Uploaded by rukhsaridrees99

IMA 24549 CMA Exam Questions low res

advertisement
CMA Examination
Practice Questions
CMA Part 1 – Financial Reporting, Planning, Performance, and Control
Examination Practice Questions
Section A:
1.
2.
External Financial Reporting Decisions
$VWDWHPHQWRIƓQDQFLDOSRVLWLRQSURYLGHVDEDVLVIRUDOORIWKHIROORZLQJexcept
D
FRPSXWLQJUDWHVRIUHWXUQ
E
HYDOXDWLQJFDSLWDOVWUXFWXUH
F
DVVHVVLQJOLTXLGLW\DQGƓQDQFLDOŴH[LELOLW\
G
GHWHUPLQLQJSURƓWDELOLW\DQGDVVHVVLQJSDVWSHUIRUPDQFH
%HUWUDP&RPSDQ\KDGDEDODQFHRILQ5HWDLQHG(DUQLQJVDWWKHEHJLQQLQJRIWKH\HDUDQG
DWWKHHQGRIWKH\HDU1HWLQFRPHIRUWKLVWLPHSHULRGZDV%HUWUDPōV6WDWHPHQWRI)LQDQFLDO3RVLWLRQ
LQGLFDWHGWKDW'LYLGHQGV3D\DEOHKDGGHFUHDVHGE\WKURXJKRXWWKH\HDUGHVSLWHWKHIDFWWKDWERWKFDVK
GLYLGHQGVDQGDVWRFNGLYLGHQGZHUHGHFODUHG7KHDPRXQWRIWKHVWRFNGLYLGHQGZDV:KHQSUHSDULQJ
LWV6WDWHPHQWRI&DVK)ORZVIRUWKH\HDU%HUWUDPVKRXOGVKRZ&DVK3DLGIRU'LYLGHQGVDV
3.
D
E
F
G
7KUHH\HDUVDJR-DPHV&RPSDQ\SXUFKDVHGVWRFNLQ=HEUD,QFDWDFRVWRI7KLVVWRFNZDVVROGIRU
GXULQJWKHFXUUHQWƓVFDO\HDU7KHUHVXOWRIWKLVWUDQVDFWLRQVKRXOGEHVKRZQLQWKH,QYHVWLQJ$FWLYLWLHV
VHFWLRQRI-DPHVō6WDWHPHQWRI&DVK)ORZVDV
D
=HUR
E
F
G
Section B: Planning, Budgeting, and Forecasting
4.
5.
:KLFKRQHRIWKHIROORZLQJLWHPVZRXOGPRVWOLNHO\FDXVHWKHSODQQLQJDQGEXGJHWLQJV\VWHPWRIDLO"7KHODFNRI
D
KLVWRULFDOƓQDQFLDOGDWD
E
LQSXWIURPVHYHUDOOHYHOVRIPDQDJHPHQW
F
WRSPDQDJHPHQWVXSSRUW
G
DGKHUHQFHWRULJLGEXGJHWVGXULQJWKH\HDU
,QRUGHUWRDQDO\]HVDOHVDVDIXQFWLRQRIDGYHUWLVLQJH[SHQVHVWKHVDOHVPDQDJHURI6PLWK&RPSDQ\GHYHORSHG
DVLPSOHUHJUHVVLRQPRGHO7KHPRGHOLQFOXGHGWKHIROORZLQJHTXDWLRQZKLFKZDVEDVHGRQPRQWKO\REVHUYDWLRQVRIVDOHVDQGDGYHUWLVLQJH[SHQVHVZLWKDUHODWHGFRHIƓFLHQWRIGHWHUPLQDWLRQRI
6 $
6 VDOHV
$ DGYHUWLVLQJH[SHQVHV
,I6PLWK&RPSDQ\ōVDGYHUWLVLQJH[SHQVHVLQRQHPRQWKDPRXQWHGWRWKHUHODWHGSRLQWHVWLPDWHRIVDOHV
ZRXOGEH
D
E
F
G
CMA Part 1 – Financial Reporting, Planning, Performance, and Control Examination Practice Questions
1
6.
-RKQVRQ6RIWZDUHKDVGHYHORSHGDQHZVRIWZDUHSDFNDJH-RKQVRQōVVDOHVPDQDJHUKDVSUHSDUHGWKHIROORZLQJ
SUREDELOLW\GLVWULEXWLRQGHVFULELQJWKHUHODWLYHOLNHOLKRRGRIPRQWKO\VDOHVOHYHOVDQGUHODWLYHLQFRPH ORVV IRUWKH
FRPSDQ\ōVQHZVRIWZDUHSDFNDJH
Monthly Sales
,Q8QLWV
3UREDELOLW\
,QFRPH /RVV
,I-RKQVRQGHFLGHVWRPDUNHWLWVQHZVRIWZDUHSDFNDJHWKHH[SHFWHGYDOXHRIDGGLWLRQDOPRQWKO\LQFRPHZLOOEH
7.
D
E
F
G
7LGZHOO&RUSRUDWLRQVHOOVDVLQJOHSURGXFWIRUSHUXQLW$OOVDOHVDUHRQDFFRXQWZLWKFROOHFWHGLQWKH
PRQWKRIVDOHDQGFROOHFWHGLQWKHIROORZLQJPRQWK$VFKHGXOHRIFDVKFROOHFWLRQVIRU-DQXDU\WKURXJK0DUFK
RIWKHFRPLQJ\HDUUHYHDOVWKHIROORZLQJUHFHLSWVIRUWKHSHULRG
Cash Receipts
-DQXDU\
'HFHPEHUUHFHLYDEOHV
)URP-DQXDU\VDOHV
)URP)HEUXDU\VDOHV
)URP0DUFKVDOHV
)HEUXDU\
0DUFK
2WKHULQIRUPDWLRQLQFOXGHVWKHIROORZLQJ
Ř,QYHQWRULHVDUHPDLQWDLQHGDWRIWKHIROORZLQJPRQWKōVVDOHV
Ř7LGZHOOGHVLUHVWRNHHSDPLQLPXPFDVKEDODQFHRI7RWDOSD\PHQWVLQ-DQXDU\DUHH[SHFWHGWREH
ZKLFKH[FOXGHVRIGHSUHFLDWLRQH[SHQVH$Q\UHTXLUHGERUURZLQJVDUHLQPXOWLSOHVRI
Ř7KH'HFHPEHUEDODQFHVKHHWIRUWKHSUHFHGLQJ\HDUUHYHDOHGDFDVKEDODQFHRI
,JQRULQJLQFRPHWD[HVWKHƓQDQFLQJQHHGHGLQ-DQXDU\WRPDLQWDLQWKHƓUPōVPLQLPXPFDVKEDODQFHLV
D
E
F
G
Section C:
8.
