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Cma part 1 2015 pdf

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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.


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Gleim Part 1 (Original Edition) lesforgesdessalles.info pahr9jw7cc9q65h/Gleim__Part_1_pdf. Ima wiley part 1. Could you please kindly send the part 2 material for CMA USA as i have lot of financial problems to buy the books. CMA - - Free ebook download as PDF File .pdf) or read book online for free. gliem cma 1 part.

This approach would best be characterized as a n a. Information Systems Department are allocated to the Machining Department and the costs of the Machining Department are allocated to the Assembly Department. None of these situations. Receiving costs per order: According to the theory of constraints. Clerk-cum-Typist Cat.

Sales increase units The controller calculated the payoffs and probabilities. Using the expected-value criterion. He has developed the following probability distribution for the effect of the advertising campaign on company sales.

Alternative 4. Alternative 3. Alternative 2 Cash Prob. Alternative 2. Alternative 1 Cash Prob. Sales Demand 8. Sales demand Probability 8. Purchase quantity Cost per unit 8.

The calculated profits at the various sales demand levels and purchase quantities are as follows. Yes No Yes. Cost of goods sold budget. Production budget. No Yes No. Administrative budget. No No No. Revenue budget. Purchases budget. Yes Yes Yes. When both an operating budget and a financial budget are prepared.

A sample monthly report for Department A is shown below. Joyce then prepared monthly budgets for each department and asked the managers to submit monthly reports comparing actual to budget. Rainbow Inc. All of the following are causes of such problems except a. Item 1 2 3 Volume in Units Sales Price Due to an unexpected road construction project. Rolling budget. Activity-based budget. Flexible budget. Item 2 is a complement to Item 1. Which type of budget would be most appropriate in helping the restaurant manager plan for restaurant labor costs?

Zero-based budget. As a result. What will be the cost of the inventory that Hannon should budget for purchase in August? If Netco institutes the price increase for Item 1.

Past experience indicates that the sales volume of Item 2 relative to the sales volume of Item 1 is fairly constant. Streeter maintains a finished goods inventory at the end of each quarter equal to one half of the units expected to be sold in the next quarter. How many units should Ming plan to produce in the next fiscal year? What is the budgeted production for the first quarter? For the first quarter.

Sales for the next year are expected to be The target ending inventory is 10 days of sales based upon days. Beginning inventory is units.

Savior will finish the fourth quarter of last year with an inventory of 3. How many units should Streeter produce in the second quarter? Planned sales Material cost Direct labor Direct labor rate Finished goods beginning inventory Finished goods ending inventory Direct materials beginning inventory Direct materials ending inventory Materials used per unit 4. Streeter usually maintains a finished goods inventory at the end of each quarter equal to one half of the units expected to be sold in the next quarter.

The estimated cost to produce one unit of the laminated putter head is a. Expected sales units 8. Based on this information. Standard usage of the two materials required to produce one finished electronic component. All sales are on account.

Geo and Clio. Current Inventory 5. Each component uses two raw materials. The number of units to be purchased in February is a.

A partial schedule of cash collections for January through March of the coming year reveals the following receipts for the period. The amount that should be budgeted for direct labor for the coming year is a.

Beginning inventory. Number of units shipped 8. The beginning fabric inventory is expected to contain The company would like to maintain The expected yards of fabric needed for sales is Budgeted unit sales Pounds of materials per unit Cost of materials per pound Pounds of materials on hand Finished units on hand Target ending units inventory Target ending inventory of pounds of materials 2.

Compute the yards of fabric that Swan needs to purchase. Anticipated sales for the fourth quarter are as follows. The beginning inventory is The beginning inventory of shoes is Each doll requires two shoes which are purchased from an outside supplier. The number of shoes that should be purchased during the year is a. Beginning inventory of finished goods Cost of goods manufactured Ending inventory of finished goods Beginning work-in-process inventory Ending work-in-process inventory a. Units to be produced All of the following items would appear in its overhead budget except for the a.

It is anticipated that these positions will remain vacant for several months. If Tut implements the sales price reduction. In August there were 17 persons on the sales force. Uncollectible accounts are negligible. The step costs depend on the number of salespersons employed by the company. Total fixed costs are unchanged within a relevant range of Quarterly cash dividends scheduled to be declared on July 15 and paid on August 6 to shareholders of record as of July The amount of cash Brown can expect to collect during the month of January is a.

Recognition that 0. Property taxes levied in the last calendar year scheduled to be paid quarterly in the coming year during the last month of each calendar quarter. The following budgeted information is under review.

Cooper forecasts the following account balances at the beginning of the quarter. All payments for other expenses are made in the month incurred. Receivables are booked gross and credit terms of sale are: Budgeted cash collections for Wallstead Company during April would be a.

The balance is subject to the collection pattern shown below. The projected balance sheet for the first day of the quarter includes the following account balances. This sales and collection experience is expected to continue in the first quarter. The balance of the receivables is collected in 50 days. All sales are on credit and collected the month following the sale.

