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IMA CMA-Financial-Planning-Performance-and-Analytics Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Internal Controls25%
Topic 2: External Financial Reporting Decisions15%
Topic 3: Performance Management20%
Topic 4: Cost Management20%
Topic 5: Planning, Budgeting and Forecasting20%

IMA CMA Part 1: Financial Planning - Performance and Analytics Sample Questions:

Question 1

To prevent cyoeratiacks. a company recently implemented penetration testing wnich one of tne following statements best descnbes this test?

A. An authorized attempt to break through the company's firev.au
B. An email testing employee compliance with phishing guidelines
C. A series of attempts to flood the company's network with traffic
D. A staged break-in of the company s server room after business hours


Question 2

A company s accounting department is run by only one accountant. Which one of the following can be implemented as a detective control?

A. Require the accountant to double-check his work
B. Require the accountant to update cash balance regularly
C. Train another employee to perform bank reconciliations
D. Train another employee to record journal entries.


Question 3

A plastics manufacturing company is analyzing business units using the BCG Growth-Share Matrix Business Unit A is a market leader with high market share in the plastic container market Unit A's growth in the past three years has been limited due to high regulation and decreasing customer demand Customer satisfaction tor the unit is high Business Unit B is a relatively new business unit which entered the market two years ago with a new, innovative plastic organizer Unit B holds just 5% of the market share but growth has been high for this new product line Throughput time for this unit is lower than the company average with a high number of reworks each month. Which one of the following correctly identifies the BCG Growth-Share matrix for Business Unit A and Business Unit B. respectively?

A. Star cash cow
B. Cash cow, question mark
C. Star dog
D. Question mark, question mark-


Question 4

A timber company is evaluating its products to determine whether to continue to further process scrap wood into wood chips, or to just sell the scrap wood to another company. Which of the following statements best describes what the company should consider regarding the potential by-product?

A. The company should consider all joint costs throughout the process before it decides if it should process further.
B. The company should consider the incremental operating income beyond the split-off point In Its decision.
C. The company should consider all of the separable costs throughout the process as it is incremental.
D. The company should consider an of the manufacturing costs for Doth products beyond the split-off point.


Question 5

Personal Solutions manufactures nand-new personal computers and communications devices The company uses a Job-order costing system and applies manufacturing overhead to products on the oasis of machine hours The following estimates were used in preparing the predetermined overhead rate at the beginning of the year.

During the year, weak sales led to a reduction in production and a buildup or inventory Production records provided the following information.

Finished goods inventory included applied overhead of $100.000 while cost of goods sold included applied overhead of $300,000. There was no work-in-process inventory at year end how should the under-applied manufacturing overhead be handled at year end?

A. All of the under-applied manufacturing overhead should be earned over until the subsequent year and used to adjust the estimated predetermined rate for that year
B. All of the under-applied manufacturing overhead should be charged to Cost of Goods Sold for the year.
C. $12.500 of the under-applied manufacturing overhead should be charged to finished goods inventory and S37 500 should be charged to Cost of Goods Sold
D. $12.500 of the under-applied manufacturing overhead should be charged to finished goods inventory and S37.500 should be treated as a period cost


Solutions:

Question 1
Answer: A
Question 2
Answer: C
Question 3
Answer: A
Question 4
Answer: B
Question 5
Answer: C

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