CIMA CIMAPRA19-F03-1 問題集

質問 1：
Company C is a listed company. It is currently considering the acquisition of Company D. The original founder of Company C currently owns 52% of the shares.
Alternative forms of consideration for Company D being considered are as follows:
* Cash payment, financed by new borrowing
* issue of new shares in Company C
Which of the following is an advantage of a cash offer over a share-for exchange from the viewpoint of the original founder of Company C?
A. A share for share exchange would result in a significant change in control of Company C whereas a cash offer would not.
B. A share-for-share exchange would require the approval of the Competition Authorities but a cash offer would not.
C. A share-for-share exchange would require the approval shareholders in Company C but a cash offer would not.
D. A cash offer would result in a lower gearing ratio therefore reduce the weighted overage cost of capital whereas a cash offer would not.
正解：A

質問 2：
A manufacturing company based in Country R. where the currency is the R$, has an objective of maintaining an operating profit margin of at least 10% each year Relevant data:
* The company makes sales to Country S whose currency is the SS It also makes sales to Country T whose currency is the T$ " All purchases are from Country U whose currency is the US.
* The settlement of an transactions is in the currency of the customer or supplier Which of the following changes would be most likely to help the company achieve its objective?
A. The R$ weakens against the U$ over time
B. The R$ strengthens against the S$ over time.
C. The T$ weakens against the R$ over time
D. The R$ strengthens against the U$ over time.
正解：D

質問 3：
A consultancy company is dependent for profits and growth on the high value individuals it employs.
The company has relatively few tangible assets.
Select the most appropriate reason for the net asset valuation method being considered unsuitable for such a company.
A. It does not account for the intangible assets.
B. It accounts for the intangible assets at historical value.
C. It accounts for intangible assets at net realisable value.
D. It does not account for tangible assets.
正解：A

質問 4：
A company is based in Country Y whose functional currency is Y$. It has an investment in Country Z whose functional currency is Z$.
This year the company expects to generate Z$ 10 million profit after tax.
Tax Regime:
* Corporate income tax rate in country Y is 50%
* Corporate income tax rate in country Z is 20%
* Full double tax relief is available
Assume an exchange rate of Y$ 1 = Z$ 5.
What is the expected profit after tax in Y$ if the Z$ profit is remitted to Country Y?
A. Y$ 1.25 million
B. Y$ 31.25 million
C. Y$ 1.00 million
D. Y$ 4.00 million
正解：A

質問 5：
A company has:
* $7 million market value of equity
* $5 million market value of debt
* WACC of 9.375%
* Corporate income tax rate of 15%
According to Modigliani and Miller's theory of capital structure with tax, what is the ungeared cost of equity?
A. 10.00%
B. 10.27%
C. 14.52%
D. 8.79%
正解：A

質問 6：
A company plans to raise $12 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 $15.00 per share.
* There are currently 2 million shares in issue.
* The project is forecast to yield a positive NPV of $6 million.
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
A. $14.00
B. $9.00
C. $16.00
D. $11.00
正解：C
解説: (Topexam メンバーにのみ表示されます)