Payments for all other expenses are made in the month incurred. Of that amount. If so. Brooke forecasts the following account balances at the beginning of the quarter. Information gathered from the past year reveals the following cash collection trends. A schedule of cash collections for January through March of the coming year reveals the following receipts for the period. Ignoring income taxes. Purchases are paid in the month following the purchase.

The controller is pleased to note that both actual revenues and actual costs approximated amounts shown on the flexible budget. If actual revenues and actual costs are compared with amounts shown on the original static budget. Both revenue variances and cost variances would be unfavorable. Revenue variances would be unfavorable and cost variances would be favorable. Section C: Performance Management The budgeted information for the first quarter is shown below.

Both revenue variances and cost variances would be favorable. Revenue variances would be favorable and cost variances would be unfavorable.

Variable costs are stated a. Which of the following types of budgets 1 should be used by Shugart in planning. Management is currently studying anticipated selling expenses along with the related cash resources that will be needed. Labor rate variance and variable overhead efficiency variance. Material usage variance and labor efficiency variance.

Labor efficiency variance and fixed overhead volume variance. Material price variance and variable overhead efficiency variance. A possible cause of this variance is that a.

The standard variable overhead rate per direct labor hour was a. The company advertises that all services are completed within 15 minutes for each service. On a recent Saturday. The manufacturing budget for the production of 5.

During June. Static Budget Actual Sales volume units Of the following. Both the conclusion and the variance calculation are correct. The assistant concluded that performance did not meet expectations because there was an unfavorable variance in operating income.

The conclusion is incorrect. Both the conclusion and the variance calculation are incorrect. The conclusion is correct.

Charles Enterprises. Which one of the following is the best evaluation of this preliminary conclusion? The action management should take regarding this situation should be to a.

Actual results for the previous month indicate the following. If management is concerned about the timely reporting of variances in an effort to improve cost control and bottom-line performance. Frisco manufactured Three units of raw materials are budgeted for use in each finished good manufactured. Finished goods produced Raw materials purchased Raw materials used Cost per pound Actual 3.

Actual and budget information relating to the materials for the job are as follows. The budgeted amount of material usage for the year was computed as follows. Actual results for the year were the following. Units produced and sold The total budget variance can usually be broken down into two other variances identified as the a.

Direct labor Douglas Company prepared the following monthly budget for direct materials. The variance for direct materials is a. Poor performance of the shipping employees. Which one of the following is least likely to be the cause of this variance? Poor quality of the raw materials. On January 1 of the current year. Inadequate training of the direct labor employees. The labor price variance was a. If the firm recently reported a favorable direct labor efficiency variance.

The production volume variance for the year was a. Poor design of the production process or product. The denominator level of activity budgeted for this year was JoyT uses a standard costing system. The most likely cause for this variance is that a.

Based on the output accomplished during this year. In planning for this year. The Marketing Department filed the necessary paperwork with the Production Department.

A new supplier was located. The materials arrived and were rushed into production. By the time the paperwork was found. Which of the following best indicates the responsibility for the materials usage variance in this situation? Purchasing and Marketing. A purchasing clerk temporarily misplaced the paperwork. Marketing and Production. Materials Quantity Variance Actual usage 3. Actual production was lower than planned production. Standard usage 3. Unfavorable lbs.

Sterling is very unhappy about the situation and is preparing to reply to the memorandum explaining the reasons for his dissatisfaction. Workers used were less-skilled than expected. Replacement production equipment had just been installed. Inferior materials were purchased. The accounting department has charged the production department supervisor with the following unfavorable variances.

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Which one of the following reasons would be least likely to explain why the unfavorable variance arose? Super T adheres to a responsibility centered budget process. What would be the best course of action for the sales department and the production manager to undertake in this case? Accept the order and ignore the effect on the production department budget when conducting the performance review.

Refuse the overtime and produce only what the production department is capable of while staying within the budget. The production manager said she could meet the schedule. At the present time. The use of rates and quantities based on long-term historical averages for both variable and fixed costs. It measures the value of goods or services furnished by a profit center to other responsibility centers within a company. If a market price exists.

If no market price exists. The best process to determine the price ultimately charged by the Fabrication Division to the Assembly Division for the circuit board is to a. The use of a budgeted lump-sum amount based on estimates provided by the production departments for both variable and fixed costs. Budgeted rates and standard hours allowed for output attained for variable costs and budgeted rates and capacity available for fixed costs. The use of actual rates and actual hours for both fixed and variable costs.

Information about the circuit board follows. It measures exchanges between a company and external customers. Happy Time wants to motivate the manager of the selling division to produce efficiently. Which one of the following circumstances would justify the Plastics Division selling a product internally to another profit center at a price that is below the market-based transfer price?

The profit centers' managers are evaluated on the basis of unit operating income. It has several products that are transferred from one division to other divisions. The selling unit is operating at full capacity. Routine sales commissions and collection costs would be avoided. Assuming the following methods are available. The buying unit has excess capacity. The corporate policy will encourage the Green Division to a.

Red Division has requested Since sales include transfers to other divisions. To optimize the overall goals of Manhattan. A cruise line operates on a national scale in a very competitive marketplace.