Performance Management
$UNLQ&RōVFRQWUROOHUKDVSUHSDUHGDŴH[LEOHEXGJHWIRUWKH\HDUMXVWHQGHGDGMXVWLQJWKHRULJLQDOVWDWLFEXGJHW
IRUWKHXQH[SHFWHGODUJHLQFUHDVHLQWKHYROXPHRIVDOHV$UNLQōVFRVWVDUHPRVWO\YDULDEOH7KHFRQWUROOHULVSOHDVHG
WRQRWHWKDWERWKDFWXDOUHYHQXHVDQGDFWXDOFRVWVDSSUR[LPDWHGDPRXQWVVKRZQRQWKHŴH[LEOHEXGJHW,IDFWXDO
UHYHQXHVDQGDFWXDOFRVWVDUHFRPSDUHGZLWKDPRXQWVVKRZQRQWKHRULJLQDO VWDWLF EXGJHWZKDWYDULDQFHV
ZRXOGDULVH"
D
%RWKUHYHQXHYDULDQFHVDQGFRVWYDULDQFHVZRXOGEHIDYRUDEOH
E
5HYHQXHYDULDQFHVZRXOGEHIDYRUDEOHDQGFRVWYDULDQFHVZRXOGEHXQIDYRUDEOH
F
5HYHQXHYDULDQFHVZRXOGEHXQIDYRUDEOHDQGFRVWYDULDQFHVZRXOGEHIDYRUDEOH
G
%RWKUHYHQXHYDULDQFHVDQGFRVWYDULDQFHVZRXOGEHXQIDYRUDEOH
CMA Part 1 – Financial Reporting, Planning, Performance, and Control Examination Practice Questions
2
9.
/HH0DQXIDFWXULQJXVHVDVWDQGDUGFRVWV\VWHPZLWKRYHUKHDGDSSOLHGEDVHGRQGLUHFWODERUKRXUV7KHPDQXIDFWXULQJEXGJHWIRUWKHSURGXFWLRQRIXQLWVIRUWKHPRQWKRI-XQHLQFOXGHGKRXUVRIGLUHFWODERUDW
SHUKRXURU'XULQJ-XQHXQLWVZHUHSURGXFHGXVLQJGLUHFWODERUKRXUVLQFXUULQJ
RIYDULDEOHRYHUKHDGDQGVKRZLQJDYDULDEOHRYHUKHDGHIƓFLHQF\YDULDQFHRIXQIDYRUDEOH7KHVWDQGDUG
YDULDEOHRYHUKHDGUDWHSHUGLUHFWODERUKRXUZDV
D
E
F
G
10. $FRPSDQ\KDVDƓ[HGRYHUKHDGYROXPHYDULDQFHWKDWLVXQIDYRUDEOH7KHmost OLNHO\FDXVHIRUWKLV
YDULDQFHLVWKDW
D
WKHSURGXFWLRQVXSHUYLVRU\VDODULHVZHUHJUHDWHUWKDQSODQQHG
E
WKHSURGXFWLRQVXSHUYLVRU\VDODULHVZHUHOHVVWKDQSODQQHG
F
PRUHZDVSURGXFHGWKDQSODQQHG
G
OHVVZDVSURGXFHGWKDQSODQQHG
11. .+',QGXVWULHVLVDPXOWLGLYLVLRQDOƓUPWKDWHYDOXDWHVLWVPDQDJHUVEDVHGRQWKHUHWXUQRQLQYHVWPHQW 52, HDUQHG
E\WKHLUGLYLVLRQV7KHHYDOXDWLRQDQGFRPSHQVDWLRQSODQVXVHDWDUJHWHG52,RI HTXDOWRWKHFRVWRIFDSLWDO DQGPDQDJHUVUHFHLYHDERQXVRIRIEDVLFFRPSHQVDWLRQIRUHYHU\RQHSHUFHQWDJHSRLQWWKDWWKHGLYLVLRQ V52,
H[FHHGV'DYLG(YDQVPDQDJHURIWKH&RQVXPHU3URGXFWV'LYLVLRQKDVPDGHDIRUHFDVWRIWKHGLYLVLRQ V
RSHUDWLRQVDQGƓQDQFHVIRUQH[W\HDUWKDWLQGLFDWHVWKH52,ZRXOGEH,QDGGLWLRQQHZVKRUWWHUPSURJUDPV
ZHUHLGHQWLƓHGE\WKH&RQVXPHU3URGXFWV'LYLVLRQDQGHYDOXDWHGE\WKHƓQDQFHVWDIIDVIROORZV
3URJUDP
3URMHFWHG52,
A
B
&
'
$VVXPLQJQRUHVWULFWLRQVRQH[SHQGLWXUHVZKDWLVWKHRSWLPDOPL[RIQHZSURJUDPVWKDWZRXOGDGGYDOXHWR
.+',QGXVWULHV"
D
$%&DQG'
E
%&DQG'RQO\
F
&DQG'RQO\
G
'RQO\
12. 2DNPRQW&RPSDQ\KDVWZRGLYLVLRQV+RXVHKROG$SSOLDQFHVDQG&RQVWUXFWLRQ(TXLSPHQW7KHPDQDJHURIWKH
+RXVHKROG$SSOLDQFHV'LYLVLRQLVHYDOXDWHGRQWKHEDVLVRIUHWXUQRQLQYHVWPHQW 52, 7KHPDQDJHURIWKH
&RQVWUXFWLRQ(TXLSPHQW'LYLVLRQLVHYDOXDWHGRQWKHEDVLVRIUHVLGXDOLQFRPH7KHFRVWRIFDSLWDOKDVEHHQ
DQGWKHUHWXUQRQLQYHVWPHQWKDVEHHQIRUWKHWZRGLYLVLRQV(DFKPDQDJHULVFXUUHQWO\FRQVLGHULQJDSURMHFW
ZLWKDUDWHRIUHWXUQ$FFRUGLQJWRWKHFXUUHQWHYDOXDWLRQV\VWHPIRUPDQDJHUVZKLFKPDQDJHU V ZRXOGKDYH
LQFHQWLYHWRXQGHUWDNHWKHSURMHFW"
D
%RWKPDQDJHUVZRXOGKDYHLQFHQWLYHWRXQGHUWDNHWKHSURMHFW
E
1HLWKHUPDQDJHUZRXOGKDYHLQFHQWLYHWRXQGHUWDNHWKHSURMHFW
F
7KHPDQDJHURIWKH+RXVHKROG$SSOLDQFHV'LYLVLRQZRXOGKDYHLQFHQWLYHWRXQGHUWDNHWKH
SURMHFWZKLOHWKHPDQDJHURIWKH&RQVWUXFWLRQ(TXLSPHQW'LYLVLRQZRXOGQRWKDYHLQFHQWLYHWR
XQGHUWDNHWKHSURMHFW
G
7KHPDQDJHURIWKH&RQVWUXFWLRQ(TXLSPHQW'LYLVLRQZRXOGKDYHLQFHQWLYHWRXQGHUWDNHWKH
SURMHFWZKLOHWKHPDQDJHURIWKH+RXVHKROG$SSOLDQFHV'LYLVLRQZRXOGQRWKDYHLQFHQWLYHWR
XQGHUWDNHWKHSURMHFW
CMA Part 1 – Financial Reporting, Planning, Performance, and Control Examination Practice Questions
3
Section D:
Cost Management
13. $UHYLHZRI3OXQNHWW&RUSRUDWLRQōVDFFRXQWLQJUHFRUGVIRUODVW\HDUGLVFORVHGWKHIROORZLQJVHOHFWHGLQIRUPDWLRQ
Variable costs
'LUHFWPDWHULDOVXVHG
'LUHFWODERU
0DQXIDFWXULQJRYHUKHDG
6HOOLQJFRVWV
Fixed costs
0DQXIDFWXULQJRYHUKHDG
6HOOLQJFRVWV
$GPLQLVWUDWLYHFRVWV
,QDGGLWLRQWKHFRPSDQ\VXIIHUHGDXQLQVXUHGIDFWRU\ƓUHORVVGXULQJWKH\HDU:KDWZHUH3OXQNHWWōV
SURGXFWFRVWVDQGSHULRGFRVWVIRUODVW\HDU"
14.
