[2023] Verified CMA-Financial-Planning-Performance-and-Analytics Dumps Q&As - 1 Year Free & Quickly Updates
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The CMA Part 1 exam is ideal for professionals who have a background in accounting, finance, or business and are looking to enhance their skills and knowledge in financial planning and analysis. The certification is recognized globally and is highly valued by employers in various industries such as banking, consulting, and manufacturing. It is also a valuable asset for those looking to pursue a career in financial planning and analysis.
NEW QUESTION # 54
Which one of the following is the most important factor in the successful implementation of a balanced scorecard?
- A. Setting appropriate measurement criteria
- B. Obtaining management buy-in and support
- C. Linking the scorecard to external criteria
- D. Providing a feedback mechanism
Answer: C
NEW QUESTION # 55
in times of declining prices using the Last-in First-Out (LIFO) cost flow assumption rather than the First-in, First-Out (FIFO) assumption will yield
- A. lower assets and higher income
- B. higher assets and higher income
- C. higher assets and lower Income
- D. lower assets and lower income
Answer: B
NEW QUESTION # 56
For a manufacturing company what is the most Important advantage of using variable costing rather than absorption costing?
- A. Variable costing measures the cost of all manufacturing resources, whether variable or fixed and thus provides the most complete cost.
- B. Variable costing includes only variable direct and indirect costs in inventory which makes it more useful for short-term decision making and performance evaluation.
- C. Variable costing is the required inventory method for external reporting in most countries and therefore is less costly to implement
- D. Variable costing is cost-effective and Jess confusing to managers and is therefore more useful in performance evaluation.
Answer: B
NEW QUESTION # 57
would you recommend any changes to the job responsibilities of ZFl's payroll administrator from an internal control perspective? Explain why.
Essay
Zhiliang Foods Inc. (ZFI) is a privately-held food distributor ZFI has two production departments' the Meat Department is labor-intensive. while the Bakery Department is highly automated ZFI applies a single overhead allocation rate, using the number of pounds produced as an allocation base for the whole company The expected annual overhead costs of ZFI for 100 million pounds produced are as follows (¥ in millions).
ZFI has one payroll administrator in its Human Resources department, but most of the payroll related work is outsourced to a payroll service provider ZFI's payroll administrator is responsible for tracking the list of current employees and maintaining the most up-to-date employee information, including bank accounts for payroll direct deposits.
Each pay period, the payroll administrator emails the information for all current employees' hours worked to the payroll service provider. The service provider then processes the payroll, makes direct deposits to employees' bank accounts, mails payroll stubs to employees' homes and emails payroll reports to ZFI's payroll administrator. The payroll administrator then makes payroll journal entries to ZFI's accounting system based on the payroll reports received ZFI's accountant prepares a bank reconciliation each month to ensure ZFI s payroll payments on ZFI's bank statement match the amounts shown on the payroll reports from the service provider.
ZFl's management is evaluating the purchase of data encryption software and human resources management software next year. The human resource management software is expected to provide various human resources and payroll-related functions.
In addition, the human resource software can generate a report to indicate the monthly employee turnover rate and the average service length of employees who have resigned. The system can also generate a report to indicate the main reasons for resignations and identify current employees who are at risk of resigning. The system will recommend actions to help retain these employees, such as more training opportunities or a pay raise.
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
The work of the payroll administrator is not supervised so he can add fake employees and get their salaries in account operated by him...... A supervisory or department heads should review his work before processing.
Secondly an accountant should be responsible for passing the entries rather than the administrator, the system lacks segregation of duties which can facilitate fraud and errors.
NEW QUESTION # 58
What is the best type of accounting system control to help prevent improper manipulation of data and to ensure the continued, satisfactory use of the hardware and software?
- A. Throughput controls such as a hash total
- B. input controls such as a limit check
- C. Processing controls such as limiting access
- D. Output controls such as a maximum check
Answer: B
NEW QUESTION # 59
The following information pertains to Wang Corporation which uses standard costing for its materials.