Lewis asked Burke to recommend several measures to evaluate the performance of his unit next year. Average processing time per claim. Profitability measures. His performance is evaluated using various measures agreed upon in advance with Diane Lewis.

Customer-satisfaction measures. Percentage of claims processed accurately the first time. I only. Innovation measures. Total dollar amount of claims processed per month. Processing cost per claim. II and III. In view of this information. I and II. The percentage of orders filled on time. Number of calls to the hot line for each new release of software.

For purposes of promoting goal congruence. Average time to provide an answer or solution to a customer. Orders completed per employee per day. Rita Morgan manages the customer hot line department for the firm and is responsible for answering customer questions related to software products produced by all divisions of the firm. The response time and degree of satisfaction among the production departments. The total factory overhead variances. Average time a customer is on hold. Programs Inc.

Number of customer complaints due to incorrect responses given to customers. Which one of the following groups of three performance measures most likely would result in the highest level of goal congruence? The fixed overhead volume variances.

Customer satisfaction. Labor cost per order. Actual rate times budgeted hours of computer usage. Budgeted rate times actual hours of computer usage. His assigned task is to help reduce the recurrent problem of cost overruns due to uncontrolled computer usage by the user community.

What is the relationship between the expected rate of return on the new project. To ensure goal congruence. Northern Division of Marino Company has maintained a positive residual income. Budgeted rate times budgeted hours of computer usage. Actual rate times actual hours of computer usage. Division B. Division D. David Evans. Division C. D only. In addition. Division A. C and D only. Both managers would have incentive to undertake the project.

The manager of the Household Appliances Division would have incentive to undertake the project while the manager of the Construction Equipment Division would not have incentive to undertake the project.

What would be the most systematic and rational manner in which to allocate the new computer system costs to the various hospital departments? The manager of the Construction Equipment Division would have incentive to undertake the project while the manager of the Household Appliances Division would not have incentive to undertake the project. By the revenue generated in each department. Household Appliances and Construction Equipment.

The manager of the Construction Equipment Division is evaluated on the basis of residual income. By the anticipated number of hours of usage. According to the current evaluation system for managers. Neither manager would have incentive to undertake the project.

To each department equally. Virtually all of the operating costs of the system are fixed. The system was designed and constructed based on the anticipated number of hours of usage required by the various hospital departments according to projections made by the departmental managers.

By actual usage by each department. In order to prevent this. It relies on the perception of the users with regard to service provided. Communication system operation. Internal business processes. Section D: Cost Management Employee innovation and learning. It is directly derived from the scientific management theories. Airplane depreciation.

Which one of the following is not one of the competitive success factors commonly focused upon in the balanced scorecard? Financial performance measures. Competitor business strategies.

It seeks to address the problems associated with traditional financial measures used to assess performance. Flight crew salary. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard.

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Variable cost per unit. Unit fixed cost. Tires for an automobile manufacturer. Sales commissions for a car manufacturer. Taylor should treat Costs A. Cream for an ice cream maker. Plant property taxes for an ice cream maker. Past trends have indicated the following dollars were spent at three different levels of output. Average cost per unit. Total variable cost. An example of an operating cost at SleepWell that is semivariable is a. The variable marketing cost for this new product will be a.

Which one of the following statements concerning the cost of processing customer invoices is incorrect? Total costs are assumed to be linear when plotted on a graph. The total cost of processing customer invoices will increase as the volume of customer invoices increases.

General and administrative costs are assumed to be variable costs. All of the following are reasons for indirect cost allocation to cost objects except to a. The cost per unit for processing customer invoices will decline as the volume of customer invoices increases. The cost of processing the th customer invoice will be the same as the cost of processing the first customer invoice.

Cost behavior is assumed to be realistic for all levels of activity from zero to maximum capacity. The average cost per unit for processing a customer invoice will equal the incremental cost of processing one more customer invoice.

The relevant time period is assumed to be five years. The variable electricity cost per unit of production will remain constant as production volume increases. The total electricity cost per unit of production will increase as production volume increases. The total electricity cost will increase as production volume increases. The fixed electricity cost per unit of production will decline as production volume increases. 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.

Part 2015 cma pdf 1

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. 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.

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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.

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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 purchased 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.

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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? Do not get misguided by any such misinformation on social media and rely only on information published on the official websites of RRBs.

The link shall be live from These reports are being looked into. Online fee payment mode shall also be closed at However, to avoid last minute rush, candidates are advised, in their own interest, to submit their applications well before the closing time.

Accordingly, the revised online application with the modified eligibility shall be made available for submission of application from The closing date for submission of online application shall stand extended to The link will be live 12th Aug 18 Hours till 10th Oct Clerk-cum-Typist Cat.

The link will be activated w. FAQ on Normalisation of Marks. Indicative Notice for 4 Employment Notices for various posts in Railways. The link will be live tomorrow by hrs. Click here to view: False video - Candidates may please note that the video circulating on social media about an examination in Bhagalpur centre of Bihar does not pertain to RRB Group D Exam.

2015 pdf cma part 1