3HULRG
D
3URGXFW
E
F
G
/R\DO&RSURGXFHVWKUHHW\SHVRIPHQōVXQGHUVKLUWV7VKLUWV9QHFNVKLUWVDQGDWKOHWLFVKLUWV,QWKH)ROGLQJDQG
3DFNDJLQJ'HSDUWPHQWRSHUDWLRQVFRVWLQJLVXVHGWRDSSO\FRVWVWRLQGLYLGXDOXQLWVEDVHGRQWKHVWDQGDUGWLPH
DOORZHGWRIROGDQGSDFNDJHHDFKW\SHRIXQGHUVKLUW7KHVWDQGDUGWLPHWRIROGDQGSDFNDJHHDFKW\SHRIXQGHUVKLUWLVDVIROORZV
7VKLUW
VHFRQGVSHUVKLUW
9QHFNVKLUW
VHFRQGVSHUVKLUW
$WKOHWLFVKLUW
VHFRQGVSHUVKLUW
'XULQJWKHPRQWKRI$SULO/R\DOSURGXFHGDQGVROG7VKLUWV9QHFNVKLUWVDQGDWKOHWLFVKLUWV
,IFRVWVLQWKH)ROGLQJDQG3DFNDJLQJ'HSDUWPHQWZHUHGXULQJ$SULOKRZPXFKIROGLQJDQGSDFNDJLQJ
FRVWVKRXOGEHDSSOLHGWRHDFK7VKLUW"
15.
D
E
F
G
:KHQFRQVLGHULQJQRUPDODQGDEQRUPDOVSRLODJHZKLFKRQHRIWKHIROORZLQJLVWKHRUHWLFDOO\WKHbest DFFRXQWLQJ
PHWKRGIRUVSRLODJHLQDSURFHVVFRVWLQJV\VWHP"
D
%RWKQRUPDODQGDEQRUPDOVSRLODJHFRVWVKRXOGEHFKDUJHGWRDVHSDUDWHH[SHQVHDFFRXQW
E
1RUPDOVSRLODJHFRVWVKRXOGEHFKDUJHGWRJRRGXQLWVDQGDEQRUPDOVSRLODJHFRVWVKRXOGEH
FKDUJHGWRDVHSDUDWHH[SHQVHDFFRXQW
F
%RWKQRUPDODQGDEQRUPDOVSRLODJHFRVWVVKRXOGEHFKDUJHGWRJRRGXQLWV
G
1RUPDOVSRLODJHFRVWVVKRXOGEHFKDUJHGWRDVHSDUDWHH[SHQVHDFFRXQWDQGDEQRUPDOVSRLODJH
FRVWVKRXOGEHFKDUJHGWRJRRGXQLWV
CMA Part 1 – Financial Reporting, Planning, Performance, and Control Examination Practice Questions
4
Section E:
16.
Internal Controls
:KLFKRQHRIWKHIROORZLQJDFFRXQWLQJDQGPDQDJHPHQWWHFKQLTXHVLV leastOLNHO\WRDVVLVWLQWHUQDODXGLWRUVLQ
DSSUDLVLQJWKHHIƓFLHQF\ZLWKZKLFKUHVRXUFHVDUHEHLQJXVHGE\UHVSHFWLYHSURƓWFHQWHUV"
17.
D
&RVW9DULDQFH$QDO\VLV
E
)OH[LEOH%XGJHWV
F
$FWLYLW\EDVHG0DQDJHPHQW
G
-RLQW&RVW$OORFDWLRQV
:KLFKRQHRIWKHIROORZLQJW\SHVRIDXGLWVZRXOGEHmostOLNHO\WRIRFXVRQREMHFWLYHVUHODWHGWRWKHHIƓFLHQWXVH
RIUHVRXUFHV"
18.
D
&RPSOLDQFHDXGLW
E
,QIRUPDWLRQV\VWHPVDXGLW
F
,QGHSHQGHQWDXGLW
G
2SHUDWLRQDODXGLW
:KLFKRQHRIWKHIROORZLQJUHSUHVHQWVDZHDNQHVVLQWKHLQWHUQDOFRQWUROV\VWHPRIDQHOHFWURQLFGDWDSURFHVVLQJ
V\VWHP"
D
7KHGDWDFRQWUROJURXSUHYLHZVDQGWHVWVSURFHGXUHVDQGKDQGOHVWKHUHSURFHVVLQJRIHUURUV
GHWHFWHGE\WKHFRPSXWHU
E
7KHDFFRXQWVUHFHLYDEOHFOHUNSUHSDUHVDQGHQWHUVGDWDLQWRWKHFRPSXWHUV\VWHPDQGUHYLHZV
WKHRXWSXWIRUHUURUV
F
7KHV\VWHPVDQDO\VWGHVLJQVQHZV\VWHPVDQGVXSHUYLVHVWHVWLQJRIWKHV\VWHP
G
7KHFRPSXWHURSHUDWRUH[HFXWHVSURJUDPVDFFRUGLQJWRRSHUDWLQJLQVWUXFWLRQVDQGPDLQWDLQV
FXVWRG\RISURJUDPVDQGGDWDƓOHV
CMA Part 1 – Financial Reporting, Planning, Performance, and Control Examination Practice Questions
5
CMA Part 2 – Financial Decision Making - Examination
Practice Questions
Section A:
1.
Financial Statement Analysis
6KRZQEHORZDUHVHOHFWHGGDWDIURP)RUWXQH&RPSDQ\ōVPRVWUHFHQWƓQDQFLDOVWDWHPHQWV
0DUNHWDEOHVHFXULWLHV
$FFRXQWVUHFHLYDEOH
,QYHQWRU\
6XSSOLHV
$FFRXQWVSD\DEOH
6KRUWWHUPGHEWSD\DEOH
$FFUXDOV
:KDWLV)RUWXQHōVQHWZRUNLQJFDSLWDO"
2.
D
E
F
G
7KHFDSLWDOVWUXFWXUHRIIRXUFRUSRUDWLRQVLVDVIROORZV
6WHUOLQJ
&RUSRUDWLRQ
&RRSHU
:DUZLFN
3DQH
6KRUWWHUPGHEW
/RQJWHUPGHEW
3UHIHUUHGVWRFN
&RPPRQHTXLW\
:KLFKFRUSRUDWLRQLVWKHPRVWKLJKO\OHYHUDJHG"
3.
