Sei sulla pagina 1di 20

CMA Examination

Practice Questions
CMA Part 1 – Financial Reporting, Planning, Performance, and Control
Examination Practice Questions

Section A: External Financial Reporting Decisions

1. $VWDWHPHQWRIƓQDQFLDOSRVLWLRQSURYLGHVDEDVLVIRUDOORIWKHIROORZLQJexcept
 D FRPSXWLQJUDWHVRIUHWXUQ
 E HYDOXDWLQJFDSLWDOVWUXFWXUH
 F DVVHVVLQJOLTXLGLW\DQGƓQDQFLDOŴH[LELOLW\
 G GHWHUPLQLQJSURƓWDELOLW\DQGDVVHVVLQJSDVWSHUIRUPDQFH

2. %HUWUDP&RPSDQ\KDGDEDODQFHRILQ5HWDLQHG(DUQLQJVDWWKHEHJLQQLQJRIWKH\HDUDQG
DWWKHHQGRIWKH\HDU1HWLQFRPHIRUWKLVWLPHSHULRGZDV%HUWUDPōV6WDWHPHQWRI)LQDQFLDO3RVLWLRQ
LQGLFDWHGWKDW'LYLGHQGV3D\DEOHKDGGHFUHDVHGE\WKURXJKRXWWKH\HDUGHVSLWHWKHIDFWWKDWERWKFDVK
GLYLGHQGVDQGDVWRFNGLYLGHQGZHUHGHFODUHG7KHDPRXQWRIWKHVWRFNGLYLGHQGZDV:KHQSUHSDULQJ
LWV6WDWHPHQWRI&DVK)ORZVIRUWKH\HDU%HUWUDPVKRXOGVKRZ&DVK3DLGIRU'LYLGHQGVDV
 D 
 E 
 F 
 G 

3. 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. :KLFKRQHRIWKHIROORZLQJLWHPVZRXOGPRVWOLNHO\FDXVHWKHSODQQLQJDQGEXGJHWLQJV\VWHPWRIDLO"7KHODFNRI
 D KLVWRULFDOƓQDQFLDOGDWD
 E LQSXWIURPVHYHUDOOHYHOVRIPDQDJHPHQW
 F WRSPDQDJHPHQWVXSSRUW
 G DGKHUHQFHWRULJLGEXGJHWVGXULQJWKH\HDU

5. ,QRUGHUWRDQDO\]HVDOHVDVDIXQFWLRQRIDGYHUWLVLQJH[SHQVHVWKHVDOHVPDQDJHURI6PLWK&RPSDQ\GHYHORSHG
DVLPSOHUHJUHVVLRQPRGHO7KHPRGHOLQFOXGHGWKHIROORZLQJHTXDWLRQZKLFKZDVEDVHGRQPRQWKO\REVHUYD-
WLRQVRIVDOHVDQGDGYHUWLVLQJH[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
 D 
 E 
 F 
 G 

7. 7LGZHOO&RUSRUDWLRQVHOOVDVLQJOHSURGXFWIRUSHUXQLW$OOVDOHVDUHRQDFFRXQWZLWKFROOHFWHGLQWKH
PRQWKRIVDOHDQGFROOHFWHGLQWKHIROORZLQJPRQWK$VFKHGXOHRIFDVKFROOHFWLRQVIRU-DQXDU\WKURXJK0DUFK
RIWKHFRPLQJ\HDUUHYHDOVWKHIROORZLQJUHFHLSWVIRUWKHSHULRG

Cash Receipts
-DQXDU\ )HEUXDU\ 0DUFK
'HFHPEHUUHFHLYDEOHV 
)URP-DQXDU\VDOHV  
)URP)HEUXDU\VDOHV  
)URP0DUFKVDOHV 

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: Performance Management

8. $UNLQ&RōVFRQWUROOHUKDVSUHSDUHGDŴH[LEOHEXGJHWIRUWKH\HDUMXVWHQGHGDGMXVWLQJWKHRULJLQDOVWDWLFEXGJHW
IRUWKHXQH[SHFWHGODUJHLQFUHDVHLQWKHYROXPHRIVDOHV$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\VWHPZLWKRYHUKHDGDSSOLHGEDVHGRQGLUHFWODERUKRXUV7KHPDQXIDF-
WXULQJEXGJHWIRUWKHSURGXFWLRQRIXQLWVIRUWKHPRQWKRI-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"
3URGXFW 3HULRG
 D  
 E  
 F  
 G  

