CMA Part 1 [A, B, C]: Passed Practicing These Test Banks

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:

1. Balance Sheet

   1. Historical Cost Convention

   2. Users of Financial Information

   3. What does the Balance Sheet Assess & Provide a Basis for?

   4. Elements of the Balance Sheet

   5. Current Assets

   6. Non-Current Assets

   7. Current Liabilities

   8. Non-Current Liabilities

   9. Equity

2. Income Statement

   1. The Definition of Income Statement

   2. Elements of the Income Statement

   3. Transactions Effect on the Income Statement

   4. The Use of The Income Statement by External Parties

3. Statement of Cash Flows

   1. The Direct Method

   2. The Purpose of the Statement of Cash Flows

   3. Items & Presentation of the Statement of Cash Flows

   4. Cash from Operating Activities

   5. Cash from Investing Activities

   6. Cash from Financing Activities

4. Statement of Comprehensive Income

   1. The Definition of Statement of Comprehensive Income

   2. Where The Comprehensive Income is Reported in Financial Statements?

   3. Items Included in the Statement of Comprehensive Income

   4. Items Included Not in the Statement of Comprehensive Income

   5. Comprehensive Income Vs. Net Income

5. Statement of Owners Equity and Limitations of Financial Statements

   1. Balance Sheet Limitations

   2. The Statement of Owners Equity Definition

   3. The Going Concern Concept

6. The Indirect Method

   1. Depreciation in the Statement of Cash Flows

   2. Amortization in the Statement of Cash Flows

   3. Impairment in the Statement of Cash Flows

   4. Items Not Included Under Operating Activities

   5. Decreases in the Statement of Cash Flows

   6. No Effect Transactions in the Statement of Cash Flows

   7. Most Commonly Used Method for Operating Activities

7. Investing and Financing Activities, SCF Disclosures

   1. Items Included Under Financing Activities

   2. Items Not Included Under Investing or Financing Activities

8. Integrated Reporting

9. Accounts Receivable

10. Inventory Tracking Methods

11. Inventory Count, Errors, and Valuation

12. Investments Overview, Debt Securities

13. Equity Investments

14. Business Combinations and Consolidations

15. Recording Fixed Assets

16. Depreciation of Fixed Assets

17. Intangible Assets

18. Reclassifying Short-Term Liabilities

19. Warranties

20. Accounting for Income Taxes

21. Leases

22. Owners’ Equity and Retained Earnings

23. Common Stock

24. Preferred Stock

25. Revenue Recognition

26. Right of Return and Consigned Goods

27. Long-Term Contracts

[2] Section B which is Planning, Budgeting, and Forecasting,in particular in the following areas:

1. Overview, Mission, and Goals

2. Analyzing External and Internal Environments

3. Formulating and Implementing Strategies

4. Other Planning Tools

5. Budgeting Concepts

6. Establishing Standards

7. Learning Curves

8. Probability

9. Budget Methodologies

10. Budget Cycle and Budgets Produced

11. Preparing the Budget

12. Ongoing Budgetary Reporting

13. Budgeting Calculation Questions

14. Top-Level Planning and Analysis

[3] Section C which is Performance Management,in particular in the following areas:

1. Introduction to Variance Analysis

2. Manufacturing Input Variances — Direct Materials

3. Manufacturing Input Variances — Direct Labor

4. Multiple Input Variances

5. Overhead Variances

6. Sales Variances

7. Market Variances

8. Contribution Income Statement

9. Transfer Pricing

10. Return on Investment and Residual Income

11. 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

1. Section A – External Financial Reporting weighs around 15% of the CMA Part 1 Exam.

2. Section B – Planning, Budgeting and Forecastingweighs around 20% of the CMA Part 1 Exam.

3. Section C – Performance Managementweighs 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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