The following information pertains to Wang Corporation which uses standard costing for its materials.
What is me amount of the unfavorable material-related variance that would appear on a report to the production foreman?
- A. $6,000
- B. $5,600
- C. $5,000
- D. $4,000
Answer: A
NEW QUESTION # 60
A company has four product noes and must decide to discontinue one so mat it can focus on its more profitable products Information about the four product lines is shown below.
if the company evaluates profitability based on ROl. which product line should be discontinued?
Calculator
- A. Product line W.
- B. Product line Y.
- C. Product line X.
- D. Product line Z.
Answer: C
NEW QUESTION # 61
Which one of me following statements is correct concerning the Sarbanes-Oxley Act of 2002?
- A. A company's Chief Accounting Officer cannot have been employed by the company's audit firm for the five years preceding the audit
- B. The company's audit firm must be rotated every five years and the lead auditor must be rotated every year
- C. Corporate executives must personally certify the financial statements and company disclosures under the possibility of imprisonment
- D. The five-member Public Company Accounting Oversight Board will be overseen by the AICPA and the FASB working together
Answer: C
NEW QUESTION # 62
Hill Corporation sola some of its accounts receivable including one from Custom Company, to Dale incorporated without recourse, Because of this transaction.
- A. Hill Corporation has no recourse against Dale Incorporated
- B. Custom Company has no recourse against Hill Corporation
- C. Dale incorporated has no recourse against mil Corporation
- D. Custom Company has no recourse against Dale incorporated
Answer: C
NEW QUESTION # 63
The contribution margin data is shown below for several strategic business units (SBU).
which SBU has the lowest contribution margin ratio?
- A. SBU A.
- B. SBU C.
- C. SBU D.
- D. SBU B.
Answer: D
NEW QUESTION # 64
The manager in charge of the disaster recovery plan for a company has ensured that there is off-site storage of key data programs, operating systems and documentation. Which one of the following is the best next step to be prepared for a disaster?
- A. She should ensure that the "cold" sites are fully equipped and ready.
- B. She should make sure that everyone Knows the location of offsite data storage.
- C. She should enter into reciprocal agreements with alternative ''hot'' sites.
- D. She should create a planning document including a list of critical applications.
Answer: B
NEW QUESTION # 65
in preparing Klein Corporation's master budget for the following calendar year, the manager of the Production Department requested the purchase of a new piece of machinery with a purchase price of $150.000 in addition, the cost of installing the machine would total $13.000. The purchase price of the machine would be financed by a 6%. 5-year loan with interest due quarterly. The amount Klein Corporation should include in its Capital Expenditures Budget due to this purchase is
- A. $22,000
- B. $163,000
- C. $172,000
- D. $13,000
Answer: C
NEW QUESTION # 66
identify the category of the Food-To-Go division in the BCG Growth-Share Matrix and discuss whether FDL should allocate more capital funding to the Food-To-Go division.
Essay
Food Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL's newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.
In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country's leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.
The Food-To-Go division only contributed 5% of FDL's total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go's sales were only 20% of the industry leader's sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.
The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.
Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division's budgeted sales in the past three years He argued that his division is the company's best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.
Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL's required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions).
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
The food to 90 division will be classed as question mark due to the fact that the market of this industry is growing and expected to grow, however the company share in the market is less as compared to the market leader. It requires funding so that the market opportunities can be exploited and hence the company can expand in this industry to secure its future.
NEW QUESTION # 67
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. $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
- C. All of the under-applied manufacturing overhead should be charged to Cost of Goods Sold for the year.
- 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
Answer: B
NEW QUESTION # 68
A company uses the full cost method to determine transfer prices between business units The related data are shown below
Based on these data, what is the transfer price?
- A. $22 50
- B. $50.00
- C. $37.50.
