Overview of Certified Management Accountant - Exam 1 Prep

An introduction into the learning objectives that will be tested by Institute of Management Accountants of America
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  • Lectures 35
  • Contents Video: 1 hour
    Other: 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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About This Course

Published 6/2015 English

Course Description

This course is designed to provide an overview of what you have to do to successfully pass the IMA exams and achieve your Professional Certified Management Accounting Designation.

I am developing and will continue to develop courses that will prepare you to pass the Part 1 Exam and then the Part 2 Exam offered to university graduates by the Institute of Management Accountants in America.

I earned my CMA 40 Years ago. I have taught CMA courses and consistently had an 85% to 90% pass rate. One year it was 94%. I have marked thousands of CMA final accreditation exams. I prepared this program years ago to mentor many candidates like yourself who are now CMAs.

Passing CMA exams will not be easy..

Obtaining your CMA designation - believe me - will pay you BIG dividends for the rest of your career. It did for me.

What are the requirements?

  • Should take an introductory accounting course to learn the language of business.

What am I going to get from this course?

  • Understand which learning objectives will be tested by the IMA on Part i exam for the Certified Management Accounting designation.

What is the target audience?

  • The IMA oiffers their two exams towards a CMA designation to people who have a valid undergraduate degree in any discipline. Of course if you have a BA in business you would have covered many of the learning objectives.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction to Part1 of the Certified Management Accounting Exam
05:25

Recommended text books and the CMA learning Outcomes that will be tested.

05:15

An insight into Professional exams are put together;

Section 2: Planning, Budgeting and Forecasting ( 30 % of Exam)
01:26

This lecture is a short video on all topics in Section B. Planning, Budgeting and Forecasting. Print off the the IMA Learning Outcomes for Section B - Budgeting that I have restated as questions for you to research.

This section is most important - 30% of MC questions will be in this area. Also a case question will likely be on budgeting - so know the learning objectives in section B 5.

Try and answer the Master Budget Critical thinking questions.

CMA Learning Objectives to be tested on Strategic Planning
Preview
Article
Past candidates answers to questions on learning outcomes for strategic planning
Preview
Article
Flashcards on Strategic Pllanning
Preview
Article
02:31

An introductory video on Strategic Planning along with extensive notes on the topic. Read the relevant chapters in Horngren. Chapter 13 for example. Use the "Strategy learning Outcomes as questions" for this section B1, research the questions and create your own answers to those questions, You can check what past candidates have produced as answers for this section.

01:46
Understand the role that budgeting plays in the overall planning and performance evaluation process of an organization
1 page

Test Your Understanding

Here is a small multiple choice quiz for you to practice. Download a copy, print off and try it. Then check the answers

01:33
Be able to demonstrate an understanding of a simple regression equation

and demonstrate an understanding of learning curve analysis

and calculate the results under a cumulative average-time learning model

2 pages

Test Your Understanding

Here is a small multiple choice quiz for you to practice. Download a copy, print off and try it. Then check the answers

01:20

Be able to prepare budgets on the basis of information presented

2 pages

Test Your Understanding

Here is a small multiple choice quiz for you to practice. Download a copy, print off and try it. Then check the answers

02:54

This section is most important

Be able to:

Identify the role that inventory levels play in the preparation of a production budget and define other factors that should be considered when preparing a production budget

prepare a production budget

demonstrate an understanding of the relationship between the direct materials budget, the direct labor budget, and the production budget

explain how inventory levels and procurement policies affect the direct materials budget

2 pages

Test Your Understanding

Here is a small multiple choice quiz for you to practice. Download a copy, print off and try it. Then check the answers

01:28

Be able to:

a. define the purpose of a pro forma income statement, a pro forma balance sheet, and a pro forma statement of cash flows; and demonstrate an understanding of the relationship among these statements and all other budgets

b. prepare pro forma income statements based on several revenue and cost assumptions

c. evaluate whether a company has achieved strategic objectives based on pro forma income statements

Section 3: Performance Management ( 20% of exam)
03:45

Explain the difference between a static budget and a flexible budget. Explain what is meant by a static budget variance and a flexible budget variance.

01:57

Be able to:

a. identify and explain the different types of responsibility centers

b. recommend appropriate responsibility centers given a business scenario

c. calculate a contribution margin

d. analyze a contribution margin report and evaluate performance

Performance Measures
02:50
02:26

Be able to:

a. demonstrate an understanding of the behavior of fixed and variable costs in the long and short terms and how a change in assumptions regarding cost type or relevant range affects these costs

b. identify cost objects and cost pools and assign costs to appropriate activities

c. demonstrate an understanding of the nature and types of cost drivers and the causal relationship that exists between cost drivers and costs incurred

d. demonstrate an understanding of the various methods for measuring costs and accumulating work-in-process and finished goods inventories

e. identify and define cost measurement techniques such as actual costing, normal costing, and standard costing; calculate costs using each of these techniques; identify the appropriate use of each technique; and describe the benefits and limitations of each technique

f. demonstrate an understanding of variable (direct) costing and absorption (full) costing and the benefits and limitations of these measurement concepts

