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Scribd is the world's largest social reading and publishing site. CMA Part 1 – Financial Reporting, Planning, Performance and Control. Examination Practice Gleim CMA Test Prep: Part 2: Financial Decision Making. CMA – Certified Management Accountant. Part 1 & Part 2. Training Course. Certified Management Accountants (CMA). Course Language. Curriculum & Exam.
The variable component seems to vary directly with the number of units produced. Based on these data. A smoothing of product costs throughout the period.
More timely costing of jobs and products. Improved accuracy of job and product costing. A more economical way of attaching overhead to a job or product. Which one of the following is not a benefit associated with normal costing systems? Data for the last fiscal year are as follows. There were no price. The amount of operating income earned by Merlene for the last fiscal year using variable costing was a.
Any volume variance is written off to cost of goods sold in the year incurred. There are no work-in-process inventories. Total direct labor hours Direct costs Total indirect labor hours Total indirect-labor-related costs Total indirect non-labor related costs a. T-shirt V-neck shirt Athletic shirt 40 seconds per shirt 40 seconds per shirt 20 seconds per shirt During the month of April.
Loyal produced and sold In the Folding and Packaging Department. V-neck shirts. The standard time to fold and package each type of undershirt is as follows. Chassen uses the first-in.
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Using the full absorption costing method. Chassen's finished goods inventory value would be a. Assuming that Dremmon used absorption costing. There were no beginning or ending work-in-process inventories and no beginning finished goods inventory. Budgeted per unit revenues and costs were as follows. Budgeted and actual fixed costs were equal.
When compared to variable costing income. Only raw material. Only raw material and direct labor costs. Underapplied or overapplied manufacturing overhead is written off to cost of goods sold in the year incurred. Sales 5. Summary budget financial data for Troughton for the current year are as follows.
If Bethany uses the variable cost method to value inventory. None of these situations. Fixed factory overhead is more closely related to the capacity to produce than to the production of specific units. The cost per unit for May was as follows. If more units were sold than were produced during a given year. All costs are variable in the long term. Variable costing is acceptable for income tax reporting purposes. The number of units Robinson produced during May was a.
If more units were produced than were sold during a given year. The income for May. In all cases when ending finished goods inventory exists.
For internal reporting purposes. Robinson Corporation sold 1. Variable costing usually results in higher operating income than if a company uses absorption costing. Duo is downloadd in 1. If the net-realizable-value method were used to allocate costs to the joint products. If the sales value at splitoff method is used to allocate joint costs to the final products. Other product information is shown below. Units produced per batch Further processing and marketing cost per unit Final sales value per unit Product A The three products are sold after further processing as there is no market for any of the products at the split-off point.
Big and Mini. If Zinten is produced. The resulting 3. Operating Income No effect. The spoilage was incurred on Job No. No effect. The company is debating whether or not to process Xylo further into a new product.
Gummo and Xylo. Not enough information to judge. Unit Manufacturing Cost Increase. Fitzpatrick uses the net realizable value method to allocate the joint material costs. Each batch of Xylo yields 2.
Each batch in the joint manufacturing process yields 5. A total of The budgeted overhead for each department and the data for one job are shown below. The annual budgeted overhead in dollars was a. The weighted-average inventory cost per unit completed in October was a.
Krause uses the weighted-average process-costing method. Direct materials and conversion costs are incurred evenly during the production process. During the month of October. Inventory as of October 31 consisted of 3. Production Flow Completed and transferred to the next department Add: During October.
The total raw material costs in the ending work-in-process inventory for December is a. Krause Chemical Company had the following selected data concerning the manufacture of Xyzine. Normal spoilage costs would be allocated between the cost of good units completed during the period and the ending work-in-process inventory.
Both normal and abnormal spoilage costs would be written off as an expense of the period. Both normal and abnormal spoilage costs should be charged to good units. Both normal and abnormal spoilage cost should be charged to a separate expense account.
Both normal and abnormal spoilage costs would be added to the cost of the good units completed during the period. In contrast. Normal spoilage costs should be charged to a separate expense account and abnormal spoilage cost should be charged to good units.