14. /R\DO&RSURGXFHVWKUHHW\SHVRIPHQōVXQGHUVKLUWV7VKLUWV9QHFNVKLUWVDQGDWKOHWLFVKLUWV,QWKH)ROGLQJDQG
3DFNDJLQJ'HSDUWPHQWRSHUDWLRQVFRVWLQJLVXVHGWRDSSO\FRVWVWRLQGLYLGXDOXQLWVEDVHGRQWKHVWDQGDUGWLPH
DOORZHGWRIROGDQGSDFNDJHHDFKW\SHRIXQGHUVKLUW7KHVWDQGDUGWLPHWRIROGDQGSDFNDJHHDFKW\SHRIXQGHU-
VKLUWLVDVIROORZV
7VKLUW VHFRQGVSHUVKLUW
9QHFNVKLUW VHFRQGVSHUVKLUW
$WKOHWLFVKLUW VHFRQGVSHUVKLUW

'XULQJWKHPRQWKRI$SULO/R\DOSURGXFHGDQGVROG7VKLUWV9QHFNVKLUWVDQGDWKOHWLFVKLUWV
,IFRVWVLQWKH)ROGLQJDQG3DFNDJLQJ'HSDUWPHQWZHUHGXULQJ$SULOKRZPXFKIROGLQJDQGSDFNDJLQJ
FRVWVKRXOGEHDSSOLHGWRHDFK7VKLUW"
 D 
 E 
 F 
 G 

15. :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: Internal Controls

16. :KLFKRQHRIWKHIROORZLQJDFFRXQWLQJDQGPDQDJHPHQWWHFKQLTXHVLV leastOLNHO\WRDVVLVWLQWHUQDODXGLWRUVLQ


DSSUDLVLQJWKHHIƓFLHQF\ZLWKZKLFKUHVRXUFHVDUHEHLQJXVHGE\UHVSHFWLYHSURƓWFHQWHUV"
 D &RVW9DULDQFH$QDO\VLV
 E )OH[LEOH%XGJHWV
 F $FWLYLW\EDVHG0DQDJHPHQW
 G -RLQW&RVW$OORFDWLRQV

17. :KLFKRQHRIWKHIROORZLQJW\SHVRIDXGLWVZRXOGEHmostOLNHO\WRIRFXVRQREMHFWLYHVUHODWHGWRWKHHIƓFLHQWXVH
RIUHVRXUFHV"
 D &RPSOLDQFHDXGLW
 E ,QIRUPDWLRQV\VWHPVDXGLW
 F ,QGHSHQGHQWDXGLW
 G 2SHUDWLRQDODXGLW

18. :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: Financial Statement Analysis

1. 6KRZQEHORZDUHVHOHFWHGGDWDIURP)RUWXQH&RPSDQ\ōVPRVWUHFHQWƓQDQFLDOVWDWHPHQWV
  0DUNHWDEOHVHFXULWLHV 
  $FFRXQWVUHFHLYDEOH 
  ,QYHQWRU\  
  6XSSOLHV  
  $FFRXQWVSD\DEOH 
  6KRUWWHUPGHEWSD\DEOH 
  $FFUXDOV  

:KDWLV)RUWXQHōVQHWZRUNLQJFDSLWDO"
 D 
 E 
 F 
 G 

2. 7KHFDSLWDOVWUXFWXUHRIIRXUFRUSRUDWLRQVLVDVIROORZV
&RUSRUDWLRQ
6WHUOLQJ &RRSHU :DUZLFN 3DQH
  6KRUWWHUPGHEW    
  /RQJWHUPGHEW    
  3UHIHUUHGVWRFN    
  &RPPRQHTXLW\    

:KLFKFRUSRUDWLRQLVWKHPRVWKLJKO\OHYHUDJHG"
 D 6WHUOLQJ
 E &RRSHU
 F :DUZLFN
 G 3DQH

3. 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
 D H[DFWO\UHJDUGOHVVRIGLYLGHQGSROLF\
 E JUHDWHUWKDQLIWKHGLYLGHQGLVFKDQJHGWRSHUQHZVKDUH
 F JUHDWHUWKDQLIWKHGLYLGHQGLVFKDQJHGWRSHUQHZVKDUH
 G OHVVWKDQUHJDUGOHVVRIGLYLGHQGSROLF\

