The aim of this test bank is to focus on
[1] Section A which is the External Financial Reporting, in particular in the following areas:
Balance Sheet
Historical Cost Convention
Users of Financial Information
What does the Balance Sheet Assess & Provide a Basis for?
Elements of the Balance Sheet
Current Assets
Non-Current Assets
Current Liabilities
Non-Current Liabilities
Equity
The Definition of Income Statement
Income Statement
Statement of Comprehensive Income
Statement of Owners Equity and Limitations of Financial Statements
Statement of Cash Flows
The Indirect Method
Investing and Financing Activities, SCF Disclosures
Integrated Reporting
Accounts Receivable
Inventory Tracking Methods
Inventory Count, Errors, and Valuation
Investments Overview, Debt Securities
Equity Investments
Business Combinations and Consolidations
Recording Fixed Assets
Depreciation of Fixed Assets
Intangible Assets
Reclassifying Short-Term Liabilities
Warranties
Accounting for Income Taxes
Leases
Owners' Equity and Retained Earnings
Common Stock
Preferred Stock
Revenue Recognition
Right of Return and Consigned Goods
Long-Term Contracts
[2] Section B which is Planning, Budgeting, and Forecasting, in particular in the following areas:
Overview, Mission, and Goals
Analyzing External and Internal Environments
Formulating and Implementing Strategies
Other Planning Tools
Budgeting Concepts
Establishing Standards
Learning Curves
Probability
Budget Methodologies
Budget Cycle and Budgets Produced
Preparing the Budget
Ongoing Budgetary Reporting
Budgeting Calculation Questions
Top-Level Planning and Analysis
[3] Section C which is Performance Management, in particular in the following areas:
Introduction to Variance Analysis
Manufacturing Input Variances -- Direct Materials
Manufacturing Input Variances -- Direct Labor
Multiple Input Variances
Overhead Variances
Sales Variances
Market Variances
Contribution Income Statement
Transfer Pricing
Return on Investment and Residual Income
Multiple Performance Measures
Throughout these materials, we have chosen particular language, spellings, structures, and grammar in order to be consistent and comprehensible for all readers. We are aware that our choices may not always adhere to “formal” standards, but my effort is focused on making the study process easy for all candidates. Nonetheless, I continue to welcome your meaningful corrections and ideas for creating better materials.
It is worth mentioning that
Section A - External Financial Reporting weighs around 15% of the CMA Part 1 Exam.
Section B - Planning, Budgeting and Forecasting weighs around 20% of the CMA Part 1 Exam.
Section C - Performance Management weighs around 20% of the CMA Part 1 Exam.
Therefore, this test bank is designed to cover the above-mentioned topics by ideas that you might face during the exam. However, this material is designed exclusively to assist people in their exam preparation. No information in the material should be construed as authoritative business, accounting, or consulting advice. Appropriate professionals should be consulted for such advice and consulting.
I understand the commitment that you have made to the exams, and I will match that commitment in my effort to help you. Furthermore, I understand that your time is too valuable to study for an exam twice, so we will do everything possible to make sure that you pass the first time.
I wish you success in your studies.
Please remember that practice makes perfect or at least permanent.
Sincerely,
Tariq Al-Basha, MSc, CMA®, FMVA®, CMSA®, CBCA™, BIDA™, FPWM®, CREF, ESG
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