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IMA CMA-Financial-Planning-Performance-and-Analytics Exam Syllabus Topics:

SectionWeightObjectives
External Financial Reporting Decisions15%- Financial Statements
  • 1. Statement of changes in equity
    • 2. Balance sheet
      • 3. Statement of cash flows
        • 4. Integrated reporting
          • 5. Income statement
            - Recognition, Measurement, Valuation and Disclosure
            • 1. Revenue recognition
              • 2. Asset valuation
                • 3. Liability valuation
                  • 4. U.S. GAAP vs IFRS differences
                    • 5. Income measurement
                      • 6. Equity transactions
                        Planning, Budgeting and Forecasting20%- Forecasting Techniques
                        • 1. Learning curve analysis
                          • 2. Time series analysis
                            • 3. Expected value
                              • 4. Regression analysis
                                - Budgeting Concepts and Methodologies
                                • 1. Flexible budgets
                                  • 2. Activity-based budgeting
                                    • 3. Operating and financial budgets
                                      • 4. Zero-based and rolling budgets
                                        - Strategic Planning
                                        • 1. Strategic planning process and analysis
                                          - Pro Forma Financial Statements
                                          Internal Controls15%- Governance, Risk and Compliance
                                          • 1. Risk assessment and management
                                            • 2. Internal control frameworks (COSO)
                                              • 3. Internal control procedures
                                                - System Controls and Security
                                                • 1. Data security and backup
                                                  • 2. Business continuity planning
                                                    • 3. General and application controls
                                                      Performance Management20%- Cost and Variance Measures
                                                      • 1. Material, labor and overhead variances
                                                        • 2. Static and flexible budget variances
                                                          • 3. Mix and yield variances
                                                            - Performance Measures
                                                            • 1. Economic Value Added (EVA)
                                                              • 2. Balanced Scorecard
                                                                • 3. Residual Income (RI)
                                                                  • 4. Return on Investment (ROI)
                                                                    - Responsibility Centers and Reporting Segments
                                                                    • 1. Segment reporting
                                                                      • 2. Cost, profit and investment centers
                                                                        • 3. Transfer pricing
                                                                          Cost Management15%- Overhead Costs
                                                                          - Measurement Concepts
                                                                          • 1. Absorption vs variable costing
                                                                            • 2. Actual, normal and standard costs
                                                                              • 3. Cost behavior
                                                                                - Costing Systems
                                                                                • 1. Joint and by-product costing
                                                                                  • 2. Job order costing
                                                                                    • 3. Process costing
                                                                                      • 4. Activity-based costing
                                                                                        - Supply Chain and Business Process Improvement
                                                                                        Technology and Analytics15%- Technology-Enabled Finance Transformation
                                                                                        - Data Governance
                                                                                        • 1. Data quality and integrity
                                                                                          • 2. Data security policies
                                                                                            - Data Analytics
                                                                                            • 1. Predictive and prescriptive analytics
                                                                                              • 2. Data visualization
                                                                                                • 3. Big data concepts
                                                                                                  - Information Systems
                                                                                                  • 1. Enterprise Resource Planning (ERP)
                                                                                                    • 2. Financial systems architecture

                                                                                                      IMA CMA Part 1: Financial Planning - Performance and Analytics Sample Questions:

                                                                                                      1. Faxton and Rexford are competitor in the same industry Faxton utilizes an incentive program mat focuses solely on net income Rexford uses customer service and employee development in addition to net income in its incentive program. Over time. Faxton can be expected to

                                                                                                      A) be less likely to misstate earnings due to the importance of earnings to management
                                                                                                      B) have higher sales growth than Rexford due to management s strong focus
                                                                                                      C) be more profitable than Rexford initially Put lose this advantage
                                                                                                      D) consistently be more profitable than Rexford due to not funding training programs


                                                                                                      2. A company has prepared the following pro forma income statements. It plans to sell 10,000 units in the current year and 11.500 units next year.

                                                                                                      A) Reduce operating expenses by $1.00 per unit
                                                                                                      B) Reduce cost of goods sold by $1.00 per unit
                                                                                                      C) Increase sales revenue by 15%.
                                                                                                      D) Increase gross profit margin by 15%


                                                                                                      3. Huaxia Manufacturing's standard cost card for product GH1 includes the following:

                                                                                                      During the month of June, Huaxia produced 12,300 units. The purchasing department purchased 30,400 yards of fabric for a total cost of $100,320. The production department used 25.300 yards of fabric in June. What is Huaxia's direct materials price variance for the month of June?

                                                                                                      A) $14,220 unfavorable
                                                                                                      B) $2,450 unfavorable
                                                                                                      C) $6,080 favorable
                                                                                                      D) $11,770 unfavorable


                                                                                                      4. After a recent earthquake in a nearby city the board of directors of a company has requested a review of the company s disaster recovery plan Which of the following would be classified as a weakness in the company's disaster recovery plan?

                                                                                                      A) Management has decided not to maintain a hot site because it was determined that the costs outweigh the benefits.
                                                                                                      B) A cold site with backup data and documents is maintained on the basement level of the company s headquarters.
                                                                                                      C) Members of the company's disaster recovery team maintain current copies of the disaster recovery plan m their homes.
                                                                                                      D) The details of the disaster recovery plan stipulate that internal audit should review the plan every other year rather than annually.


                                                                                                      5. One major output of an accounting information system's financing cycle is a summary of

                                                                                                      A) actual operating cash outflows
                                                                                                      B) forecasted cash needs
                                                                                                      C) current cash balances.
                                                                                                      D) actual operating cash inflows


                                                                                                      Solutions:

                                                                                                      Question # 1
                                                                                                      Answer: A
                                                                                                      Question # 2
                                                                                                      Answer: B
                                                                                                      Question # 3
                                                                                                      Answer: C
                                                                                                      Question # 4
                                                                                                      Answer: B
                                                                                                      Question # 5
                                                                                                      Answer: B

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