6. 'H[WHU3URGXFWVUHFHLYHVZRUWKRIPHUFKDQGLVHIURPLWVPDMRUVXSSOLHURQWKHWKDQGWKRIHDFK
PRQWK7KHJRRGVDUHVROGRQWHUPVRIQHWDQG'H[WHUKDVEHHQSD\LQJRQWKHQHWGXHGDWHDQG
IRUJRLQJWKHGLVFRXQW$ORFDOEDQNRIIHUHG'H[WHUDORDQDWDQLQWHUHVWUDWHRI:KDWZLOOEHWKHQHWDQQXDO
VDYLQJVWR'H[WHULILWERUURZVIURPWKHEDQNDQGXWLOL]HVWKHIXQGVWRWDNHDGYDQWDJHRIWKHWUDGHGLVFRXQW"
 D 
 E 
 F 
 G 

7. :KLFKRQHRIWKHIROORZLQJLQVWUXPHQWVZRXOGEHleastDSSURSULDWHIRUDFRUSRUDWHWUHDVXUHUWRXWLOL]HIRU
WHPSRUDU\LQYHVWPHQWRIFDVK"
 D 867UHDVXU\ELOOV
 E 0RQH\PDUNHWPXWXDOIXQGV
 F &RPPHUFLDOSDSHU
 G 0XQLFLSDOERQGV

8. 9DOOH\,QFXVHVOEVRIDUDUHLVRWRSHSHU\HDU7KHLVRWRSHFRVWVSHUOEEXWWKHVXSSOLHULVRIIHULQJD
TXDQWLW\GLVFRXQWRIIRURUGHUVL]HVEHWZHHQDQGOEVDQGDGLVFRXQWIRURUGHUVL]HVRIOEVRU
PRUH7KHRUGHULQJFRVWVDUH&DUU\LQJFRVWVDUHSHUOERIPDWHULDODQGDUHQRWDIIHFWHGE\WKH
GLVFRXQWV,IWKHSXUFKDVLQJPDQDJHUSODFHVHLJKWRUGHUVRIOEVHDFKWKHWRWDOFRVWRIRUGHULQJDQGFDUU\LQJ
LQYHQWRU\LQFOXGLQJGLVFRXQWVORVWZLOOEH
 D 
 E 
 F 
 G 

9. :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
(VWLPDWHG
0RGHO 6HOOLQJ3ULFH 9DULDEOH&RVW 6DOHV9ROXPH
1R   VHWV
1R   VHWV
1R   VHWV

7RWDOƓ[HGFRVWVIRUWKHVRFNHWZUHQFKSURGXFWOLQHDUH,IWKHFRPSDQ\ōVDFWXDOH[SHULHQFHUHPDLQV
FRQVLVWHQWZLWKWKHHVWLPDWHGVDOHVYROXPHSHUFHQWDJHGLVWULEXWLRQDQGWKHƓUPGHVLUHVWRJHQHUDWHWRWDORSHUDW-
LQJLQFRPHRIKRZPDQ\0RGHO1RVRFNHWVHWVZLOO0HWDO&UDIWKDYHWRVHOO"
 D 
 E 
 F 
 G 

11. &HUYLQH&RUSRUDWLRQPDNHVWZRW\SHVRIPRWRUVIRUXVHLQYDULRXVSURGXFWV2SHUDWLQJGDWDDQGXQLWFRVW
LQIRUPDWLRQIRULWVSURGXFWVDUHSUHVHQWHGEHORZ
3URGXFW$ 3URGXFW%
  $QQXDOXQLWFDSDFLW\  

  $QQXDOXQLWGHPDQG  


  6HOOLQJSULFH  
  9DULDEOHPDQXIDFWXULQJFRVW  
  )L[HGPDQXIDFWXULQJFRVW  
  9DULDEOHVHOOLQJ DGPLQLVWUDWLYH  
  )L[HGVHOOLQJ DGPLQLVWUDWLYH  
  )L[HGRWKHUDGPLQLVWUDWLYH  
8QLWRSHUDWLQJSURƓW $20 $10