Normal spoilage costs would be added to the cost of the good units completed during the period. Normal spoilage cost should be charged to good units and abnormal spoilage cost should be charged to a separate expense account. During the month. There were no lost or spoiled units. Beginning work-in-process inventory for the current month was Good units completed Normal spoilage units Abnormal spoilage units The number of units that Southwood would transfer to its finished goods inventory and the related cost of these units are a.
As part of production. The inspection as of June 30 revealed the following information for the month of June. Units Transferred Assuming no spoilage. Materials Conversations with plant personnel reveal that. The company started All materials are introduced at the start of manufacturing. October Production completed Work-in-process.
Materials Conversion cost Total beginning work-in-process inventory Materials Conversion cost Total production costs.
May 1 The total conversion cost assigned to units transferred to the next department in December was a.
Krause uses the firstin. The equivalent units of production used to calculate conversion costs for December was a. At the end of the quarter. Machine setups. Jones has the following unit information for the month of August. Material B is added at two different points in the production of shirms. With respect to Material B.
2015 Part 1 Question Book CMA Exam
Plant cafeteria. Units Beginning work-in-process inventory. Material handling. Robotics painting. The company a. The two products are based upon different technologies. Budgeted overhead spending for the departments is as follows. The factory has three overhead departments that support the single production line that makes both products.
Pelder has computed the manufacturing cost of the x-ray and ultra-sound products by adding together direct materials. The firm has long assessed the profitability of a product line by comparing revenues to the cost of goods sold. The muffins have a higher profitability as a percentage of sales and. Barry White. Data with regard to these products are given below. Which one of these two methods will likely result in the use of a greater number of cost allocation bases and more accurate costing results?
The budgeted overhead costs are shown below. The firm is studying a change to either allocating overhead by using departmental rates or using activity-based costing ABC. Product A Product B Units produced and sold Machine hours required per unit Receiving orders per product line Production orders per product line Production runs Inspections All manufacturing overhead is a fixed cost.
Young will produce many types of products in its single plant. In which one of the following independent situations would reported net income for the first year be the same regardless of which overhead allocation method had been selected? The sales mix does not vary from the mix that was budgeted. Young can use a plantwide rate.
All production costs approach those costs that were budgeted. All ending inventory balances are zero. Using the departmental overhead application rates, and allocating overhead on the basis of direct labor hours, overhead applied to Job in the Tooling Department would be a. If factory overhead is to be applied per direct labor hour, how much overhead will be applied to a job incurring 20 hours of direct labor?
Which of the following statements would apply to the situation at Henry? The use of direct labor hours seems to be appropriate. Henry will lack the ability to properly determine labor variances. Henry has likely reduced its ability to quickly cut costs in order to respond to economic downturns. Based on the divisional data presented below, which one of the allocation bases for common company expenses would likely have the least negative behavioral impact on the Financial Consulting Division manager?
Product A Product B Units produced and sold Machine hours required per unit Receiving orders per product line Production orders per product line Production runs Inspections. Total budgeted machine hours are , Receiving costs Engineering costs Machine setup costs Inspection costs Total budgeted overhead. The cost driver for engineering costs is the number of production orders per product line. Using activity-based costing, the engineering cost per unit for Product B would be a.
The dual-rate cost-allocation method is most useful when a. To accomplish this, legal department costs should be a.
In allocating service department costs to the operating departments. Company studies have shown that the Personnel Department provides support to a greater number of departments than the Information Systems Department. It has three production departments. Information Systems Department are allocated to the Personnel Department. Information Systems Department are allocated to the Machining Department and the costs of the Machining Department are allocated to the Assembly Department.
Step-down and reciprocal methods only. Direct and reciprocal methods only. The service departments include Maintenance. Which one of the following departmental allocations is present in the reciprocal method of departmental allocation?
