Know how to be successful in writing the CMA Exam #1 MCQ's
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Know how to be successful in writing the CMA Exam #1 MCQ's

Become a Certified Management Accountant by passing pass Part 1 of the IMA exam. Plenty of lectures, demo and problems.
4.3 (10 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
902 students enrolled
Last updated 9/2016
English
Price: $30
30-Day Money-Back Guarantee
Includes:
  • 4.5 hours on-demand video
  • 8 Articles
  • 32 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What Will I Learn?
Get a passing mark on the multiple chose questions in part 1 of the CMA exam
Qualify for the essay questions of the Part 1 CMA exam
Become a Certified Management Accountant
Add a Professional Accounting Designation to your resume.
View Curriculum
Requirements
  • The two textbooks referenced in this course are texts you are already familiar with in your undergraduate courses or if not you can borrow from a business library.
Description

This course is designed to train you to successfully pass the IMA exams and achieve your Professional Certified Management Accounting Designation. This course will be continually upgraded with learning content and more past CMA exam questions for you to practice.

I will prepare you to pass the Part 1 Exam multiple choice questions 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.

Who is the target audience?
  • The Institute of Management Accountants (IMA) offers three times a year both Part 1 and Part 2 Certification exams in which if you successfully pass both you will be awarded a Certified Management Accountant designation (CMA). This course covers all the learning outcomes that will be tested by the IMA on the Part 1 Exam. There are over one thousand practice questions designed to prepare you to pass the exam. This course requires a great deal of effort to successfully complete it but I have 40 years experience and am in a position to help you through it.
  • If you have a business degree the material should be familiar to you.
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Curriculum For This Course
Expand All 82 Lectures Collapse All 82 Lectures 06:17:14
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Introduction to Part1 of the Certified Management Accounting Exam
2 Lectures 10:40

The material that will be covered and tested on the exams is rather extensive. For part 1, there are over 500 learning outcomes covering both financial accounting and management accounting concepts. However some concepts are more important than others and these are the ones that are consistently tested. We will cover all learning outcomes but will focus most of our efforts on the often tested concepts.

You will need to have access to a couple of textbooks:

Kieso, Donald E., Weygandt, Jerry J., and Warfield, Terry D., Intermediate Accounting, 15 th edition, Wiley & Sons, Hoboken, NJ, 2011. AND

Horngren, Charles T., Datar, Srikant, and Rajan, Madhav, Cost Accounting: A Managerial Emphasis, 14 th edition, Prentice-Hall, Upper Saddle River, NJ, 2012. OR

Blocher, Edward, J., Stout, David E., Juras, Paul E., and Cokins, Gary, Cost Management: A Strategic Emphasis, 6 th edition, McGraw Hill, New York, NY, 2013. AND

Bodnar, George, H., and Hopwood, William S., Accounting Information Systems, 10th edition, Prentice-Hall, Upper Saddle River, NJ, 2010.

You can borrow them from any business library. Don't worry if you are unable to get that specific edition- authors only change the chapter questions when they change editions - so get any edition.

In this course w e will go through each section, developing answers to each learning objective in that section. At the end of each section, there will be a "Test Your Understanding" (TYU) section containing multiple choice questions. There may be more than one TYU for each section as I will be continually uploading questions for you to practice.

To successfully pass this exam will require hours and hours of study and doing practice exam questions. A good plan is to take five months to cover the material thoroughly before attempting the exam.

The case section will be at the end of this course. I will give you a good outline to follow on how to analyze the case and present your analysis to achieve top marks. We do many practice cases.

Finally, I will provide you with practical advise on how to manage the exam.

Preview 05:25

Professional exams are different than university exams

Preview 05:15
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Planning, Budgeting and Forecasting ( 30% of the Exam). This sectio
1 Lecture 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.


Preview 01:26
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Know Strategic Planning
8 Lectures 12:44

Two basic strategies ;

1. Product differentiation

a. Offering products and services perceived by customers as being superior and

unique

b. Resulting in increase of brand loyalty and prices customers willing to pay

2. Cost leadership

a. Achieving low costs relative to competitors

b. Resulting in increase of market share and growth of company

Preview 02:31

Here are the answers to some of the learning outcomes of this section that could be tested by the IMA.

Print the PPT's on sheet - six to a sheet and use them as flash cards.

Know these Strategic Planning Learning Outcomes
02:39

CMA Learning Outcomes to be tested on Strategic Planning
01:02



To fully grasp the significance and vital role of management accounting, one needs to look to the whole of the organization. Accounting as an information and communication system provides the organization a means to implement a company-wide strategy and the tools by which to evaluate the success of that strategy.

Strategic Management
5 pages

There are two principal types of planning activities that are part of the management control process

- strategic planning

- budgeting

Strategic Planning and Budgeting
12 pages

This is a socrative quiz. Go to socrative.com and register as a student. When asked what room enter -  stratplan.