0DFKLQHKRXUVSHUXQLW  

&HUYLQHKDVSURGXFWLYHPDFKLQHKRXUVDYDLODEOH7KHUHOHYDQWFRQWULEXWLRQPDUJLQVSHUPDFKLQHKRXUIRU
HDFKSURGXFWWREHXWLOL]HGLQPDNLQJDGHFLVLRQRQSURGXFWSULRULWLHVIRUWKHFRPLQJ\HDUDUH

3URGXFW$ 3URGXFW%
 D   
 E   
 F   
 G   

12. 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
 D LQFUHDVHE\PRUHWKDQ
 E LQFUHDVHE\OHVVWKDQ
 F GHFUHDVHE\OHVVWKDQ
 G GHFUHDVHE\PRUHWKDQ

14. :KLFKRQHRIWKHIROORZLQJVLWXDWLRQVbestOHQGVLWVHOIWRDFRVWEDVHGSULFLQJDSSURDFK"
 D $SDSHUPDQXIDFWXUHUQHJRWLDWLQJWKHSULFHIRUVXSSO\LQJFRS\SDSHUWRDQHZPDVVPHUFKDQGLVHU
  RIRIƓFHSURGXFWV
 E $QLQGXVWULDOHTXLSPHQWIDEULFDWRUQHJRWLDWLQJSULFLQJIRURQHRILWVVWDQGDUGPRGHOVZLWKD
  PDMRUVWHHOPDQXIDFWXUHU
 F $FRPSXWHUFRPSRQHQWPDQXIDFWXUHUGHEDWLQJSULFLQJWHUPVZLWKDFXVWRPHULQDQHZFKDQQHO
  RIGLVWULEXWLRQ
 G $FRPSXWHUFRPSRQHQWPDQXIDFWXUHUGHEDWLQJSULFLQJZLWKDQHZFXVWRPHUIRUDPDGHWR
  RUGHUVWDWHRIWKHDUWDSSOLFDWLRQ

Section D: Risk Management

15. $ƓUPLVFRQVWUXFWLQJDULVNDQDO\VLVWRTXDQWLI\WKHH[SRVXUHRILWVGDWDFHQWHUWRYDULRXVW\SHVRIWKUHDWV:KLFK
RQHRIWKHIROORZLQJVLWXDWLRQVZRXOGUHSUHVHQWWKHKLJKHVWDQQXDOORVVH[SRVXUHDIWHUDGMXVWPHQWIRULQVXUDQFH
SURFHHGV"

)UHTXHQF\RI
2FFXUHQFH /RVV ,QVXUDQFH
<HDUV $PRXQW FRYHUDJH
 D    
 E    
 F    
 G    

Section E: Investment Decisions

16. &DOYLQ,QFLVFRQVLGHULQJWKHSXUFKDVHRIDQHZVWDWHRIWKHDUWPDFKLQHWRUHSODFHLWVKDQGRSHUDWHGPDFKLQH
&DOYLQōVHIIHFWLYHWD[UDWHLVDQGLWVFRVWRIFDSLWDOLV'DWDUHJDUGLQJWKHH[LVWLQJDQGQHZPDFKLQHVDUH
SUHVHQWHGEHORZ
([LVWLQJ 1HZ
0DFKLQH 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
 D 
 E 
 F 
 G 

17. 7KHRZQHURI:RRƓHōV9LGHR5HQWDOFDQQRWGHFLGHKRZWRSURMHFWWKHUHDOFRVWVRIRSHQLQJDUHQWDOVWRUHLQDQHZ
VKRSSLQJPDOO7KHRZQHUNQRZVWKHFDSLWDOLQYHVWPHQWUHTXLUHGEXWLVQRWVXUHRIWKHUHWXUQVIURPDVWRUHLQD
QHZPDOO+LVWRULFDOO\WKHYLGHRUHQWDOLQGXVWU\KDVKDGDQLQŴDWLRQUDWHHTXDOWRWKHHFRQRPLFQRUP7KHRZQHU
UHTXLUHVDUHDOLQWHUQDOUDWHRIUHWXUQRI,QŴDWLRQLVH[SHFWHGWREHGXULQJWKHQH[WIHZ\HDUV7KHLQGXVWU\
H[SHFWVDQHZVWRUHWRVKRZDJURZWKUDWHZLWKRXWLQŴDWLRQRI)LUVW\HDUUHYHQXHVDWWKHQHZVWRUHDUH
H[SHFWHGWREH

