest to lenders deciding whether to provide long-term debt to a company?

A. Earnings per share
B. Dividend cover
C. Quality of current management
D. Current gearing ratio
E. interest cover on existing debt

Answer: C,D,E

NEW QUESTION # 392
Company M plans to bid for Company J.
Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million

Answer:

Explanation:
8

NEW QUESTION # 393
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. $2.50
B. $2.00
C. $2.75
D. $1.10

Answer: B

Explanation:
PBIT = $1.1m
Debt = $2m at 5% # interest = $0.1m
Profit before tax = 1.1 - 0.1 = $1.0m
Tax at 20% = 0.2m # Earnings after tax = $0.8m
Earnings yield = Earnings ÷ Market value of equity = 10%:
0.8=0.10×MV#MV=0.80.10=$8m0.8 = 0.10 imes ext{MV} Rightarrow ext{MV} = rac{0.8}{0.10} =
$8 ext{m}0.8=0.10×MV#MV=0.100.8=$8m
Shares in issue = 4m # share price:
Price=84=$2.00 ext{Price} = rac{8}{4} = $2.00Price=48=$2.00

NEW QUESTION # 394
......

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