D
6WHUOLQJ
E
&RRSHU
F
:DUZLFN
G
3DQH
2QLWV\HDUHQGƓQDQFLDOVWDWHPHQWV&DSHU&RUSRUDWLRQVKRZHGVDOHVRIQHWƓ[HGDVVHWVRI
DQGWRWDODVVHWVRI7KHFRPSDQ\ōVƓ[HGDVVHWVWXUQRYHULV
D
WLPHV
E
F
WLPHV
G
Section B: Corporate Finance
4.
:KLFKRQHRIWKHIROORZLQJSURYLGHVWKHbest PHDVXUHRILQWHUHVWUDWHULVNIRUDFRUSRUDWHERQG"
D
'XUDWLRQ
E
<LHOGWRPDWXULW\
F
%RQGUDWLQJ
G
0DWXULW\
CMA Part 2 – Financial Decision Making - Examination Practice Questions
6
5.
-DPHV+HPPLQJWKHFKLHIƓQDQFLDORIƓFHURID0LGZHVWHUQPDFKLQHSDUWVPDQXIDFWXUHULVFRQVLGHULQJVSOLWWLQJ
WKHFRPSDQ\ōVVWRFNZKLFKLVFXUUHQWO\VHOOLQJDWSHUVKDUH7KHVWRFNFXUUHQWO\SD\VDSHUVKDUH
GLYLGHQG,IWKHVSOLWLVWZRIRURQH0U+HPPLQJPD\H[SHFWWKHSRVWVSOLWSULFHWREH
6.
D
H[DFWO\UHJDUGOHVVRIGLYLGHQGSROLF\
E
JUHDWHUWKDQLIWKHGLYLGHQGLVFKDQJHGWRSHUQHZVKDUH
F
JUHDWHUWKDQLIWKHGLYLGHQGLVFKDQJHGWRSHUQHZVKDUH
G
OHVVWKDQUHJDUGOHVVRIGLYLGHQGSROLF\
'H[WHU3URGXFWVUHFHLYHVZRUWKRIPHUFKDQGLVHIURPLWVPDMRUVXSSOLHURQWKHWKDQGWKRIHDFK
PRQWK7KHJRRGVDUHVROGRQWHUPVRIQHWDQG'H[WHUKDVEHHQSD\LQJRQWKHQHWGXHGDWHDQG
IRUJRLQJWKHGLVFRXQW$ORFDOEDQNRIIHUHG'H[WHUDORDQDWDQLQWHUHVWUDWHRI:KDWZLOOEHWKHQHWDQQXDO
VDYLQJVWR'H[WHULILWERUURZVIURPWKHEDQNDQGXWLOL]HVWKHIXQGVWRWDNHDGYDQWDJHRIWKHWUDGHGLVFRXQW"
7.
D
E
F
G
:KLFKRQHRIWKHIROORZLQJLQVWUXPHQWVZRXOGEHleastDSSURSULDWHIRUDFRUSRUDWHWUHDVXUHUWRXWLOL]HIRU
WHPSRUDU\LQYHVWPHQWRIFDVK"
8.
D
867UHDVXU\ELOOV
E
0RQH\PDUNHWPXWXDOIXQGV
F
&RPPHUFLDOSDSHU
G
0XQLFLSDOERQGV
9DOOH\,QFXVHVOEVRIDUDUHLVRWRSHSHU\HDU7KHLVRWRSHFRVWVSHUOEEXWWKHVXSSOLHULVRIIHULQJD
TXDQWLW\GLVFRXQWRIIRURUGHUVL]HVEHWZHHQDQGOEVDQGDGLVFRXQWIRURUGHUVL]HVRIOEVRU
PRUH7KHRUGHULQJFRVWVDUH&DUU\LQJFRVWVDUHSHUOERIPDWHULDODQGDUHQRWDIIHFWHGE\WKH
GLVFRXQWV,IWKHSXUFKDVLQJPDQDJHUSODFHVHLJKWRUGHUVRIOEVHDFKWKHWRWDOFRVWRIRUGHULQJDQGFDUU\LQJ
LQYHQWRU\LQFOXGLQJGLVFRXQWVORVWZLOOEH
9.
D
E
F
G
:KLFKRQHRIWKHIROORZLQJLVnot H[SOLFLWO\FRQVLGHUHGLQWKHVWDQGDUGFDOFXODWLRQRI(FRQRPLF2UGHU4XDQWLW\
(24 "
D
/HYHORIVDOHV
E
)L[HGRUGHULQJFRVWV
F
&DUU\LQJFRVWV
G
4XDQWLW\GLVFRXQWV
CMA Part 2 – Financial Decision Making - Examination Practice Questions
7
Section C: Decision Analysis
10.
0HWDO&UDIWSURGXFHVWKUHHLQH[SHQVLYHVRFNHWZUHQFKVHWVWKDWDUHSRSXODUZLWKGRLW\RXUVHOIHUV%XGJHWHG
LQIRUPDWLRQIRUWKHXSFRPLQJ\HDULVDVIROORZV
0RGHO
6HOOLQJ3ULFH
9DULDEOH&RVW
(VWLPDWHG
6DOHV9ROXPH
1R
VHWV
1R
VHWV
1R
VHWV
7RWDOƓ[HGFRVWVIRUWKHVRFNHWZUHQFKSURGXFWOLQHDUH,IWKHFRPSDQ\ōVDFWXDOH[SHULHQFHUHPDLQV
FRQVLVWHQWZLWKWKHHVWLPDWHGVDOHVYROXPHSHUFHQWDJHGLVWULEXWLRQDQGWKHƓUPGHVLUHVWRJHQHUDWHWRWDORSHUDWLQJLQFRPHRIKRZPDQ\0RGHO1RVRFNHWVHWVZLOO0HWDO&UDIWKDYHWRVHOO"
11.
D
E
F
G
&HUYLQH&RUSRUDWLRQPDNHVWZRW\SHVRIPRWRUVIRUXVHLQYDULRXVSURGXFWV2SHUDWLQJGDWDDQGXQLWFRVW
LQIRUPDWLRQIRULWVSURGXFWVDUHSUHVHQWHGEHORZ
$QQXDOXQLWFDSDFLW\
$QQXDOXQLWGHPDQG
6HOOLQJSULFH
3URGXFW$
3URGXFW%
9DULDEOHPDQXIDFWXULQJFRVW
)L[HGPDQXIDFWXULQJFRVW
9DULDEOHVHOOLQJ DGPLQLVWUDWLYH
)L[HGVHOOLQJ DGPLQLVWUDWLYH
)L[HGRWKHUDGPLQLVWUDWLYH
8QLWRSHUDWLQJSURƓW
$20
$10
0DFKLQHKRXUVSHUXQLW
&HUYLQHKDVSURGXFWLYHPDFKLQHKRXUVDYDLODEOH7KHUHOHYDQWFRQWULEXWLRQPDUJLQVSHUPDFKLQHKRXUIRU
HDFKSURGXFWWREHXWLOL]HGLQPDNLQJDGHFLVLRQRQSURGXFWSULRULWLHVIRUWKHFRPLQJ\HDUDUH
3URGXFW$
12.