7KHUHYHQXHVIRUWKHVHFRQG\HDUXVLQJERWKWKHUHDOUDWHDSSURDFKDQGWKHQRPLQDOUDWHDSSURDFKUHVSHFWLYHO\
ZRXOGEH
 D UHDODQGQRPLQDO
 E UHDODQGQRPLQDO
 F UHDODQGQRPLQDO
 G UHDODQGQRPLQDO

18. /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
 D VKXWGRZQEHFDXVHWKHDQQXDOFDVKŴRZLVQHJDWLYHSHU\HDU
 E NHHSRSHUDWLQJWRDYRLGWKHVHYHUDQFHSD\RI
 F VKXWGRZQVLQFHWKHEUHDNHYHQSRLQWLVXQLWVZKLOHDQQXDOVDOHVDUHXQLWV
 G NHHSRSHUDWLQJVLQFHWKHLQFUHPHQWDOQHWSUHVHQWYDOXHLVDSSUR[LPDWHO\

19. 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. &RUUHFWDQVZHUF%HUWUDPōV&DVK3DLGIRU'LYLGHQGVLVDVFDOFXODWHGEHORZ

Ŋ;  
  Ŋ;  
     ;  

3. &RUUHFWDQVZHUG-DPHVVKRXOGLQFOXGHWKHWRWDOYDOXHRIWKHVDOH  LQWKH,QYHVWLQJ$FWLYLWLHV6HFWLRQRI


WKH&DVK)ORZ6WDWHPHQW

4. &RUUHFWDQVZHUF$EXGJHWWKDWLVQRWVXSSRUWHGE\WRSPDQDJHPHQWKDVYHU\OLWWOHFKDQFHRIVXFFHVVDV
VXERUGLQDWHVZLOODWWDFKOLWWOHLPSRUWDQFHWRWKHEXGJHWDQGZLOOIRFXVRQZKDWPDQDJHPHQWGRHVFRQVLGHU
LPSRUWDQW

5. &RUUHFWDQVZHUG6DOHV 6  $ $ 


     
    
    

6. &RUUHFWDQVZHUD
([SHFWHGYDOXH  [  [  [ Ŋ [
   
   

7. &RUUHFWDQVZHUF7KHFRPSDQ\ZLOOQHHGWRERUURZLQ-DQXDU\DVVKRZQEHORZ

  2SHQLQJEDODQFH
  -DQXDU\FROOHFWLRQV  
  -DQXDU\H[SHQVH
  &ORVLQJEDODQFH 
  /HVVPLQLPXPEDODQFH
  %RUURZLQJQHHG  URXQGHGWR

8. &RUUHFWDQVZHUE,IDFRPSDQ\H[SHULHQFHVDQLQFUHDVHLQVDOHVYROXPHWKHDFWXDOUHYHQXHZLOOEHJUHDWHUWKDQ
WKHPDVWHUEXGJHWUHYHQXH IDYRUDEOHYDULDQFH DQGWKHDFWXDOFRVWVZLOOEHJUHDWHUWKDQWKHPDVWHUEXGJHWFRVWV
XQIDYRUDEOHYDULDQFHV 

CMA Part 1 – Answers 12


9. &RUUHFWDQVZHUE7KHVWDQGDUGYDULDEOHRYHUKHDGUDWHSHUGLUHFWODERUKRXULVFDOFXODWHGDVIROORZV

  6WDQGDUGKRXUVXQLW   KRXUV¹XQLWV


       KRXUVXQLW
  6WDQGDUGKRXUVIRURXWSXW  XQLWV[KRXUV
       KRXUV
  92+HIƓFLHQF\YDULDQFH Ŋ [5  
      5  
      5  

10. &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 3HULRG&RVWV
'LUHFWPDWHULDO   9DULDEOHVHOOLQJ  
'LUHFWODERU   )L[HGVHOOLQJ  
9DULDEOHRYHUKHDG $GPLQLVWUDWLYH  
)L[HGRYHUKHDG   )LUHORVV  
7RWDOSURGXFWFRVWV 7RWDOSHULRGFRVWV 

