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IMA CMA-Financial-Planning-Performance-and-Analytics Sample Question Answers

Question # 1

A company has four product noes and must decide to discontinue one so mat it can focuson its more profitable products Information about the four product linesis shown below. if the company evaluates profitability based on ROl. which product line should bediscontinued? m£ Calculator

A. Product line W.
B. Product line X.
C. Product line Y.
D. Product line Z.

Question # 2

Edward Pane is an external auditor who is seeking an understanding of the cash receiptsprocess at his new client Pane decides to use a flowchart to analyze the operations forefficiency and control. Which one of the following statements is true withrespect to thedecision to use a flowchart for this purpose?

A. Pane should not use a flowchart as it is used primarily after the risks have beenidentified
B. Pane should not have selected a flowchart as it is better suited to help with compliancetestingof existing controls
C. Pane property selected the flowchart as a tool to match each of the risks to thecorresponding primary control
D. Pane properly selected the flowchart as it will help to depict the process and identify anymissing or inadequate controls

Question # 3

Music Masters Inc. has three departments: Instrument Sales, Music Instruction andRecording Studio The three segments are staffed by different customer service personnelbut share space and administrative staffCondensed income statement information follows. Management wants to eliminate the Recording Studio because of its losses. Because ofthe configuration of the building it is doubtful the space could be sublet and none of the common fixed costs would be eliminated However, additional space allocated to eitherInstrument Sales or Music Instruction might increase revenue from those sources Inmaking this decision, all of the following outcomes are correct except.

A. elimination of the Recording Studio will increase net income by $10,000
B. elimination of the Recording Studio will decrease net income by $10,000
C. net income will remain the same if the Recording Studio is eliminated and MusicInstruction revenue increases $20,000
D. net income will increase ifthe Recording Studio is eliminated and instrument Salesincrease $25,000

Question # 4

Collins Corporation manufactures its products in a highly automated, just-in-timeenvironment and uses a standard cost system. The variance that would cause the leastconcern would be a

A. 6% unfavorable fixed overhead volume variance caused by work stoppages because ofmissing parts
B. 9% unfavorable material price variance caused by changing to a supplier that wouldsupport the company's just-in-time needs.
C. 30% unfavorable direct labor efficiency variance caused by idle time while waiting forgoods to be received from a previous manufacturing department
D. 12% unfavorable variable overhead spending variance caused by keeping equipmentrunning during times when there is no production activity

Question # 5

Which one of me following statements is correct concerning the Sarbanes-Oxley Act of2002?

A. A company's Chief Accounting Officer cannot have been employed by the company'saudit firm for the five years preceding the audit
B. The five-member Public Company Accounting Oversight Board will be overseen by theAICPA and the FASB working together
C. Corporate executives must personally certify the financial statements and companydisclosures under the possibility of imprisonment
D. The company's audit firm must be rotated every five years and the lead auditor must berotated every year

Question # 6

Faxton and Rexford are competitor in the same industry Faxton utilizes an incentiveprogram mat focuses solely on net income Rexford uses customer service and employeedevelopment in addition to net income in its incentive program. Over time. Faxton can beexpected to

A. have higher sales growth than Rexford due to management s strong focus
B. be less likely to misstate earnings due to the importance of earnings to management
C. be more profitable than Rexford initially Put lose this advantage
D. consistently be more profitable than Rexford due to not funding training programs

Question # 7

Scully Tools Company is currently completing its master budget for the coming yearImmediately before the master budget is approved, it is determined that December salesshould be revised upward by S120.000 . Scully purchases merchandise on a just-in-timebasis, and remits cashimmediately 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 thesale. Scully's gross profit percentage is 30%. What effect will this budget revision have onScully'spro forma statement of cash flows?

A. Cash will decrease by $84,000
B. Cash will decrease by $60,000
C. Cash will increase by $24,000
D. Cash will increase by $36,000

Question # 8

A timber company is evaluating its products to determine whether to continue to furtherprocess scrap wood into wood chips, or to just sell the scrap wood to another company.Which of the following statements best describes what the companyshould considerregarding the potential by-product?

A. The company should consider an of the manufacturing costs for Doth products beyondthe split-off point.
B. The company should consider all joint costs throughout the process before it decides if itshould process further.
C. The company should consider all of the separable costs throughout the process as it isincremental.
D. The company should consider the incremental operating income beyond the split-offpoint In Its decision.

Question # 9

Throughout June. Carroll Company purchased 75,000 pounds of raw materials at a cost of$303,750 and used 60 000 pounds of these purchases in production Carroll's standardsindicated that each unit of finished goods requires three pounds of material at a cost of $4per pound Although Carroll had budgeted for 22,000 units of finished goods to be producedduring June, only 19,800 units were actually made. The raw material price variance forJune that would be most relevant when examining deviations from standard is

A. $2,970 Unfavorable
B. $3,000 Unfavorable
C. $3,300 Unfavorable
D. $3,750 Unfavorable

Question # 10

A company's controller is preparing to allocate service department costs. The controllerwould 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. direct method
D. step-down method

Question # 11

Which one of the following is not considered to be a Benefit of participative budgeting?