3URGXFW%
D
E
F
G
7KHDGYDQWDJHVRILQFRUSRUDWLQJIXOOSURGXFWFRVWVLQSULFLQJGHFLVLRQVLQFOXGHDOOWKHIROORZLQJ except
D
HDVHLQLGHQWLI\LQJXQLWƓ[HGFRVWVZLWKLQGLYLGXDOSURGXFWV
E
IXOOSURGXFWFRVWUHFRYHU\
F
WKHSURPRWLRQRISULFHVWDELOLW\
G
DSULFLQJIRUPXODWKDWPHHWVWKHFRVWEHQHƓWWHVWLHVLPSOLFLW\
CMA Part 2 – Financial Decision Making - Examination Practice Questions
8
13.
,IDSURGXFWōVSULFHHODVWLFLW\RIGHPDQGLVJUHDWHUWKDQRQHWKHQDSULFHLQFUHDVHZLOOFDXVHWKHTXDQWLW\
GHPDQGHGWR
14.
D
LQFUHDVHE\PRUHWKDQ
E
LQFUHDVHE\OHVVWKDQ
F
GHFUHDVHE\OHVVWKDQ
G
GHFUHDVHE\PRUHWKDQ
:KLFKRQHRIWKHIROORZLQJVLWXDWLRQVbestOHQGVLWVHOIWRDFRVWEDVHGSULFLQJDSSURDFK"
D
$SDSHUPDQXIDFWXUHUQHJRWLDWLQJWKHSULFHIRUVXSSO\LQJFRS\SDSHUWRDQHZPDVVPHUFKDQGLVHU
RIRIƓFHSURGXFWV
E
$QLQGXVWULDOHTXLSPHQWIDEULFDWRUQHJRWLDWLQJSULFLQJIRURQHRILWVVWDQGDUGPRGHOVZLWKD
PDMRUVWHHOPDQXIDFWXUHU
F
$FRPSXWHUFRPSRQHQWPDQXIDFWXUHUGHEDWLQJSULFLQJWHUPVZLWKDFXVWRPHULQDQHZFKDQQHO
RIGLVWULEXWLRQ
G
$FRPSXWHUFRPSRQHQWPDQXIDFWXUHUGHEDWLQJSULFLQJZLWKDQHZFXVWRPHUIRUDPDGHWR
RUGHUVWDWHRIWKHDUWDSSOLFDWLRQ
Section D:
15.
Risk Management
$ƓUPLVFRQVWUXFWLQJDULVNDQDO\VLVWRTXDQWLI\WKHH[SRVXUHRILWVGDWDFHQWHUWRYDULRXVW\SHVRIWKUHDWV:KLFK
RQHRIWKHIROORZLQJVLWXDWLRQVZRXOGUHSUHVHQWWKHKLJKHVWDQQXDOORVVH[SRVXUHDIWHUDGMXVWPHQWIRULQVXUDQFH
SURFHHGV"
)UHTXHQF\RI
2FFXUHQFH
<HDUV
,QVXUDQFH
FRYHUDJH
D
E
F
G
Section E:
16.
/RVV
$PRXQW
Investment Decisions
&DOYLQ,QFLVFRQVLGHULQJWKHSXUFKDVHRIDQHZVWDWHRIWKHDUWPDFKLQHWRUHSODFHLWVKDQGRSHUDWHGPDFKLQH
&DOYLQōVHIIHFWLYHWD[UDWHLVDQGLWVFRVWRIFDSLWDOLV'DWDUHJDUGLQJWKHH[LVWLQJDQGQHZPDFKLQHVDUH
SUHVHQWHGEHORZ
([LVWLQJ
0DFKLQH
1HZ
0DFKLQH
2ULJLQDOFRVW
,QVWDOODWLRQFRVWV )UHLJKWDQGLQVXUDQFH
([SHFWHGHQGVDOYDJHYDOXH 'HSUHFLDWLRQPHWKRG
VWUDLJKWOLQH
VWUDLJKWOLQH
([SHFWHGXVHIXOOLIH
\HDUV
\HDUV
7KHH[LVWLQJPDFKLQHKDVEHHQLQVHUYLFHIRUVHYHQ\HDUVDQGFRXOGEHVROGFXUUHQWO\IRU&DOYLQH[SHFWV
WRUHDOL]HDEHIRUHWD[DQQXDOUHGXFWLRQLQODERUFRVWVRILIWKHQHZPDFKLQHLVSXUFKDVHGDQGSODFHGLQ
VHUYLFH
CMA Part 2 – Financial Decision Making - Examination Practice Questions
9
,IWKHQHZPDFKLQHLVSXUFKDVHGWKHLQFUHPHQWDOFDVKŴRZVIRUWKHƓIWK\HDUZRXOGDPRXQWWR
17.
D
E
F
G
7KHRZQHURI:RRƓHōV9LGHR5HQWDOFDQQRWGHFLGHKRZWRSURMHFWWKHUHDOFRVWVRIRSHQLQJDUHQWDOVWRUHLQDQHZ
VKRSSLQJPDOO7KHRZQHUNQRZVWKHFDSLWDOLQYHVWPHQWUHTXLUHGEXWLVQRWVXUHRIWKHUHWXUQVIURPDVWRUHLQD
QHZPDOO+LVWRULFDOO\WKHYLGHRUHQWDOLQGXVWU\KDVKDGDQLQŴDWLRQUDWHHTXDOWRWKHHFRQRPLFQRUP7KHRZQHU
UHTXLUHVDUHDOLQWHUQDOUDWHRIUHWXUQRI,QŴDWLRQLVH[SHFWHGWREHGXULQJWKHQH[WIHZ\HDUV7KHLQGXVWU\
H[SHFWVDQHZVWRUHWRVKRZDJURZWKUDWHZLWKRXWLQŴDWLRQRI)LUVW\HDUUHYHQXHVDWWKHQHZVWRUHDUH
H[SHFWHGWREH
7KHUHYHQXHVIRUWKHVHFRQG\HDUXVLQJERWKWKHUHDOUDWHDSSURDFKDQGWKHQRPLQDOUDWHDSSURDFKUHVSHFWLYHO\
ZRXOGEH
18.
D
UHDODQGQRPLQDO
E
UHDODQGQRPLQDO
F
UHDODQGQRPLQDO
G
UHDODQGQRPLQDO
/RJDQ(QWHUSULVHVLVDWDFULWLFDOGHFLVLRQSRLQWDQGPXVWGHFLGHZKHWKHUWRJRRXWRIEXVLQHVVRUFRQWLQXHWR
RSHUDWHIRUƓYHPRUH\HDUV/RJDQKDVDODERUFRQWUDFWZLWKƓYH\HDUVUHPDLQLQJWKDWFDOOVIRUPLOOLRQLQ
VHYHUDQFHSD\LI/RJDQōVSODQWVKXWVGRZQ7KHƓUPDOVRKDVDFRQWUDFWWRVXSSO\XQLWVSHU\HDUDWDSULFH
RIHDFKWR'LOO,QFIRUWKHQH[WƓYH\HDUV'LOOLV/RJDQōVRQO\UHPDLQLQJFXVWRPHU/RJDQPXVWSD\'LOO
LPPHGLDWHO\LILWGHIDXOWVRQWKHFRQWUDFW7KHSODQWKDVDQHWERRNYDOXHRIDQGDSSUDLVHUV
HVWLPDWHWKHIDFLOLW\ZRXOGVHOOIRUWRGD\EXWZRXOGKDYHQRPDUNHWYDOXHLIRSHUDWHGIRUDQRWKHUƓYH
\HDUV/RJDQōVƓ[HGFRVWVDUHPLOOLRQSHU\HDUDQGYDULDEOHFRVWVDUHSHUXQLW/RJDQōVDSSURSULDWHGLVFRXQW
UDWHLV,JQRULQJWD[HVWKHRSWLPDOGHFLVLRQLVWR
19.