The costs of the a. The support departments service each other as well as the two production departments. Machining Department. John Baker. Personnel Department are allocated solely to the Information Systems Department. Direct and step-down methods only. Material Handling. Direct method only. If the company adopts this new policy. The method of allocating the costs of the support departments that best recognizes the mutual services rendered by support departments to other support departments is the a.
The support departments provide services to the operating departments as well as to the other support departments. Personnel Department would be allocated to the Assembly Department.
Some of the costs of the a. If Wilcox uses the step-down method of departmental allocation. Information Systems Department would be allocated to the Personnel Department. Personnel Department would be allocated to the Information Systems Department.
The overhead costs of the Facilities Department are allocated based on square feet occupied in thousands. Other information pertaining to Logo is as follows. The overhead costs of the Systems Department are allocated to other departments on the basis of computer usage hours.
Assembly Department. Company studies have shown that the Personnel Department provides support to a greater number of departments than does the Information Systems Department. Assembly Department would be allocated to the Machining Department. If Wilcox uses the direct method of departmental allocation. Machining Department would be allocated to the Information Systems Department. Information Systems Department would be allocated to the Assembly Department. Presario will likely a.
I and III only. Research and development. Conducting the final assembly of wooden furniture. Product cost. Setting up a machine related to a new production run. Change the throughput of operations. Focus their efforts on constraint identification. How would customer service costs be treated in the two statements?
Conventional financial statements would be prepared along with a set that is totally consistent with value-chain analysis. Reworking defective goods to bring them up to quality standards. Apply activity-based management to solve the problem. Painting newly-manufactured automobiles. Non-product cost. Production design. The activities that would be classified as value-added activities are a. Spend money to eliminate the bottleneck. Moving completed production to the finished goods warehouse.
It often results in a decreased use of centralized data bases. Internal control mechanisms are often disassembled. An in-depth review of a retail trade association publication on successful electronic data interchange applications. I and II only. It results in heavier maintenance for legacy systems. A comparison of the practices of Retail Partners to those of Capital Airways. Which of the following benchmarking techniques would be appropriate in this situation?
I and IV only. The focus is. A comparison of the practices of Retail Partners to those of Discount City. II and IV only. Rework cost.
Warranty claims cost. Product testing cost. Equipment maintenance cost. Which one of the following recognizes these two factors? The warranty repair costs. Section E: Internal Controls The cost to rework defective units.
Reasonable assurance. The cost to inspect units produced. Management responsibility. Product testing. Methods of data processing. Distribution of paychecks directly to each employee by a representative of the Human Resource department.
Delivery of the paychecks to each department supervisor. Department manager. Systems analyst. At the end of the week the Cashier prepares a deposit slip for all of the cash receipts received during the week.
A mail clerk opening the mail compares the check received with the source document accompanying the payment. Distribution of paychecks directly to each employee by the payroll manager. Computer programmer. Data control group. The General Ledger clerk compares the summary journal entry. ED1b LOS: Hiring ethical employees. Policies of strong internal control.
Internal auditors are responsible to service the organization. Employee training. The understandability of audit reports is the responsibility of internal auditors. Follow-up on actions noted in audit findings is not required of internal auditors. Internal auditors are expected to comply with standards of professional conduct. Congress was to a. Policies of strong internal control and punishments for unethical behavior. Operational audit. Cost Variance Analysis.
Information systems audit. Activity-based management. Management Audit. Flexible Budgets. Compliance audit. Financial audit. Compliance Audit. Joint cost allocations. Independent audit.
The accounts receivable clerk prepares and enters data into the computer system and reviews the output for errors. The systems analyst designs new systems and supervises testing of the system. The data control group reviews and tests procedures and handles the reprocessing of errors detected by the computer.
The computer operator executes programs according to operating instructions and maintains custody of programs and data files. Batch system. Operating system. When a given batch of files has been reviewed and corrected. Online system. Gantt chart. Decision support system. The information flow begins when the shipping department sends a copy of a shipping order to the data entry staff.
A data entry operator scans the shipping order information onto a hand-held data storage device.