14. &RUUHFWDQVZHUG7KHFRVWDSSOLHGWRHDFK7VKLUWLVFDOFXODWHGDVIROORZV

   7RWDOVHFRQGVXVHG      [


       
   &RVWSHUVHFRQG   ¹
       
   &RVWSHU7VKLUW   [
       

15. &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
DQGWKHHIIHFWLYHQHVVZLWKZKLFKWKHVHRSHUDWLRQVDFKLHYHWKHLUREMHFWLYHV7KLVLVQRWDQREMHFWLYHRIWKHFRPSOL-
DQFHDXGLWWKDWHQVXUHVFRPSOLDQFHZLWKODZVRUWKHLQIRUPDWLRQV\VWHPDXGLWWKDWFKHFNWKHV\VWHPVōFRQWUROV

18. &RUUHFWDQVZHUG&RPSXWHU2SHUDWRUH[HFXWHVSURJUDPVDQGPDLQWDLQVFXVWRG\RISURJUDPVDQGƓOHV7KLV
DFWLRQLQYROYHVWZRIXQFWLRQVWKDWDUHQRWVHJUHJDWHGUHFRUGLQJRIWUDQVDFWLRQVDQGFXVWRG\RIDVVHWV

CMA Part 1 – Answers 14


Answers: CMA Part 2

1. &RUUHFWDQVZHUE)RUWXQHōVQHWZRUNLQJFDSLWDOLVDVVKRZQEHORZ
  Ŋ   

2. &RUUHFWDQVZHUD6WHUOLQJLVWKHPRVWKLJKO\OHYHUDJHGFRUSRUDWLRQEHFDXVHLWKDVWKHJUHDWHVWSHUFHQWDJHRI
GHEWRUƓQDQFLQJZLWKDƓ[HGFKDUJHHJLQWHUHVW

3. &RUUHFWDQVZHUF&DSHUōVƓ[HGDVVHWWXUQRYHULVWLPHVFDOFXODWHGDVIROORZV
 )L[HGDVVHWWXUQRYHU  6DOHV¹$YHUDJHQHWSURSHUW\SODQW HTXLSPHQW
     ¹
     WLPHV

4. &RUUHFWDQVZHUD,QWHUHVWUDWHULVNLVWKHYDULDWLRQLQWKHPDUNHWSULFHRIDERQGFDXVHGE\FKDQJHVLQLQWHUHVW
UDWHV7KHORQJHUWKHPDWXULW\ GXUDWLRQ RIWKHERQGWKHJUHDWHUWKHSULFHŴXFWXDWLRQDVVRFLDWHGZLWKWKHJLYHQ
FKDQJHLQPDUNHWUHTXLUHGUHWXUQ

5. &RUUHFWDQVZHUF7KHSRVWVSOLWSULFHRIWKHVWRFNVKRXOGEHJUHDWHUWKDQLIWKHGLYLGHQGFKDQJHGWR
DVWKHGLYLGHQG\LHOGZLOOKDYHLQFUHDVHG

6. &RUUHFWDQVZHUE
 6DYLQJVIURPWUDGHGLVFRXQW [[ 
 ,QWHUHVWWREDQN [[ 
 1HWVDYLQJV Ŋ 

7. &RUUHFWDQVZHUG7\SLFDOO\PXQLFLSDOERQGVDUHWDLORUHGIRUWKHORQJWHUPLQYHVWRUZKLOH7ELOOVPRQH\PDUNHW
IXQGVDQGFRPPHUFLDOSDSHUDUHSULPDULO\XVHGIRUVKRUWWHUPLQYHVWLQJ