D
VKXWGRZQEHFDXVHWKHDQQXDOFDVKŴRZLVQHJDWLYHSHU\HDU
E
NHHSRSHUDWLQJWRDYRLGWKHVHYHUDQFHSD\RI
F
VKXWGRZQVLQFHWKHEUHDNHYHQSRLQWLVXQLWVZKLOHDQQXDOVDOHVDUHXQLWV
G
NHHSRSHUDWLQJVLQFHWKHLQFUHPHQWDOQHWSUHVHQWYDOXHLVDSSUR[LPDWHO\
6WDWHQ&RUSRUDWLRQLVFRQVLGHULQJWZRPXWXDOO\H[FOXVLYHSURMHFWV%RWKUHTXLUHDQLQLWLDORXWOD\RIDQG
ZLOORSHUDWHIRUƓYH\HDUV7KHFDVKŴRZVDVVRFLDWHGZLWKWKHVHSURMHFWVDUHDVIROORZV
<HDU
3URMHFW;
3URMHFW<
Total
$235,000
$280,000
6WDWHQōVUHTXLUHGUDWHRIUHWXUQLV8VLQJWKHQHWSUHVHQWYDOXHPHWKRGZKLFKRQHRIWKHIROORZLQJDFWLRQV
ZRXOG\RXUHFRPPHQGWR6WDWHQ"
D
$FFHSW3URMHFW;DQGUHMHFW3URMHFW<
E
$FFHSW3URMHFW<DQGUHMHFW3URMHFW;
F
$FFHSW3URMHFWV;DQG<
G
5HMHFW3URMHFWV;DQG<
CMA Part 2 – Financial Decision Making - Examination Practice Questions
10
Section F: Professional Ethics
20.
5HFHQWO\)DQ&OXE,QFVXEPLWWHGDEXGJHWIRUWKHFRPLQJ\HDUWRPDQDJHPHQW,QFOXGHGLQWKHEXGJHWZHUHWKH
SODQVIRUDQHZSURGXFWDUHFKDUJHDEOHIDQ7KHQHZIDQZLOOQRWRQO\ODVWORQJHUWKDQWKHFRPSHWLWRUōVSURGXFW
EXWLVDOVRPRUHTXLHW:KLOHQRW\HWDSSURYHGWKHEXGJHWFDOOHGIRUDJJUHVVLYHDGYHUWLVLQJWRVXSSRUWLWVVDOHV
WDUJHWVDVWKHEXVLQHVVFRPPXQLW\ZDVQRW\HWDZDUHWKDW)DQ&OXEZDVFORVHWRSURGXFWLRQRIDQHZIDQ$
PHPEHURIWKHPDQDJHPHQWDFFRXQWLQJVWDIIŏVKDUHGŐWKHEXGJHWZLWKDGLVWULEXWRU,QDFFRUGDQFHZLWK,0$ōV
ŏ6WDWHPHQWRI(WKLFDO3URIHVVLRQDO3UDFWLFHŐZKLFKRQHRIWKHIROORZLQJZRXOGbest UHSUHVHQWWKHHWKLFDOFRQŴLFWLQ
WKLVVLWXDWLRQ"
D
7KHEXGJHWKDVQRWEHHQDSSURYHGDQGWKHUHIRUHLVQRWIRUSXEOLFDWLRQ
E
7KHSULFHKDVQRWEHHQHVWDEOLVKHGVRH[SHFWDWLRQVPXVWEHPDQDJHG
F
7KHVWDIIPHPEHUH[SRVHGWKHFRPSDQ\WRDSRWHQWLDOODZVXLW
G
7KHHPSOR\HHVKRXOGUHIUDLQIURPGLVFORVLQJFRQƓGHQWLDOLQIRUPDWLRQ
CMA Part 2 – Financial Decision Making - Examination Practice Questions
11
Answers: CMA Part 1
1.
&RUUHFWDQVZHUG7KH,QFRPH6WDWHPHQWLVXVHGWRGHWHUPLQHDƓUPōVSURƓWDELOLW\DQGSDVWSHUIRUPDQFHFDQEH
HYDOXDWHGXVLQJSULRUSHULRGLQFRPHVWDWHPHQWV$OORIWKHRWKHUFKDUDFWHULVWLFVOLVWHGFDQEHGHWHUPLQHGIURP
WKH6WDWHPHQWRI)LQDQFLDO3RVLWLRQ
2.
3.
&RUUHFWDQVZHUF%HUWUDPōV&DVK3DLGIRU'LYLGHQGVLVDVFDOFXODWHGEHORZ
Ŋ;
Ŋ;
;
&RUUHFWDQVZHUG-DPHVVKRXOGLQFOXGHWKHWRWDOYDOXHRIWKHVDOH LQWKH,QYHVWLQJ$FWLYLWLHV6HFWLRQRI
WKH&DVK)ORZ6WDWHPHQW
4.
&RUUHFWDQVZHUF$EXGJHWWKDWLVQRWVXSSRUWHGE\WRSPDQDJHPHQWKDVYHU\OLWWOHFKDQFHRIVXFFHVVDV
VXERUGLQDWHVZLOODWWDFKOLWWOHLPSRUWDQFHWRWKHEXGJHWDQGZLOOIRFXVRQZKDWPDQDJHPHQWGRHVFRQVLGHU
LPSRUWDQW
5.
6.
&RUUHFWDQVZHUG6DOHV 6 $
$ &RUUHFWDQVZHUD
([SHFWHGYDOXH [ [ [ Ŋ [
7.
8.
&RUUHFWDQVZHUF7KHFRPSDQ\ZLOOQHHGWRERUURZLQ-DQXDU\DVVKRZQEHORZ
2SHQLQJEDODQFH
-DQXDU\FROOHFWLRQV
-DQXDU\H[SHQVH
&ORVLQJEDODQFH /HVVPLQLPXPEDODQFH
%RUURZLQJQHHG URXQGHGWR
&RUUHFWDQVZHUE,IDFRPSDQ\H[SHULHQFHVDQLQFUHDVHLQVDOHVYROXPHWKHDFWXDOUHYHQXHZLOOEHJUHDWHUWKDQ
WKHPDVWHUEXGJHWUHYHQXH IDYRUDEOHYDULDQFH DQGWKHDFWXDOFRVWVZLOOEHJUHDWHUWKDQWKHPDVWHUEXGJHWFRVWV
XQIDYRUDEOHYDULDQFHV CMA Part 1 – Answers
12
9.
