Cma Usa Part 1 Practice Test V
Comprehensive Preparation Test for CMA Part 1 (450+ Questions)
Last updated 2022-01-10 | 4.1
- External Financial Reporting Decisions- Planning
- Budgeting
- and Forecasting
- Performance Management
What you'll learn
* Requirements
*Description
This course is a companion course to the course "Know how to be successful in writing the CMA USA Exam #1 MCQ's".
This course covers the CMA material in much more depth. There will be other companion courses covering every section of the Part 1 exam.
This course will further your preparation for the exam for all six sections of CMA USA 1
Part 1: Financial Planning, Performance, and Analytics
15% External Financial Reporting Decisions
20% Planning, Budgeting, and Forecasting
20% Performance Management
15% Cost Management
15% Internal Controls
15% Technology and Analytics
This course covers the CMA Exam material in much more depth. There will be other companion practice tests covering every section of the Part 1 exam as I will continue to develop more in-depth material for the other sections.
I earned my CMA 2 Years ago. I have taught CMA courses and consistently had an 85% to 90% pass rate. I have marked thousands of CMA final accreditation exams.
Passing CMA exams will not be easy..
Obtaining your CMA designation - believe me - will pay you BIG dividends for the rest of your career. It did for me.
In order to do well, you’ll need to exercise the following skills:
Knowledge
Comprehension
Application
Analysis
Synthesis
Evaluation
Keep in mind that the CMA exam requires a higher level of thinking than just reciting facts or working with basic equations. You’ll need to demonstrate the skills listed above in each knowledge area on the test.
A. External Financial Reporting Decisions – 15%
Financial Statements
Recognition, Measurement, Valuation, and Disclosure
B. Planning, Budgeting and Forecasting – 20%
Strategic planning
Budgeting Concepts
Forecasting techniques
Budgeting methodologies
Annual profit plan and supporting schedules
Top-level planning and analysis
C. Performance Management – 20%
Cost and Variance Measures
Responsibility Centers and Reporting Segments
Performance Measures
D. Cost Management – 15%
Measurement concepts
Costing Systems
Overhead costs
Supply Chain Management
Business Process Improvement
E. Internal Controls – 15%
Governance, Risk, and Compliance
Systems Controls and Security Measures
F. Technology and Analytics – 15%
Information Systems
Data Governance
Technology-Enabled Finance Transformation
Who this course is for:
- Intermediate Finance Professionals
- Intermediate Accounting Professionals
- Aspiring Financial Analyt
- Aspiring Financial Risk Manager
- Aspiring Cost Manager
Course content
1 sections • 6 lectures
External Financial Reporting Decisions
Total syllabus area: 15%
Concepts related to different components of financial statements: balance sheet income statement statement of changes in equity statement of cash flows.
Valuation of different assets and liabilities
Operating and capital lease
Equity transactions
Revenue recognition
Revenue measurement
US GAAP and IFRS difference
Planning, Budgeting and Forecasting
Total syllabus area: 30%
Strategic planning process
Budgeting concepts
Annual profit plans and supporting schedules
Types of budgets: activity-based budgeting, project budgeting, flexible budgeting
Strategic planning and analysis
Forecasting techniques: regression analysis learning curve analysis
Performance Management
Total syllabus area: 20%
Control and performance analysis:revenuecostsprofitsinvestment in assests
Variance analyses based upon:flexible budgetstandard cost
Responsibility accounting for:revenue centerscost centersprofit centersinvestment centers
Key Performance Indicators
Balanced scorecard
70 Questions
Cost Management
Total syllabus area: 20%
Basic cost accounting concepts and terminology
Cost measurement concepts
Cost accumulation systems: job order costing, process costing, activity based costing
Overhead cost allocation
Supply chain management
Business process performance topics: Just in time, ERP theory of constraints ,value chain analysis, activity based management, continuous improvement and efficient accounting processes
70 Questions
Practice Test 5 - Internal Controls
Total syllabus area: 15%
Corporate governance
Internal control risk
Internal control environment
Responsibility and authority for internal auditing
Types of audits
Assessing the adequacy of the accounting information system controls
Business continuity planning.
70 Questions
Practice Test 6 - Technology and Analytics
CMAs are playing less of a role in internal auditing and increasingly involved with managing controls. Newly added for the 2020 CMA exam, this domain is a testament to how technological advancement is rapidly changing expectations of CMAs. As time passes, a CMA’s role is being defined as more of a data reporter and critical decision maker.
70 Questions