You receive immediate feedback but if you want a pdf of your work email me at - the.cma.coach@gmail.com

Preview 02:32

Ten questions to expand your understanding of strategic planning.

T. Your U. - Questions on strategic planning
10 questions
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Know Budget Concepts
4 Lectures 10:41

IMA learning Outcomes to be tested

Section B.2. Budgeting concepts

The candidate should be able to:

a. describe the role that budgeting plays in the overall planning and performance evaluation process of an organization

b. explain the interrelationships between economic conditions, industry situation, and a firm's plans and budgets

c. identify the role that budgeting plays in formulating short-term objectives and planning and controlling operations to meet those objectives

d. demonstrate an understanding of the role that budgets play in measuring performance against established goals

e. identify the characteristics that define successful budgeting processes

f. explain how the budgeting process facilitates communication among organizational units and enhances coordination of organizational activities

g. describe the concept of a controllable cost as it relates to both budgeting and performance evaluation

h. explain how the efficient allocation of organizational resources are planned during the budgeting process

i. identify the appropriate time frame for various types of budgets

j. identify who should participate in the budgeting process for optimum success

k. describe the role of top management in successful budgeting

l. identify best practice guidelines for the budget process

m. demonstrate an understanding of the use of cost standards in budgeting

n. differentiate between ideal (theoretical) standards and currently attainable (practical) standards

o. differentiate between authoritative standards and participative standards

p. identify the steps to be taken in developing standards for both direct material and direct labor

q. demonstrate an understanding of the techniques that are used to develop standards such as activity analysis and the use of historical data

r. discuss the importance of a policy that allows budget revisions that accommodate the impact of significant changes in budget assumptions

s. explain the role of budgets in monitoring and controlling expenditures to meet strategic objectives

t. define budgetary slack and discuss its impact on goal congruence

Budgeting Concepts Overview
01:46

Here are the answers to some of the learning outcomes of this section that could be tested by the IMA.

Print the PPT's on sheet - six to a sheet and use them as flash cards.

Know these Budget Concepts Learning Outcomes
01:47

here are some questions on budgeting. Print off and try on your own.

Master Budgeting Critical Thinking Questions/ answers
07:08

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

Preview 2 pages

T. Your U. - Questions on Budgeting Concepts
16 questions
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Know Forecasting Techniques
4 Lectures 01:33

Read the relevant chapter in your copy of Horngen. Chapter 10 - Determining how costs behave, go over the PPT;s and the notes .Answer the questions in this section.B3 - forecasting techniques. The IMA likes to test learning curves.

IMA Learning Outcomes to be tested

Part 1 – Section B.3. Forecasting techniques

The candidate should be able to:

a. demonstrate an understanding of a simple regression equation

b. define a multiple regression equation and recognize when multiple regression is an appropriate tool to use for forecasting

c. calculate the result of a simple regression equation

d. demonstrate an understanding of learning curve analysis

e. calculate the results under a cumulative average-time learning model

f. list the benefits and shortcomings of regression analysis and learning curve analysis

g. calculate the expected value of random variables

h. identify the benefits and shortcomings of expected value techniques

i. use probability values to estimate future cash flows

Preview 01:33

The two assumptions are

1. Variations in the level of a single activity (the cost driver) explain the variations in the related total costs.

2. Cost behavior is approximated by a linear cost function within the relevant range. A linear cost function is a cost function where, within the relevant range, the graph of total costs versus the level of a single activity forms a straight line.

Determining How Costs Behave
3 pages

Two key assumptions frequently used in cost-behavior estimation are that changes in activity levels explain changes in total costs, and that cost behavior in the relevant range can be estimated with a linear function. Although the assumptions are not always totally true, in many instances the costs of obtaining a more accurate estimate exceeds the additional benefits of the more accurate estimate.

Cost Estimations
4 pages

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

Socrative - Forecasting Techniques
2 pages

T. You U. - Questions on forecasting techniques
20 questions
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Know Budget Methodologies
5 Lectures 03:53

The lecture presents the learning objectives as published by the IMA re-phrased as questions. The downloadable file contains past student's answers to some of the questions. Study Horngren and the notes then attempt the questions.

IMA learning outcomes to be tested

Part 1 – Section B.4. Budget methodologies

For each of the budget systems identified (annual/master budgets, project budgeting, activity-based budgeting, zero-based budgeting, continuous (rolling) budgets, and flexible budgeting), the candidate should be able to:

a. define its purpose, appropriate use, and time frame

b. identify the budget components and explain the interrelationships among the components

c. demonstrate an understanding of how the budget is developed

d. compare and contrast the benefits and limitations of the budget system

e. evaluate a business situation and recommend the appropriate budget solution

f. prepare budgets on the basis of information presented

g. calculate the impact of incremental changes to budg

Budget Methodologies Overview
01:20

Here are the answers to some of the learning outcomes of this section that could be tested by the IMA.