10.
&RUUHFWDQVZHUE7KHVWDQGDUGYDULDEOHRYHUKHDGUDWHSHUGLUHFWODERUKRXULVFDOFXODWHGDVIROORZV
6WDQGDUGKRXUVXQLW
KRXUV¹XQLWV
KRXUVXQLW
6WDQGDUGKRXUVIRURXWSXW XQLWV[KRXUV
KRXUV
92+HIƓFLHQF\YDULDQFH Ŋ [5 5 5 &RUUHFWDQVZHUG$Ɠ[HGRYHUKHDGYROXPHYDULDQFHLVGHSHQGHQWRQTXDQWLW\DERYHRUEHORZWKHSODQQHG
TXDQWLW\$QXQIDYRUDEOHYROXPHYDULDQFHPHDQVWKDWSURGXFWLRQZDVOHVVWKDQSODQQHG
11.
&RUUHFWDQVZHUE$OOSURMHFWVZLWKDSURMHFWHG52,WKDWLVJUHDWHUWKDQWKHUHTXLUHGUDWHRIUHWXUQ FRVWRIFDSLWDO ZRXOGDGGYDOXHWR.+',QGXVWULHV:LWKRXWFDSLWDOUHVWULFWLRQV3URMHFWV%&DQG'VKRXOGEHVHOHFWHG
12.
&RUUHFWDQVZHUG$VORQJDVWKHSURMHFWUHWXUQLVDERYHWKHFRVWRIFDSLWDOWKHPDQDJHURIWKH&RQVWUXFWLRQ
(TXLSPHQW'LYLVLRQZLOODFFHSWWKHSURMHFW7KHPDQDJHURIWKH+RXVHKROG$SSOLDQFHV'LYLVLRQPHDVXUHGRQWKH
EDVLVRI52,ZLOOQRWDFFHSWDSURMHFWHGUDWHRIUHWXUQRIZKHQWKHFXUUHQW52,RIWKHGLYLVLRQLV
13.
&RUUHFWDQVZHUF3OXQNHWWōVSURGXFWFRVWVZHUHDQGWKHSHULRGFRVWVZHUHDVVKRZQEHORZ
3URGXFW&RVWV
14.
15.
3HULRG&RVWV
'LUHFWPDWHULDO
9DULDEOHVHOOLQJ 'LUHFWODERU
)L[HGVHOOLQJ
9DULDEOHRYHUKHDG
$GPLQLVWUDWLYH
)L[HGRYHUKHDG 7RWDOSURGXFWFRVWV
7RWDOSHULRGFRVWV
)LUHORVV
&RUUHFWDQVZHUG7KHFRVWDSSOLHGWRHDFK7VKLUWLVFDOFXODWHGDVIROORZV
7RWDOVHFRQGVXVHG
&RVWSHUVHFRQG ¹
&RVWSHU7VKLUW [
[
&RUUHFWDQVZHUE1RUPDOVSRLODJHVKRXOGEHSDUWRIWKHQRUPDOFRVWRIPDQXIDFWXULQJJRRGVDQGVKRXOGEH
FKDUJHGWRJRRGXQLWVSURGXFHG$EQRUPDOVSRLODJHQRWDSDUWRIQRUPDORSHUDWLRQVVKRXOGEHH[SHQVHGDVD
SHULRGFRVWZKHQGHWHFWHG
16.
&RUUHFWDQVZHUG,QWHUQDODXGLWRUVDUHRIWHQORRNLQJIRUVLJQLƓFDQWRUXQH[SHFWHGYDULDQFHVLQDFFRXQWEDODQFHV
DQGLQYHVWLJDWHWKHVH$OORIWKHPHWKRGVOLVWHG&RVW9DULDQFH$QDO\VLV)OH[LEOH%XGJHWVDQG$FWLYLW\EDVHG
0DQDJHPHQWŊFDQDVVLVWLQWHUQDODXGLWRUVLQVXFKYDULDQFHDQDO\VHVH[FHSWIRUMRLQWFRVWDOORFDWLRQZKLFKLVD
PHWKRGRIDOORFDWLQJFRVWVWRSURGXFWVDQGGRHVQRWKHOSZLWKYDULDQFHDQDO\VLV
CMA Part 1 – Answers
13
17.
&RUUHFWDQVZHUG2QHRIWKHREMHFWLYHVRIWKHRSHUDWLRQDODXGLWLVWRHQVXUHHIƓFLHQWDQGHFRQRPLFRSHUDWLRQV
DQGWKHHIIHFWLYHQHVVZLWKZKLFKWKHVHRSHUDWLRQVDFKLHYHWKHLUREMHFWLYHV7KLVLVQRWDQREMHFWLYHRIWKHFRPSOLDQFHDXGLWWKDWHQVXUHVFRPSOLDQFHZLWKODZVRUWKHLQIRUPDWLRQV\VWHPDXGLWWKDWFKHFNWKHV\VWHPVōFRQWUROV
18.
&RUUHFWDQVZHUG&RPSXWHU2SHUDWRUH[HFXWHVSURJUDPVDQGPDLQWDLQVFXVWRG\RISURJUDPVDQGƓOHV7KLV
DFWLRQLQYROYHVWZRIXQFWLRQVWKDWDUHQRWVHJUHJDWHGUHFRUGLQJRIWUDQVDFWLRQVDQGFXVWRG\RIDVVHWV
CMA Part 1 – Answers
14
Answers: CMA Part 2
1.
&RUUHFWDQVZHUE)RUWXQHōVQHWZRUNLQJFDSLWDOLVDVVKRZQEHORZ
2.
Ŋ &RUUHFWDQVZHUD6WHUOLQJLVWKHPRVWKLJKO\OHYHUDJHGFRUSRUDWLRQEHFDXVHLWKDVWKHJUHDWHVWSHUFHQWDJHRI
GHEWRUƓQDQFLQJZLWKDƓ[HGFKDUJHHJLQWHUHVW
3.
4.
&RUUHFWDQVZHUF&DSHUōVƓ[HGDVVHWWXUQRYHULVWLPHVFDOFXODWHGDVIROORZV
)L[HGDVVHWWXUQRYHU
6DOHV¹$YHUDJHQHWSURSHUW\SODQW HTXLSPHQW
¹
WLPHV
&RUUHFWDQVZHUD,QWHUHVWUDWHULVNLVWKHYDULDWLRQLQWKHPDUNHWSULFHRIDERQGFDXVHGE\FKDQJHVLQLQWHUHVW
UDWHV7KHORQJHUWKHPDWXULW\ GXUDWLRQ RIWKHERQGWKHJUHDWHUWKHSULFHŴXFWXDWLRQDVVRFLDWHGZLWKWKHJLYHQ
FKDQJHLQPDUNHWUHTXLUHGUHWXUQ
5.
&RUUHFWDQVZHUF7KHSRVWVSOLWSULFHRIWKHVWRFNVKRXOGEHJUHDWHUWKDQLIWKHGLYLGHQGFKDQJHGWR
DVWKHGLYLGHQG\LHOGZLOOKDYHLQFUHDVHG
6.