Section 4: Cost management (20%of the Exam)
01:57

For each cost accumulation system identified (job order costing, process costing, activity-based costing, life-cycle costing), the candidate should be able to:

a. define the nature of the system, understand the cost flows of the system, and identify its appropriate use

b. calculate inventory values and cost of goods sold

c. demonstrate an understanding of the proper accounting for normal and abnormal spoilage

d. discuss the strategic value of cost information regarding products and services, pricing, overhead allocations, and other issues

2 pages

Test Your Understanding

Here is a small multiple choice quiz for you to practice. Download a copy, print off and try it. Then check the answers

01:59

Be able to:

a. distinguish between fixed and variable overhead expenses

b. determine the appropriate time frame for classifying both variable and fixed overhead expenses

c. demonstrate an understanding of the different methods of determining overhead rates, e.g., plant-wide rates, departmental rates, and individual cost driver rates

d. describe the benefits and limitations of each of the methods used to determine overhead rates

e. identify the components of variable overhead expense

02:04

Be able to:

a. explain supply chain management

b. define lean manufacturing and describe its central purpose

c. identify and describe the operational benefits of implementing lean manufacturing

d. define materials requirements planning (MRP)

e. identify and describe the operational benefits of implementing a just-in-time (JIT) system

f. identify and describe the operational benefits of enterprise resource planning (ERP)

g. explain the concept of outsourcing and identify the benefits and limitations of choosing this option

h. demonstrate a general understanding of the theory of constraints

i. identify the five steps involved in theory of constraints analysis

j. define throughput costing (super-variable costing) and calculate inventory costs using throughput costing

k. define and calculate throughput contribution

l. describe how capacity level affects product costing, capacity management, pricing decisions and financial statements

m. explain how using practical capacity as denominator for fixed costs rate enhances capacity management

n. calculate the financial impact of implementing the above mentioned methods

01:56

Be able to:

a. define value chain analysis

b. identify the steps in value chain analysis

c. explain how value chain analysis is used to better understand a firm's competitive advantage

d. define, identify and provide examples of a value-added activity and explain how the value-added concept is related to improving performance

e. demonstrate an understanding of process analysis and business process reengineering

f. define best practice analysis and discuss how it can be used by an organization to improve performance

g. demonstrate an understanding of benchmarking process performance

h. identify the benefits of benchmarking in creating a competitive advantage

i. apply activity-based management principles to recommend process performance improvement

Section 5: External Financial Reporting ( 15 % of exam)
12 pages
The company and its management are the key players in the financial reporting system; they bear the primary responsibility for the preparation and content of the financial statements. Financial statements are management's representation as to the company's financial position and results of operations
4 pages
The income statement measures the success of enterprise operations for a given period of time. This statement assists the business community in determining profitability, investment value, and credit worthiness of a particular business enterprise
4 pages

The income statement measures the success of enterprise operations for a given period of time. This statement assists the business community in determining profitability, investment value, and credit worthiness of a particular business enterprise

6 pages
If a balance sheet is examined carefully, users can gain a considerable amount of information related to liquidity, solvency, and financial flexibility.
1 page

The primary purpose of the statement of cash flows is to allow users to assess the capacity of the enterprise to generate cash and cash equivalents and the needs of the enterprise for cash resources. In accomplishing its purpose, the statement focuses attention on three different activities related to cash flows:

  • Operating activities represent the principal revenue-producing activities of the enterprise and all other activities that are not investing or financing activities.
  • Investing activities represent the acquisition and disposal of long-term assets and other investments not included in "cash equivalents."
  • Financing activities represent activities that result in changes in the size and composition of the equity capital and borrowing of the enterprise.
13:30

For the balance sheet, income statement, statement of changes in equity, and the statement of cash flows, the candidate should be able to:

a. identify the users of these financial statements and their needs

b. demonstrate an understanding of the purposes and uses of each statement

c. identify the major components and classifications of each statement

d. identify the limitations of each financial statement

Section 6: Internal Controls ( 15 % of exam)
Governance
Article
Internal Controls
3 pages
2 pages

Referring to the generally accepted auditing stan­dards (GAAS), identify and briefly describe each of the

1. three general standards.

2. three standards of field work.

B. Define the concepts of "materiality" and "audit risk."

8 pages

The information security system is the subsystem of the organization that controls the special risks associated with computer-based information systems.

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Instructor Biography

Dr. John Mclellan, Accounting Professor

I am a Professor of Accounting with over thirty-five years experience teaching accounting to college students, undergraduate and MBA university students as well as CMA candidates seeking to earn their Professional Certified Management Accountant Designation.

I achieved my Certified Management Accountant Designation 40 years ago. With that I then earned my Masters of Business Administration degree and later a PHD in accounting.

I have developed and will continue to develop a number of courses in both Financial Accounting and Management Accounting for you - a college or university student (or even a secondary student) to help you to achieve the best result in your undergraduate accounting course. If you get an "A" from me I guarantee you will get an "A" from your accounting prof.

For Graduate students, I have a course to prepare those of you who do not have a business degree for the Masters of Business Administration. Also I have a course at the masters level called Managerial Accounting.

For CMA Candidates, I have courses to prepare you to successfully pass their Certified Management Accounting Exams offered by Institute of Management Accountants.


Dr. John

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