8. &RUUHFWDQVZHUG7KHWRWDOFRVWWKDW9DOOH\ZLOOLQFXULVDVVKRZQEHORZ

 2UGHULQJFRVW   [  


 &DUU\LQJDYHUDJHLQYHQWRU\ ¹ [  
 /RVWGLVFRXQWV   [ [ 
        

9. &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

 3URGXFW$  ¹KRXUV  


 3URGXFW%  ¹KRXUV  

12. &RUUHFWDQVZHUD)XOOFRVWLQJGRHVQRWVLPSOLI\WKHLGHQWLƓFDWLRQRIXQLWƓ[HGFRVWVZLWKVSHFLƓFSURGXFWV1R
PDWWHUZKDWWKHFRVWLQJPHWKRGƓ[HGFRVWVDUHJHQHUDOO\DUELWUDULO\DOORFDWHGWRSURGXFWVRQDEDVLVVXFKDV
GLUHFWODERUKRXUVRUPDFKLQHKRXUV

13. &RUUHFWDQVZHUG,IWKHGHPDQGIRUDSURGXFWLVHODVWLFDSHUFHQWDJHFKDQJHLQSULFHUHVXOWVLQDODUJHUSHUFHQW-
DJHFKDQJHLQGHPDQG,IWKHSURGXFWSULFHLVLQFUHDVHGE\WKHGHPDQGZLOOGHFUHDVHE\PRUHWKDQ

14. &RUUHFWDQVZHUG&RVWEDVHGSULFLQJLVSDUWLFXODUO\VXLWHGWRVXSSOLHUVWKDWSURYLGHXQLTXHVHUYLFHVDQGSURG-
XFWV7KHUHIRUHWKHEHVWVLWXDWLRQSUHVHQWHGLVWKHPDNHWRRUGHUVWDWHRIWKHDUWDSSOLFDWLRQ

15. &RUUHFWDQVZHUD7KHVLWXDWLRQWKDWRFFXUVDQQXDOO\ZLWKDQH[SRVXUHRI [ UHSUHVHQWVWKH


KLJKHVWORVVH[SRVXUH7KHH[SRVXUHRIWKHRWKHUVLWXDWLRQVDUH [¹  [¹
 DQG [¹ 

16. &RUUHFWDQVZHUF&DOYLQōVLQFUHPHQWDOFDVKŴRZVLQ<HDUDUHDVVKRZQEHORZ
  5HGXFWLRQLQODERUFRVWDIWHUWD[ [  
  'HSUHFLDWLRQWD[VKLHOG ¹ [  
         

17. &RUUHFWDQVZHUD8VLQJWKHUHDOUDWHRIWKHUHYHQXHVDUH8VLQJWKHQRPLQDOUDWHDSSURDFK 


  [ WKHUHYHQXHVDUH

CMA Part 2 – Answers 16


18. &RUUHFWDQVZHUG/RJDQVKRXOGFRQWLQXHWRRSHUDWHDVWKHFRPSDQ\ZRXOGVXIIHUDJUHDWHUORVVE\VKXWWLQJ
GRZQ

1HWSUHVHQWYDOXHRIFDVKŴRZ  >[  @[


      [
     
&RVWRIVKXWWLQJGRZQ   
     

19. &RUUHFWDQVZHUD6LQFHWKHSURMHFWVDUHPXWXDOO\H[FOXVLYH6WDWHQVKRXOGDFFHSW3URMHFW; KLJKHUQHWSUHVHQW


YDOXH DQGUHMHFW3URMHFW<

 1HWSUHVHQWYDOXH3URMHFW;  [ 


      
 1HWSUHVHQWYDOXH3URMHFW<  [ 
      

20. &RUUHFWDQVZHUG,QDFFRUGDQFHZLWK,0$ōVŏ6WDWHPHQWRI(WKLFDO3URIHVVLRQDO3UDFWLFHŐDPHPEHUōVIDLOXUHWR
FRPSO\ZLWKWKHVWDQGDUGVRIFRPSHWHQFHFRQƓGHQWLDOLW\LQWHJULW\DQGFUHGLELOLW\PD\UHVXOWLQGLVFLSOLQDU\
DFWLRQ'LVFORVLQJDFRPSDQ\ōVLQWHUQDOEXGJHWWRDQRXWVLGHSDUW\LVDEUHDFKRIWKHHWKLFDOVWDQGDUGRIFRQƓGHQ-
WLDOLW\

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
DETROIT MARRIOTT
RENAISSANCE CENTER
Reprinted from New Accountant Magazine

EOCEGTVKƂECVKQPQTI
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

Potrebbero piacerti anche