A. Managers are held responsible for reaching their goals and cannot shift responsibility byblaming the unrealistic goals demanded by the budget.
B. Budget estimates are prepared by those in direct contact with various activities
C. individuals at all organizational levels are recognized as being pan of the team resultingin greater support of the budget
D. When managers set the final targets for the budget, it reduces top management'sconcerns about the profitability of operations

Question # 12

A manufacturing company is considering implementing activity-based costing. Which oneof the following statements is a valid consideration when making this change?

A. Activity-based costing systems may not replace traditional costing systems used forprepar.ng external financial statements.
B. Companies that make diverse products are least likely to benefit from activity basedcosting
C. An activity-based costing system is more costly to maintain than a traditional costingsystem
D. In an activity-based costing system, all costs including idle capacity costs, are allocatedto products, customers and other costing objects

Question # 13

Hill Corporation sola some of its accounts receivable including one from Custom Company,to Dale incorporated without recourse, Because of this transaction.

A. Dale incorporated hasno recourse against mil Corporation
B. Hill Corporation has no recourse against Dale Incorporated
C. Custom Company has no recourse against Hill Corporation
D. Custom Company has no recourse against Dale incorporated

Question # 14

Stone Ltd manufactures socket wrenches .The company produced 400 000 wrenches andsold 350,000 this year. The following information pertains to the costs accumulated inStone's inventory. What is the difference between Stones operating income under absorption costing andvariable costings

A. $16,750 higher using absorption costing.
B. $19,750 lowerusing variable costing
C. $28,000 lower using variable costing
D. $36.500 higher using absorption costing

Question # 15

The purchasing team manager of a large car retailer is responsible for purchasing cars forthePest price and managing his team's payroll costs. Once the car is purchased the salesteam manager is responsible for setting the prices. Which one of the following statementsbest describes the team s responsibilities'?

A. The purchasing team is an investment center and the sales team is a revenue center
B. The purchasing team is a cost center, and the sales team is an investment center.
C. The purchasing team is an investment center and the sales team is a profit center
D. The purchasing team is a costcenter, and the sales team Is a revenue center

Question # 16

Which one of the following represents a temporary difference under U.S GAAP?

A. Accrued liabilities
B. interest received in municipal bonds
C. Percentage depletion of natural resources
D. Fines and expenses resulting from violation of the law

Question # 17

In trying to predict the returns on the stock market, a novice investor collected data on thesightings ofsperm whales off the eastern coast of North America and the performance ofthe Dow Jones Industrial Average (the Dow) A regression of the two variables resulted in acorrelation coefficient of -0.90 or a coefficient of determination (r2) of 81%. The sightings ofwhales seemed to be negatively correlated with the performance of the Dow. The noviceinvestor should

A. conclude that there is a cause-and-effect relationship between the two variables
B. track the sighting of sperm whales and buy the Dow when sightings are low: concludethat sperm whale sightings are a strong indicator of poor performance of the Dow
C. conclude that the poor performance of the Dow leads to high sightings of sperm whales
D. conclude that this is an example of spurious correlation

Question # 18

COSO's Internal Control-Integrated Framework is the widelyaccepted internal controlframework in the U S Five major Internal control components are Included in thisframework Control environment consists of

A. management s identification and analysis of risks relevant to the preparation of financialstatements according to generally accepted accounting principles
B. management's ongoing and periodic assessment of the quality of internal controlperformance to determine if controls are operating as intended
C. policies and procedures that management has establishedto meet its objectives forfinancial reporting
D. the actions, policies, and procedures that reflect the overall attitudes of top managementdirectors and owners about internal control

Question # 19

Lewis Farms inc, is a large grower of vegetables in Northern California. During a year inwhich there is no drought the firm earns S3 million from its produce In a year with a partialdrought, earnings are $1 million and if there is a severe drought, the firm has zero earningsBased on many years of weather data, in 50% of the years there was no drought in 30% ofthe years there was a partial drought, and a severe drought occurred 20% of the time.Lewis Farms has an opportunity to purchase an insurance policy that would pay Lewis $2million in the event of a severe drought $1 million in the case of a partial drought, andnothing inthe event there is no drought ignoring taxes, the maximum premium that Lewiswould be willing to pay for the policy is

A. $500,000.
B. $700,000.
C. $1, 200, 000.
D. $1, 500, 000.

Question # 20

Trans Action inc. (TAI) is a multidivisional supplier of power train components to theautomobile industry. Following is selected information for the year just ended for each ofthe three divisions. Gear Axle and Housing. The tai Board of Directors has decided to reward the employees or the divisions byallowing them to share in a bonus pool equal to S100.000 for each percentage point thereturn on investment (ROI) earned by their division exceeded the ROI of comparable firmsas shown inthe table below.

A. Axle, Housing, Gear
B. Gear. Housing, Axle
C. Axle, Gear, Housing
D. Housing, Axle, Gear.

Question # 21

Which oneof the following is the most important factor in the successful implementation of abalanced scorecard?

A. Providing a feedback mechanism
B. Setting appropriate measurement criteria
C. Linking the scorecard to external criteria
D. Obtaining management buy-in and support

Question # 22

If a company s disaster recovery planning includes the use of a cold site the company will

A. resume Its business processes immediately at aremote site with no preinstalledequipment
B. restore its IT function after equipment is made ready at a site with prewired IT access
C. restart its IT operations using the real-time mirroring performed at the cold site
D. relaunch its major business processes from a site with preinstalled equipment