Be A Certified Management Accountant Exam Prep Part 1

Tags: Certified Management Accountant (CMA)

Be A CMA by the end of 2021. Know how to pass Exam #1. Course material is compliant with IMA's 2020 Learning outcomes.

Last updated 2022-01-10 | 4.3

- Understand which learning objectives will be tested by the IMA on Part 1 exam for the Certified Management Accounting designation. There are helpful hints as to what will be on exam and many practice questions in areas that the IMA will test.
- Be able to anticipate what will be on a CMA exam by knowing what accounting concepts are always tested and be able to score a passing mark.
- Be able to anticipate what will be on a CMA exam by knowing what accounting concepts are always tested and be able to score a passing mark.

What you'll learn

Understand which learning objectives will be tested by the IMA on Part 1 exam for the Certified Management Accounting designation. There are helpful hints as to what will be on exam and many practice questions in areas that the IMA will test.

Be able to anticipate what will be on a CMA exam by knowing what accounting concepts are always tested and be able to score a passing mark.

Know the three levels of multiple choice questions that are on all CMA exams and how much each level is worth in marks.

Learn effective time management and test taking skills to master the CMA exam.

* Requirements

* You should dedicate at least five hours a week o this course in the semester that you plan to write the exam.
* You should have access to a good management accounting textbook.
* To be eligible to write the exam you must register with the Institute of Management Accountants.

Description

For many years, I marked the CMA final exams and know what the IMA is looking for in the ideal candidate

There are hundreds of learning outcomes that the IMA publishes that could be tested on the Part 1 exam. I have turned these learning outcomes into questions that past (successful) CMA candidates have researched the answers to. Their answers are provided but I recommend that you research the answers yourself as that will help you in mastering the content.

IMA multiple choice questions are not all equal - know the three levels of questions and how much each level is worth.

I have over five hundred multiple choice questions with answers and analysis at Level A, B and C. You can practice answering these questions in a number of 10 minute quizzes or 13 minute assignments..Look for quizzes and assignment in each module of this course. Also, there are two mock exams to practice.

This course is a comprehensive study program to help you pass the Certified Management Accountants exam. It begins by first understanding how a professional organization such as the Institute of Management Accountants of America sets and marks the exams that lead to the professional designation as a Certified Management Accountant, The exams are offered three times a year - January, June and September.

I will be continually adding material to help you master the content.

Dr John

Students comments:

"Very informative and at a pace i can understand. " Mary Grace Warner

"Good course to understand the content of the CMA, an overview of the main questions" Fornex-n

" Sample tests in final session were very good and helped me identify areas where I needed to study up more. I don't know my test score yet but I feel that I have a good chance of passing because Dr. John's course did help a lot.....hopefully Dr. John will create a Part 2 CMA and I will sign up for UDEMY too." Bradley Koga

Who this course is for:

Candidates who will be writing the Certified Management Accounting exams offered by the Institute of Management Accountants

Course content

20 sections • 111 lectures

Introduction to Part1 of the Certified Management Accounting Exam 2 lectures

Certified Management Accounting Preview 03:49

The different levels of CMA multiple choice questions Preview 01:36

Knowing the three levels on MCQ's that the CMA uses on their exams gives you an advantage

Levels B & C are the more challenging IMA questions therefore worth more marks. If Level A questions are worth one mark then Level B would be 3 and Level C - 5. It is like in golf - all par 4 holes are not equal - there is a difficulty index. The IMA has a difficulty index for each question on the exam. So focus on Level B & C questions.

Module 1 - Financial Reporting, Planning, Performance and Control 7 lectures

The Learning outcomes for Financial Reporting Preview 01:48

The IMA published Learning outcomes for financial reporting

Answers to the Learning outcomes Financial reporting Preview 03:19

The researched answers to all the concepts that could be tested on Financial Reporting

Current Assets LO - Cash & receivables Preview 06:51

Inventories and Investments Preview 16:31

Property Plant equipment%& intangibles Preview 13:21

Current & long-term Liabilities Preview 09:59

A2. Equity learning outcomes Preview 10:57

Module 1 - Resources 1 lectures

Notes on Financial Reporting concepts Preview 00:51

Extensive notes on Financial Reporting Concepts. Download and study.

Module 1 - Activities to Deepen your Understanding 2 lectures

CMA Level A questions - These questions are mostly definitions and concepts

These questions will be mostly Level A questions - questions on understanding financial reporting concepts. Concept questions on cash flow, recognizing revenue, Shareholder equity section etc.

