F3 Certification Materials & Exam F3 Format

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CIMA F3 Certification Exam, also known as the F3 Financial Strategy exam, is an assessment of an individual's understanding of financial management and strategy. F3 exam is designed to test a candidate's knowledge of the principles of financial management and the application of these principles in a strategic context. F3 Exam is part of the CIMA Professional Qualification, which is recognized globally as a leading qualification in the field of management accounting.

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Exam F3 Format | F3 Lab Questions

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CIMA F3 Financial Strategy Sample Questions (Q181-Q186):

NEW QUESTION # 181
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:

The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?

Answer: D


NEW QUESTION # 182
LPM Company is based in Country C. whose currency is the CS
It has entered Into a contract to buy a machine in three months' time. The supplier is overseas and the payment is to be made in a different currency from the CS The treasurer at LPM Company is considering using a money market hedge to manage the transaction risk associated with a payment.
The assumptions of interest rate parity apply
Which THREE of the following statements concerning the use of a money market hedge for this supplier payment are correct*?

Answer: A,B,E


NEW QUESTION # 183
A company has recently announced a scrip issue of 1 new share for every 4 existing shares. The market value of each share price before the announcement was $20.00.
What is the best estimate of the share price after the scrip issue ignoring all other influences on the share price?

Answer: C


NEW QUESTION # 184
A large, quoted company that is all-equity financed is planning to acquire a smaller unquoted company that is also all-equity financed.
The acquiring company's directors are using the dividend valuation model to value the target company before making an offer.
Relevant data for the target company:
* Dividends paid in the last financial year $2 million
* Book value of net assets $15 million
* Shares in issue 1 million
The acquiring company's cost of capital is 10%.
Its directors believe they can improve the target company's performance in the long term.
They estimate there will be no growth in the first year of the acquisition but from year 2 onwards there will be a 4% growth each year in perpetuity.
What is the maximum price the acquiring company should offer for each of the shares in the target company?

Answer: B

Explanation:
We use the Dividend Valuation Model (DVM) with a one-year zero-growth period followed by constant growth:
Last year's dividend = $2m # with 1m shares, DPS# = $2.00.
No growth in year 1 # D# = $2.00.
From year 2, dividends grow at 4% in perpetuity #
D# = 2.00 × 1.04 = $2.08
Using the Gordon growth model from year 2 onwards:
P1=D2ke#g=2.080.10#0.04=2.080.06#34.67P_1 = rac{D_2}{k_e - g} = rac{2.08}{0.10 - 0.04} = rac{2.08}{0.06} # 34.67P1=ke#gD2=0.10#0.042.08=0.062.08#34.67
Now discount D# and P# back to today at 10%:
P0=D11.10+P11.10=2.001.10+34.671.10#1.82+31.52#33.34P_0 = rac{D_1}{1.10} + rac{P_1}{1.10} = rac{2.00}{1.10} + rac{34.67}{1.10} # 1.82 + 31.52 # 33.34P0=1.10D1+1.10P1=1.102.00+1.1034.67#1.
82+31.52#33.34
Rounded: $33.33 per share # Option A.


NEW QUESTION # 185
XYZ is a multi-national group with subsidiary AA in Country A and subsidiary BB in Country B. The capital structures of AA and BB are set up to take advantage of the lower tax rate in Country A Thin capitalisation rules in Country B will limit the ability for either AA or BB to claim tax relief on:

Answer: D


NEW QUESTION # 186
......

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