- D. $25.00
Answer: D
NEW QUESTION # 69
A company's controller is preparing to allocate service department costs. The controller would like to use a cost allocation method that would be most accurate. The method the controller would most likely use is the
- A. direct method
- B. reciprocal method
- C. dual allocation method
- D. step-down method
Answer: B
NEW QUESTION # 70
Which one of the following statements best defines data governance?
- A. A framework used to oversee the availability, usability and integrity of data
- B. Procedures implemented by the board of directors to manage data.
- C. The company's framework for supervising and managing the IT function
- D. The corporate records retention policy setting out the contents of the system data records
Answer: C
NEW QUESTION # 71
Identify one external factor that provides opportunity for the Food-To-Go division.
Essay
Food Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL's newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.
In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country's leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.
The Food-To-Go division only contributed 5% of FDL's total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go's sales were only 20% of the industry leader's sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.
The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.
Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division's budgeted sales in the past three years He argued that his division is the company's best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.
Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL's required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions).
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
Chanding trend of consumers to order the food instead of visiting the restaurants
NEW QUESTION # 72
Explain the difference between the ROI method and the Rl method in performance evaluation Essay Food Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL's newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.
In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country's leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.
The Food-To-Go division only contributed 5% of FDL's total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go's sales were only 20% of the industry leader's sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.
The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.
Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division's budgeted sales in the past three years He argued that his division is the company's best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.
Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL's required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions).
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
Return on investment measures the profit earned over the investment amount by a division where as residual income measures the income over the minimum required rate or return on the capital invested amount Return on investment is a percentage based method which is easy to understand by the managers and residual income is more goal congruent however calculations are subjective and subject to assumptions and estimates
NEW QUESTION # 73
A company extracts data from existing data sets to identify customer patterns By doing this, the company is applying
- A. diagnostic analysis
- B. predictive analysis
- C. descriptive analysis
- D. prescriptive analysis
Answer: C
NEW QUESTION # 74
A company has prepared the following pro forma income statements. It plans to sell 10,000 units in the current year and 11.500 units next year.
- A. Increase gross profit margin by 15%
- B. Reduce operating expenses by $1.00 per unit
- C. Increase sales revenue by 15%.
- D. Reduce cost of goods sold by $1.00 per unit
Answer: D
NEW QUESTION # 75
A company carried out the following activities for the current period.
According to U.S GAAP, what amount of cash was provided by financing activities?
- A. ($40, 000).
- B. ($25,000).
- C. ($45.000)
- D. ($55.000).
Answer: C
NEW QUESTION # 76
Which one of the following best describes the difference between a normal costing system and an actual costing system?
- A. Direct labor cost is estimated using a predetermined rate under a normal costing system, while it is the actual value under an actual costing system.
- B. Both direct labor cost and direct material cost are estimated using a predetermined rate under a normal costing system, while they are the actual value under an actual costing system
- C. Direct material cost is estimated using a predetermined rate under a normal costing system while it is the actual value under an actual costing system
- D. Factory overhead cost is estimated using a predetermined rate under a normal costing system, while it is me actual value under an actual costing system.
Answer: D
NEW QUESTION # 77
Sullivan Company's static Budget for the past year is shown below.
Sullivan actually sow 11.000.000 units throughout the year which was a quantity within its relevant range. The flexible budget net income that should be used to compare to actual results is
- A. $7,500,000.00
- B. $11,500,000.00
- C. $6,580,000.00
- D. $4,200,000.00
Answer: C
NEW QUESTION # 78
......
The CMA Part 1 Exam consists of multiple-choice questions and is divided into two sections. The first section covers financial planning, performance, and analytics, while the second section covers financial statement analysis. To pass the exam, candidates must score at least 360 out of a possible 500 points. The CMA certification is widely recognized in the financial industry and is seen as a mark of excellence in the profession. It is a valuable credential for those who are seeking to advance their careers in financial management, planning, and analysis.
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