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IMA CMA-Financial-Planning-Performance-and-Analytics Exam Overview:

IMA CMA-Financial-Planning-Performance-and-Analytics Exam Syllabus Topics:

IMA CMA Part 1: Financial Planning - Performance and Analytics Sample Questions:

1. Which one of me following statements is correct concerning the Sarbanes-Oxley Act of 2002?

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

2. Identify one external factor that provides opportunity for the Food-To-Go division.
Essay
Food Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL's newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.
In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country's leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.
The Food-To-Go division only contributed 5% of FDL's total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go's sales were only 20% of the industry leader's sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.
The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.
Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division's budgeted sales in the past three years He argued that his division is the company's best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.
Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL's required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions).

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

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

4. A manufacturing company is setting a standard number of labor hours for a product Management creates a draft standard and asks for employees' feedback. Which one of the following statements best represents the type of standard that is being set?

A) A participative standard because It includes management's Input to determine the standard.
B) A participative standard because the employees will more likely view the standard as reasonable.
C) An authoritative standard because management still will ensure the standard fits the strategy
D) An authoritative standard because the employees helped to determine the standard

5. Which of the following represents a significant deficiency m the design of controls?

A) Failure to follow up and correct previously identified internal control deficiencies
B) Evidence of misrepresentation by accounting personnel
C) Inadequate controls over access to computer systems, data and files
D) Management overrides of the accounting for transactions

Solutions: