CMA Part 1: Financial Planning - Performance and Analytics Exam (CMA-Financial-Planning-Performance-and-Analytics) Free Practice Test

Question 1

when considering data visualization elements, the incorporation or color, shape, size, or animation can be used to address

A. data myopia

B. multiple variables

C. data distortion

D. complexity

Correct Answer: B

Question 2

Product liability is best classified as an example of

A. prevention costs

B. internal failure costs

C. appraisal costs

D. external failure costs

Correct Answer: D

Question 3

Comprehensive income is best defined as

A. net income excluding realized gams and losses

B. the change in net assets for the period including contributions from owners and distributions to owners

C. the change In net assets for the period excluding owner transactions

D. total revenues minus total expenses

Correct Answer: C

Question 4

Scully Tools Company is currently completing its master budget for the coming year Immediately before the master budget is approved, it is determined that December sales should be revised upward by S120.000 .
Scully purchases merchandise on a just-in-time basis, and remits cash immediately through electronic transfer All sales are on account. 20% of the sales are collected in the month of sale, and 80% in the month following the sale. Scully's gross profit percentage is 30%. What effect will this budget revision have on Scully's pro forma statement of cash flows?

A. Cash will decrease by $84,000

B. Cash will increase by $36,000

C. Cash will increase by $24,000

D. Cash will decrease by $60,000

Correct Answer: A

Question 5

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 five-member Public Company Accounting Oversight Board will be overseen by the AICPA and the FASB working together

C. The company's audit firm must be rotated every five years and the lead auditor must be rotated every year

D. Corporate executives must personally certify the financial statements and company disclosures under the possibility of imprisonment

Correct Answer: D

Question 6

A company s accounting department is run by only one accountant. Which one of the following can be implemented as a detective control?

A. Require the accountant to update cash balance regularly

B. Train another employee to perform bank reconciliations

C. Require the accountant to double-check his work

D. Train another employee to record journal entries.

Correct Answer: B

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IMA CMA Part 1: Financial Planning - Performance and Analytics (CMA-Financial-Planning-Performance-and-Analytics) Free Practice Test