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CMA Exam Parts
The goal of the CMA exam is to validate that candidates have skills necessary to meet the demands placed on CMAs by their industry. To best accomplish this, the CMA exam is split into two parts that test different topics that CMAs need to be skilled in.
CMA Part 1: Financial Planning – Performance and Analytics Exam test whether you have the knowledge and skill to perform the accounting-related CMA job duties at a high level.
CMA Part 2: Strategic Financial Management Exam tests your ability to bring your knowledge and skill to business management contexts. There is still technical content, but you can expect more questions that require you to understand the “big picture.”
How is the CMA exam structured?
The CMA exam is a two-part exam. Each part tests different topics, but they have the same structure. Each part of the CMA exam is four hours long and has 100 multiple choice questions and 2 essay scenarios. You will have three hours to complete the multiple-choice questions and 1 hour to complete the essay scenarios. If you finish your multiple-choice questions early, your remaining time will carry over to the essays.
CMA Part 1 Exam Topics
External Financial Reporting Decisions 15%
Planning, Budgeting and Forecasting 20%
Performance Management 20%
Cost Management 15%
Internal Controls 15%
Technology and Analytics 15%
Share CMA Part 1: Financial Planning, Performance, and Analytics Sample Questions
Which one of the following activities is not a pan of the data mining process?
A.Applying statistical techniques to derive information from large sets of data
B.Using artificial intelligence to identify patterns in large data sets
C.Generating recommendations based on insights derived from large databases
D.Creating valid and useful information from large data sets using statistical methods
Answer: C
A scatterplot is an effective visualization technique that is used to
A.compare and track the change in data points over multiple time periods.
B.show the relationship of data points for two specific variables
C.illustrate the composition of an aggregate data point that changes over several periods
D.display the distribution of data points for a single variable
Answer: B
Product liability is best classified as an example of
A.prevention costs
B.appraisal costs
C.internal failure costs
D.external failure costs
Answer: D
Brickworks Inc. prepares its annual budget by focusing on the budgeted costs of the processes necessary to produce and sell its products This type of budgeting is known as
A.zero-based budgeting
B.project budgeting
C.activity-based budgeting
D.flexible budgeting
Answer: A
Which one of the following is not considered to be a Benefit of participative budgeting?
A. Managers are held responsible for reaching their goals and cannot shift responsibility by blaming the unrealistic goals demanded by the budget.
B. When managers set the final targets for the budget, it reduces top management’s concerns about the profitability of operations
C. individuals at all organizational levels are recognized as being pan of the team resulting in greater support of the budget
D. Budget estimates are prepared by those in direct contact with various activities
Answer: B
A manufacturing company is considering implementing activity-based costing. Which one of the following statements is a valid consideration when making this change?
A. Activity-based costing systems may not replace traditional costing systems used for prepar.ng external financial statements.
B. An activity-based costing system is more costly to maintain than a traditional costing system
C. In an activity-based costing system, all costs including idle capacity costs, are allocated to products, customers and other costing objects
D. Companies that make diverse products are least likely to benefit from activity based costing
Answer: B
