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IMA CMA-Financial-Planning-Performance-and-Analytics Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Internal Controls | 15% | - Governance and Control
|
| Topic 2: Cost Management | 15% | - Cost Concepts and Methodologies
|
| Topic 3: Technology and Analytics | 15% | - Technology and Data Analysis
|
| Topic 4: External Financial Reporting Decisions | 15% | - Financial Statements
|
| Topic 5: Performance Management | 20% | - Performance Evaluation
|
| Topic 6: Planning, Budgeting, and Forecasting | 20% | - Planning and Forecasting
|
IMA CMA Part 1: Financial Planning - Performance and Analytics Sample Questions:
Which one of the following statements describes now Section 302 of the Sarbanes-Oxley Act impacts a company's Internal control environment?
- A. Executives are more supportive since they certify their responsibility for the system
- B. The auditor is more independent because non-audit services are prohibited
- C. The board s financial expertise improves because a financial expert is appointed
- D. Greater external scrutiny results because a new auditor must be appointed annually
Correct Answer: A 🗳️
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.
Correct Answer:
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.
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. dual allocation method
- B. reciprocal method
- C. step-down method
- D. direct method
Correct Answer: B 🗳️
Huaxia Manufacturing's standard cost card for product GH1 includes the following:
During the month of June, Huaxia produced 12,300 units. The purchasing department purchased 30,400 yards of fabric for a total cost of $100,320. The production department used 25.300 yards of fabric in June. What is Huaxia's direct materials price variance for the month of June?
- A. $2,450 unfavorable
- B. $14,220 unfavorable
- C. $11,770 unfavorable
- D. $6,080 favorable
Correct Answer: D 🗳️
Ingle Inc. has adopted a quality management program that considers all defects as avoidable and unnecessary The goal of this program is to have zero defects ingle uses a process costing system and has recognized the cost of normal and abnormal spoilage on its financial statements How will the new quality management program affect the accounting for normal and abnormal spoilage?
- A. All spoilage will be recognized as normal spoilage
- B. All spoilage will be assigned to ending finished goods inventory
- C. All spoilage will be recognized as abnormal spoilage
- D. There will be no effect
Correct Answer: C 🗳️