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts.

CMA Problems on Financial Reporting. These MC questions are Level B and C

These problems are past CMA multiple-choice questions - but I have removed the choices and ask that you work at developing a solution - i.e. "push the numbers". These are Level B and C difficulty and therefore are worth more marks. The IMA focuses mostly on cash flows in Financial Reporting Sec

Module 2 - Planning, Budgeting and Forecasting ( 20 % of Exam) 1 lectures

Pre-Test on material in this section on Budgeting

Try these past CMA exam multiple choice questions.

Questions 1-5 are conceptual questions and 6-10 are computational questions.

The computational questions are worth more marks - so spend a little more time working out the answers.

Module 2 - Lectures of Budgeting, Planning and control 4 lectures

Overview Preview 01:30

This lecture is a short video on all topics in Section B. Planning, Budgeting and Forecasting. Print off the the IMA Learning Outcomes for Section B - Budgeting that I have restated as questions for you to research.

This section is most important - 30% of MC questions will be in this area. Also a case question will likely be on budgeting - so know the learning objectives in section B 5.

Try and answer the Master Budget Critical thinking questions.

Strategic Planning Preview 06:25

An introductory video on Strategic Planning along with extensive notes on the topic. Read the relevant chapters in Horngren. Chapter 13 for example. Use the "Strategy learning Outcomes as questions" for this section B1, research the questions and create your own answers to those questions, You can check what past candidates have produced as answers for this section.

Developing the Master Budget Preview 15:19

Cash Budget Preview 08:51

Module 2- Resources -IMA Learning Outcomes to be tested in this section 9 lectures

Answers to Learning outcomes on Strategic Planning Preview 06:25

These are answers to the questions developed from the IMA learning outcomes. In Resources are a pdf file you can download.

8 Past CMA questions on Strategic Planning - Conceptual MCQ's

These questions will likely be Level A questions testing your understanding of strategic planning concepts

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts

Answers to Learning outcomes on Budget Concepts Preview 10:07

These are answers to the questions developed from the IMA learning outcomes. In Resources are a pdf file you can download.

Answers to LO on Budget Methodology Preview 06:25

10 Past CMA questions on Budget Concepts- Conceptual MCQ's -

Questions on Budget Concepts would be conceptual of course.

Work in developing answers to these questions. These are the more challenging IMA questions therefore worth more marks. If Level A questions are worth one mark then Level B would be 3 and Level C - 5. It is like in golf - all par 4 holes are not equal - there is a difficulty index. The IMA has a difficulty index for each question on the exam. So focus on Level B & C questions.

IMA Learning Outcomes on Forecasting Techniques Preview 01:33

Be able to demonstrate an understanding of a simple regression equation

and demonstrate an understanding of learning curve analysis

and calculate the results under a cumulative average-time learning model

Answers on Annual Profit Planning Preview 12:21

Answers on Top Level Planning Preview 00:00

Tool Time Inc. Preview 01:51

Module 2 B - Resources for Budgeting Planning & Control 5 lectures

Demonstration Problem on Cash Budgeting Preview 01:22

Purchasing Budget Question Preview 03:13

Demonstration Problem on Purchasing Budget Preview 01:22

Budget Income Statement Question Preview 02:33

Master Budget Critical thinking questions Preview 04:22

Module 2 - Activities to deepen your understanding 5 lectures

Past IMA Problems on Learning Curves Preview 01:06

Past CMA Forecasting Techniques Problems

Level B & C Questions. The choices for the most have been removed so you can develop your solution.

30 minute assignment on Learning Curves

The IMA always tests your understanding of Learning curves

30 Minutes assignment on Expected Value techniques

Expected value questions are always on The CMA exam and will be worth more than conceptual problems. So knowing Expected value will improve your chances of a passing mark.

30 minute assignment on Expected Value Techniques

Expect to see expected value problems. Level B & C Questions. The choices for the most have been removed so you can develop your solution. Expected value questions are always on The CMA exam and will be worth more than conceptual problems. So knowing Expected value will improve your chances of a pa

Past CMA questions - Know these budgeting problems 9 lectures

5 Past CMA questions on Budgeting Concepts - Computational MCQ's

Computational questions are worth many more marks than conceptual questions.

These questions will be mostly Level A questions.