Print the PPT's on sheet - six to a sheet and use them as flash cards.

Know these Budget Methodology Learning Outcomes
01:27

A master budget is a comprehensive operation plan of a business unit for a future period, which is for one year or less in most instances. The strategic plan of a firm underlies each of the firm’s master budgets. A master budget coordinates operations and delineates detailed implementation of the planned activities and includes both financial and non-financial (operating) aspects of the planned activities.

Strategy and the Master Budget
6 pages

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

Preview 2 pages

This is a socrative quiz. Go to socrative.com and register as a student. When asked what room enter -  budgeting

You receive immediate feedback but if you want a pdf of your work email me at - the.cma.coach@gmail.com

Socrative Live Quiz on Budgeting
01:06

T. Your U. -Questions on Budgeting Methodologies
18 questions
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Know Annual Profit planning ans supporting schedules
4 Lectures 06:55

This section is most important. Research answers to the questions in this lecture. Know how the production and purchasing budgets are put together. Also know the supporting schedule for A/R and A/P in the cash flow budget are constructed.The file downloadable file Section B.5 are past candidates notes on the learning ourcomes.

Do the excel problem Vincent Co. and check the solution.

IMA Learning Outcomes to be tested

Section B.5. Annual profit plan and supporting schedules

The candidate should be able to:

a. explain the role of the sales budget in the development of an annual profit plan

b. identify the factors that should be considered when preparing a sales forecast

c. identify the components of a sales budget and prepare a sales budget

d. explain the relationship between the sales budget and the production budget

e. 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

f. prepare a production budget

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

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

i. prepare direct materials and direct labor budgets based on relevant information and evaluate the feasibility of achieving production goals on the basis of these budgets

j. demonstrate an understanding of the relationship between the overhead budget and the production budget

k. separate costs into their fixed and variable components

l. prepare an overhead budget

m. identify the components of the cost of goods sold budget and prepare a cost of goods sold budget

n. demonstrate an understanding of contribution margin per unit and total contribution margin, identify the appropriate use of these concepts, and calculate both unit and total contribution margin

o. identify the components of the selling and administrative expense budget

p. explain how specific components of the selling and administrative expense budget may affect the contribution margin

q. prepare an operational (operating) budget

r. prepare a capital expenditure budget

s. demonstrate an understanding of the relationship between the capital expenditure budget, the cash budget, and the pro forma financial statements

t. define the purposes of the cash budget and describe the relationship between the cash budget and all other budgets

u. demonstrate an understanding of the relationship between credit policies and purchasing (payables) policies and the cash budget

v. prepare a cash budge

Annual Profit plan and Supporting Schedules Overview
02:54

Here are the answers to some of the learning outcomes of this section that could be tested by the IMA.

Print the PPT's on sheet - six to a sheet and use them as flash cards.

Know these Annual Planning Outcomes
02:33

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

Socrative -Annual Profit Planning
2 pages

T. Your U. - Questions on Annual profit Planning
20 questions

Excel Problem on budgeting with template and solution
01:28
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Know Top Level planning
2 Lectures 02:17

IMA Learning Outcomes to be tested

Section B.6. Top-level planning and analysis

The candidate should 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

d. use financial projections to prepare a pro forma balance sheet and a pro forma statement of cash flows

e. identify the factors required to prepare medium- and long-term cash forecasts

f. use financial projections to determine required outside financing and dividend policy

Top-level Planning and Analysis Overview
01:28

Here are the answers to some of the learning outcomes of this section that could be tested by the IMA.

Print the PPT's on sheet - six to a sheet and use them as flash cards.

Know these Top Level Planning Learning Outcomes
00:49

T. Your U. -Questions on Top Level Planning
12 questions

Challenging Questions on Budgets - Know these
35 questions
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Review Lectures on Budgeting Concepts
1 Lecture 04:13
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Performance Management ( 20% of Exam)
5 Lectures 12:24

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.

Cost and Variance Measures Overview
03:45


Budgeting—accounting tool managers use for planning and controlling

A. Flexible budgets: comparisons of actual results to planned performance

1. Provides feedback: why actual results differed from planned performance

2. Provides basis for evaluation of performance

Flexible Budgets
6 pages

Budgeting—accounting tool managers use for planning and controlling organizations

A. Overhead costs as major cost for many organizations

1. Planning and controlling overhead costs ongoing challenge to managers

2. Interpreting overhead variances developed primarily for financial reporting requires care on part of managers

Planning and Controlling Overhead Costs
8 pages

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

Socrative - Cost and Variance Measures
2 pages

T. Your U. of Cost and Variance Measures
7 questions
8 More Sections
About the Instructor
Dr. John Mclellan
4.2 Average rating
133 Reviews
4,915 Students
13 Courses
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