7.
&RUUHFWDQVZHUE
6DYLQJVIURPWUDGHGLVFRXQW [[ ,QWHUHVWWREDQN [[ 1HWVDYLQJV Ŋ &RUUHFWDQVZHUG7\SLFDOO\PXQLFLSDOERQGVDUHWDLORUHGIRUWKHORQJWHUPLQYHVWRUZKLOH7ELOOVPRQH\PDUNHW
IXQGVDQGFRPPHUFLDOSDSHUDUHSULPDULO\XVHGIRUVKRUWWHUPLQYHVWLQJ
8.
9.
&RUUHFWDQVZHUG7KHWRWDOFRVWWKDW9DOOH\ZLOOLQFXULVDVVKRZQEHORZ
2UGHULQJFRVW
&DUU\LQJDYHUDJHLQYHQWRU\
/RVWGLVFRXQWV
[
¹ [ [ [
&RUUHFWDQVZHUG4XDQWLW\GLVFRXQWVDUHQRWH[SOLFLWO\FRQVLGHUHGLQWKH(24PRGHODVSXUFKDVHSULFHGRHVQRW
DIIHFWWKHPRGHO
CMA Part 2 – Answers
15
10.
&RUUHFWDQVZHUE0HWDO&UDIWZRXOGQHHGWRVHOO0RGHO1RVRFNHWVHWVLQRUGHUWRJHQHUDWH
LQRSHUDWLQJLQFRPHEDVHGRQWKHIROORZLQJFDOFXODWLRQ
6DOHVPL[0RGHO0RGHO0RGHO
%UHDNHYHQ [ $ [ $ [ $
$$$
$
VHWV
$
0RGHOEUHDNHYHQVHWV[ VHWV
11.
&RUUHFWDQVZHUE7KHUHOHYDQWFRQWULEXWLRQPDUJLQVSHUPDFKLQHKRXUDUH3URGXFW$DQG3URGXFW%
DVVKRZQEHORZ
12.
3URGXFW$
¹KRXUV
3URGXFW%
¹KRXUV &RUUHFWDQVZHUD)XOOFRVWLQJGRHVQRWVLPSOLI\WKHLGHQWLƓFDWLRQRIXQLWƓ[HGFRVWVZLWKVSHFLƓFSURGXFWV1R
PDWWHUZKDWWKHFRVWLQJPHWKRGƓ[HGFRVWVDUHJHQHUDOO\DUELWUDULO\DOORFDWHGWRSURGXFWVRQDEDVLVVXFKDV
GLUHFWODERUKRXUVRUPDFKLQHKRXUV
13.
&RUUHFWDQVZHUG,IWKHGHPDQGIRUDSURGXFWLVHODVWLFDSHUFHQWDJHFKDQJHLQSULFHUHVXOWVLQDODUJHUSHUFHQWDJHFKDQJHLQGHPDQG,IWKHSURGXFWSULFHLVLQFUHDVHGE\WKHGHPDQGZLOOGHFUHDVHE\PRUHWKDQ
14.
&RUUHFWDQVZHUG&RVWEDVHGSULFLQJLVSDUWLFXODUO\VXLWHGWRVXSSOLHUVWKDWSURYLGHXQLTXHVHUYLFHVDQGSURGXFWV7KHUHIRUHWKHEHVWVLWXDWLRQSUHVHQWHGLVWKHPDNHWRRUGHUVWDWHRIWKHDUWDSSOLFDWLRQ
15.
&RUUHFWDQVZHUD7KHVLWXDWLRQWKDWRFFXUVDQQXDOO\ZLWKDQH[SRVXUHRI [ UHSUHVHQWVWKH
KLJKHVWORVVH[SRVXUH7KHH[SRVXUHRIWKHRWKHUVLWXDWLRQVDUH [¹ [¹
DQG [¹ 16.
17.
&RUUHFWDQVZHUF&DOYLQōVLQFUHPHQWDOFDVKŴRZVLQ<HDUDUHDVVKRZQEHORZ
5HGXFWLRQLQODERUFRVWDIWHUWD[
'HSUHFLDWLRQWD[VKLHOG
[
¹ [
&RUUHFWDQVZHUD8VLQJWKHUHDOUDWHRIWKHUHYHQXHVDUH8VLQJWKHQRPLQDOUDWHDSSURDFK [ WKHUHYHQXHVDUH
CMA Part 2 – Answers
16
18.
&RUUHFWDQVZHUG/RJDQVKRXOGFRQWLQXHWRRSHUDWHDVWKHFRPSDQ\ZRXOGVXIIHUDJUHDWHUORVVE\VKXWWLQJ
GRZQ
19.
1HWSUHVHQWYDOXHRIFDVKŴRZ
>[ @[
[
&RVWRIVKXWWLQJGRZQ
&RUUHFWDQVZHUD6LQFHWKHSURMHFWVDUHPXWXDOO\H[FOXVLYH6WDWHQVKRXOGDFFHSW3URMHFW; KLJKHUQHWSUHVHQW
YDOXH DQGUHMHFW3URMHFW<
20.
1HWSUHVHQWYDOXH3URMHFW;
1HWSUHVHQWYDOXH3URMHFW<
[ [ &RUUHFWDQVZHUG,QDFFRUGDQFHZLWK,0$ōVŏ6WDWHPHQWRI(WKLFDO3URIHVVLRQDO3UDFWLFHŐDPHPEHUōVIDLOXUHWR
FRPSO\ZLWKWKHVWDQGDUGVRIFRPSHWHQFHFRQƓGHQWLDOLW\LQWHJULW\DQGFUHGLELOLW\PD\UHVXOWLQGLVFLSOLQDU\
DFWLRQ'LVFORVLQJDFRPSDQ\ōVLQWHUQDOEXGJHWWRDQRXWVLGHSDUW\LVDEUHDFKRIWKHHWKLFDOVWDQGDUGRIFRQƓGHQWLDOLW\
CMA Part 2 – Answers
17
You’ll be graduating soon.
Give yourself an edge!
IMA’s Student Leadership Conference
NOV. 10-12,
2016
DETROIT, MI
Don’t get stuck in the résumé slush pile. As our recent CMAs say, the
SLC16
CMA credential helped open doors, prove your dedication and drive, and add
instant credibility to your name. Take the CMA exam while still in school and
move your career into the fast lane!
Don’t Miss Out!
Registration Opens
September 6, 2016
ExploreIMASLC.org
Your Future#IMASLC16
EOCEGTVKƂECVKQPQTI
DETROIT MARRIOTT
RENAISSANCE CENTER
Reprinted from New Accountant Magazine
IMA’s Student Leadership Conference
NOV. 10-12,
2016
DETROIT, MI
SLC16
Don’t Miss Out!
Registration Opens
September 6, 2016
DETROIT MARRIOTT
RENAISSANCE CENTER
IMASLC.org
#IMASLC16
Reprinted from New Accountant Magazine
10 Paragon Drive, Suite 1 • Montvale, NJ 07645 • (800) 638 - 4227 • (201) 573 - 9000 • www.imanet.org
Download