Read the past candidates' answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Challenging Direct Material Purchasing Budget Problem Preview 01:53

CMA past level B & C problems on budgeting planning

Budgeting questions will be almost a third of the exam. Know how to answer these problems on preparing a budget.

CMA past problems production budgets.

Production budgets are always on CMA exams. These types of questions are Level B & C.

Assignment on Purchasing Budget

Take more time to answer these types of questions but make sure you get right. Purchasing Budget questions will likely be on the exam

5 more past CMA questions on Budgeting

Make sure you practice these types of questions

Know your Cash Budgeting - 5 problems

Cash Budgets are so very important

The IMA loves to test cash budgets

Know your cash budget - cash disbursements and cash receipts timings. Cash Budgeting most definitely be on the exam

5 more cash budget CMA questions

Know these problems

Module3 - Performance Management ( 15% of questions on the exam) 1 lectures

Pre-Test on Performance Evaluation

Questions 1-5 are conceptual and questions 6 - 10 are computational and worth more marks on a CMA Exam.

Module 3 - Performance Management Lectures 5 lectures

Overview of Budget Control Preview 03:42

Overview of Responsibility Accounting Preview 03:07

Flexible Budget Control Preview 15:20

Responsibility Accounting Preview 18:02

Standard Costs & Variance Analysis Preview 13:46

Module 3 - Resources for Performance Measuremen 15 lectures

Section 1 - Cost and Variance Measures Preview 03:45

Explain the difference between a static budget and a flexible budget. Explain what is meant by a static budget variance and a flexible budget variance.

Demonstration problem on Flexible Budgeting Preview 01:48

Demonstration Problem on Variance analysis Preview 04:25

7 Past CMA questions on Variance analysis

These questions will be mostly Level A questions - questions on variance analysis concepts.

Read the past candidates' answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Demonstration Problem on Standard cost Variances Preview 01:58

Section 2 - Responsibility Centres Preview 03:07

Be able to:

a. identify and explain the different types of responsibility centers

b. recommend appropriate responsibility centers given a business scenario

c. calculate a contribution margin

d. analyze a contribution margin report and evaluate performance

Demonstration Problem on Responsibility Accounting Preview 01:57

Notes on the Balanced Scorecard Preview 04:58

Notes on Responsibility Accounting Preview 00:00

5 Past CMA questions on Responsibility Centers

These questions will be mostly Level A questions - questions on Responsibility Accounting concepts.

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Notes on Transfer Pricing Preview 05:32

5 Past CMA questions on Transfer Pricing

These questions will be mostly Level A questions - questions on understanding transfer pricing concepts.

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Section 3 - Performance Measures Preview 02:50

Notes on Performance Methods Preview 03:10

CMA questions on ROI & RI concepts

These questions will be mostly Level A questions - questions on Return on Investment & Residual income concepts.

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Module 3 - Activities to deepen your understanding on performance Measurement 3 lectures

Variance analysis & Flexible budget problems & Solutions Preview 00:00

Standard Cost Problems & Solutions Preview 00:00

Past IMA questions on Performance Measurement Preview 03:05

Module 4 on Cost management (15%of the Exam) 1 lectures

Pre-Test on Cost Management (15% of questions on the exam)

Module 4- Lectures on Cost Management 4 lectures

Cost Behaviour and the Contribution Margin Preview 02:51

Cost Volume Profit Analysis Preview 01:15

Activity Based Costing Preview 18:58

Customer Profitability Preview 04:40

Module 4 - Resources 11 lectures

IMA Learning outcomes for Measurement Concepts Preview 02:26

Be able to:

a. demonstrate an understanding of the behavior of fixed and variable costs in the long and short terms and how a change in assumptions regarding cost type or relevant range affects these costs

b. identify cost objects and cost pools and assign costs to appropriate activities

c. demonstrate an understanding of the nature and types of cost drivers and the causal relationship that exists between cost drivers and costs incurred

d. demonstrate an understanding of the various methods for measuring costs and accumulating work-in-process and finished goods inventories

e. identify and define cost measurement techniques such as actual costing, normal costing, and standard costing; calculate costs using each of these techniques; identify the appropriate use of each technique; and describe the benefits and limitations of each technique

f. demonstrate an understanding of variable (direct) costing and absorption (full) costing and the benefits and limitations of these measurement concepts

CMA questions on absorption vs variable costing

These questions will be mostly Level A questions - questions on absorption costing concepts.