Verification clerks then check the computerized record with the original shipping orders. The most effective way to visualize and understand this set of activities would be through the use of a a. Correct answer d. The annual report to shareholders is prepared in accordance with generally accepted accounting principles and is designed to provide information that is pertinent to investors and other external users. Managers responsible for operating activities use internal reports designed to provide information about various aspects of internal functions that measure the effectiveness and efficiency of operations.
Correct answer b. Decreases in current liabilities such as accounts payable and income taxes payable are deducted from net income when determining cash flow indicating that cash was used to decrease the balances in these accounts. Correct answer a. This is shown on the Cash Flow Statement as flows from operating activities. All of the other characteristics listed can be determined from the Statement of Financial Position. The payment of dividends is a financing activity and should be presented as a cash outflow in that section of the Cash Flow Statement.
Available-for-sale securities are considered an investment, and therefore the sale would be presented as an investing activity on the statement of cash flows. This transaction would be presented as a non-cash financing and investing activity as the full amount of the acquisition cost was mortgaged. Changes in current assets and current liabilities are presented as operating activities on the Cash Flow Statement. The other transactions listed are investing or financing activities.
The quality of the earnings reported for the enterprise cannot be determined from the Income Statement and is therefore a limitation of that statement. All of the other characteristics listed refer to limitations of the Statement of Financial Position.
The two methods used to calculate the cash flow from operating activities are the direct method and the indirect method. The indirect method is used more frequently that the direct method. The direct method of calculating cash flow from operating activities presents major classes of operating cash receipts less major classes of operating cash disbursements.
Correct answer c. The sale of a fixed asset for less that book value will decrease net profit as the loss on the sale will be recognized on the Income Statement. All other measures listed would be affected by the change to the recording of the lease. Both the payment of dividends and the redownload of Atwater stock are financing activities. The dividend payment is a financing activity and the equipment download is an investment activity. Net income Depreciation expense Increase in payables Increase in receivables Increase in tax liability Cash flow.
Net income Decrease in receivables Increase in inventory Depreciation expense Decrease in payables Gain on equipment sale Cash flow. Net income Increase in receivables Decrease in inventory Increase in payables Depreciation expense Gain on securities sale Cash flow. Cerawell has some control over the other alternatives presented. Standard costing traces direct costs to a cost object.
Market Code (2015 - present)
Budgeted costs are generally presented as total costs as one of the objectives of budgeting is to forecast the overall financial condition.
Cerawell has no control over the actions of its competitors. Those closest to operations should participate in budget development as they are most knowledgeable and can supply reliable information on which to base the budget.
Participation in budget preparation at all levels promotes acceptance of budgets and allows those who have to implement plans to participate in the planning process.
One of the few advantages of top-down budgeting is that it is less timeconsuming than participatory budgeting as there is little need for discussion and compromise. The involvement of all those affected in the development of standard costs is the team development approach. The alternative answers presented generally include those who are not operationally involved. Correct answer d.. A budget that is not supported by top management has very little chance of success as subordinates will attach little importance to the budget and will focus on what management does consider important.
Budget preparation forces management planning. Changes in estimates are viewed as normal recurring corrections and retrospective treatment is prohibited. A change in estimate for bad debts should be treated as affecting on the period of the change. Ideal standards are those achieved under ideal working conditions and are. Practical standards are developed under actual working conditions and are.
The price agreed upon by the downloading manager and the appropriate level of company management is the most reasonable selection as it takes into consideration actual experience and future plans for requiring the component.
Standards that reflect current experience are realistic and will provide the best information for decision making. With a significant change in labor productivity. Simple regression analysis estimates the relationship between the dependent variable and one independent variable while multiple regression analysis estimates the relationship between the dependent variable and two or more independent variables. Using linear regression.
Learning curve analysis is a function that shows how labor hours per unit decline as units of production increase due to workers learning and becoming better at their jobs.