Read the past candidates' answers to learning outcome questions and familiarize yourself with the definitions and concepts.

Summary Of Costs Preview 03:26

Lecture on Job Costing Preview 18:05

IMA Learning Outcomes for Costing Systems Preview 01:57

For each cost accumulation system identified (job order costing, process costing, activity-based costing, life-cycle costing), the candidate should be able to:

a. define the nature of the system, understand the cost flows of the system, and identify its appropriate use

b. calculate inventory values and cost of goods sold

c. demonstrate an understanding of the proper accounting for normal and abnormal spoilage

d. discuss the strategic value of cost information regarding products and services, pricing, overhead allocations, and other issues

IMA Learning Outcomes for Overhead Costs Preview 01:59

Be able to:

a. distinguish between fixed and variable overhead expenses

b. determine the appropriate time frame for classifying both variable and fixed overhead expenses

c. demonstrate an understanding of the different methods of determining overhead rates, e.g., plant-wide rates, departmental rates, and individual cost driver rates

d. describe the benefits and limitations of each of the methods used to determine overhead rates

e. identify the components of variable overhead expense

8 Past CMA questions on Overhead Costs

IMA Learning Outcomes for Supply Chain Management Preview 02:04

Be able to:

a. explain supply chain management

b. define lean manufacturing and describe its central purpose

c. identify and describe the operational benefits of implementing lean manufacturing

d. define materials requirements planning (MRP)

e. identify and describe the operational benefits of implementing a just-in-time (JIT) system

f. identify and describe the operational benefits of enterprise resource planning (ERP)

g. explain the concept of outsourcing and identify the benefits and limitations of choosing this option

h. demonstrate a general understanding of the theory of constraints

i. identify the five steps involved in theory of constraints analysis

j. define throughput costing (super-variable costing) and calculate inventory costs using throughput costing

k. define and calculate throughput contribution

l. describe how capacity level affects product costing, capacity management, pricing decisions and financial statements

m. explain how using practical capacity as denominator for fixed costs rate enhances capacity management

n. calculate the financial impact of implementing the above mentioned methods

Answers to Supply Chain LO's Preview 06:02

IMA Learning Outcomes for Business Process Improvement Preview 01:56

Be able to:

a. define value chain analysis

b. identify the steps in value chain analysis

c. explain how value chain analysis is used to better understand a firm's competitive advantage

d. define, identify and provide examples of a value-added activity and explain how the value-added concept is related to improving performance

e. demonstrate an understanding of process analysis and business process reengineering

f. define best practice analysis and discuss how it can be used by an organization to improve performance

g. demonstrate an understanding of benchmarking process performance

h. identify the benefits of benchmarking in creating a competitive advantage

i. apply activity-based management principles to recommend process performance improvement

Answers to Business Process Improvements LO's Preview 06:09

Module 4- Activities to deepen your understanding 13 lectures

Problem on Analyzing Costs Preview 07:16

Mixed Costs - High Low method problem Preview 01:57

Cost Behaviour Problem Preview 01:15

Cost Behaviour excel problems with solutions Preview 00:01

Demo Problem Overhead application on Job Costing Preview 01:45

Job Costing Problem Preview 02:50

5 Conceptual MCQ's Past questions on Job Costing

These questions will be mostly Level A questions - questions on costing concepts.

Read the past candidates answers to learning outcome questions and familiarize yourself with the definitions and concepts.

6 computational Past CMA questions on job Costing

Computational Multiple Choice Questions are worth double & triple the marks for Conceptual MCQ's

Demonstration Problem on Activity Based Costing Preview 10:30

Two ABC Problems Demo Preview 06:24

Activity Based costing Problem & Solution in excel Preview 00:00

Activity Based case #2 EXCEL Preview 00:00

Two Activity Based Problems.xlsx Preview 00:01

Module 5 - Internal Controls Resources ( 15 % of exam) 6 lectures

Section E.1. Governance, risk, and compliance Preview 08:57

– Section E.2. Systems controls and security measures Preview 15:32

Case on Internal Controls Preview 01:52

10 Past CMA questions on Internal Controls

10 past CMA questions on Internal Controls

Module 6 - Technology and Analysis 7 lectures

IMA Learning outcomes Preview 00:15

ICMA® (Institute of Certified Management Accountants) recently undertook a comprehensive job analysis to ensure that topics on the CMA® (Certified Management Accountant) exam continue to be current, relevant and valid.