Unit 1 Unit 2 Unit 4 Unit 8 Batch 4 Batch 8 Average hrs. Unit 2 8. Average hrs. In the cumulative average-time learning model. Batch 1 Batch 2 Batch 4 Hours for next 12 units Ranking is B: For both actions. Increased units sold Increased profit Recommend Vendor S which has the least cost initial download plus the cost of failure as shown below. These statements combined with the budgeted income statement produce the Statement of Cash Flows.
The other alternatives given are disadvantages or misuses of traditional budgets. Flexible budgets are based on the output actually achieved and therefore provide a realistic comparison of budgeted and actual revenue and costs. The zero-based budgeting approach looks at operations as if they were just beginning and requires justification for all revenues and expenditures.
The production budget is dependent on the amount of projected sales and the direct material budget is based on the forecasted production quantity. Alternative 1 has the highest expected value as shown below. One of the key elements of this agreement was that there would be no quantitative limit on the credit a country could claim from use of these mechanisms provided domestic action constituted a significant element of the efforts of each Annex B country to meet their targets.
Carbon sinks : It was agreed that credit would be granted for broad activities that absorb carbon from the atmosphere or store it, including forest and cropland management, and re-vegetation, with no over-all cap on the amount of credit that a country could claim for sinks activities. In the case of forest management, an Appendix Z establishes country-specific caps for each Annex I country. For cropland management, countries could receive credit only for carbon sequestration increases above levels.
Compliance: Final action on compliance procedures and mechanisms that would address non-compliance with Protocol provisions was deferred to COP 7, but included broad outlines of consequences for failing to meet emissions targets that would include a requirement to "make up" shortfalls at 1. Financing: There was agreement on the establishment of three new funds to provide assistance for needs associated with climate change: 1 a fund for climate change that supports a series of climate measures; 2 a least-developed-country fund to support National Adaptation Programs of Action; and 3 a Kyoto Protocol adaptation fund supported by a CDM levy and voluntary contributions.
A number of operational details attendant upon these decisions remained to be negotiated and agreed upon, and these were the major issues considered by the COP 7 meeting that followed. The completed package of decisions is known as the Marrakech Accords. The United States delegation maintained its observer role, declining to participate actively in the negotiations.
MCQ Gleim CMA 2015 Part 1 FULL
The main decisions at COP 7 included: Operational rules for international emissions trading among parties to the Protocol and for the CDM and joint implementation; A compliance regime that outlined consequences for failure to meet emissions targets but deferred to the parties to the Protocol, once it came into force, the decision on whether those consequences would be legally binding; Accounting procedures for the flexibility mechanisms; A decision to consider at COP 8 how to achieve a review of the adequacy of commitments that might lead to discussions on future commitments by developing countries.
It is also approved the New Delhi work programme     on Article 6 of the Convention. The Kyoto Protocol could enter into force once it was ratified by 55 countries, including countries responsible for 55 per cent of the developed world's carbon dioxide emissions. With the United States The parties agreed to use the Adaptation Fund established at COP7 in primarily in supporting developing countries better adapt to climate change. The fund would also be used for capacity-building through technology transfer.
At COP9, the parties also agreed to review the first national reports submitted by non-Annex I countries. COP10 discussed the progress made since the first Conference of the Parties 10 years ago and its future challenges, with special emphasis on climate change mitigation and adaptation. To promote developing countries better adapt to climate change, the Buenos Aires Plan of Action  was adopted. The parties also began discussing the post-Kyoto mechanism, on how to allocate emission reduction obligation following , when the first commitment period ends.
Upcoming SlideShare. Like this document? Why not share! CMA Part 1: Planning, Budgeting and Embed Size px. Start on. Show related SlideShares at end. WordPress Shortcode. Sayco Mgrab Follow. Full Name Comment goes here. Are you sure you want to Yes No. Browse by Genre Available eBooksThe Kyoto Protocol could enter into force once it was ratified by 55 countries, including countries responsible for 55 per cent of the developed world's carbon dioxide emissions. A static budget is based on projected output while a flexible budget is based on actual output.
Standard usage of the two materials required to produce one finished electronic component. Each batch of Xylo yields 2.
Compute the yards of fabric that Swan needs to download.