CMA-Financial-Planning-Performance-and-Analytics Self-Study Guide for Becoming an CMA Part 1: Financial Planning - Performance and Analytics Exam Expert
CMA-Financial-Planning-Performance-and-Analytics Study Guide Realistic Verified CMA-Financial-Planning-Performance-and-Analytics Dumps
NEW QUESTION 43
Harris Company sells two products with the following characteristics.
Harris Company's total sales-mix variance for the year is
- A. $725,000 Favorable
- B. $350,000 unfavorable
- C. $375,000 Unfavorable
- D. $300,000 Unfavorable
Answer: C
NEW QUESTION 44
Aeronautics Inc. has designed a new airplane that entails an extremely complex manufacturing process Upon reviewing the market Aeronautics' management believes the price of the plane will need to be set below current manufacturing costs. Some on the management team have recommended stopping the project, however, the CFO believes that the plane will become profitable in the near future. The CFO most likely used which forecasting method?
- A. Cost-volume-profit analysis
- B. Learning curve analysis
- C. Exponential smoothing
- D. Time series.
Answer: D
NEW QUESTION 45
Sullivan Company's static Budget for the past year is shown below.
Sullivan actually sow 11.000.000 units throughout the year which was a quantity within its relevant range. The flexible budget net income that should be used to compare to actual results is
- A. $11,500,000.00
- B. $4,200,000.00
- C. $7,500,000.00
- D. $6,580,000.00
Answer: D
NEW QUESTION 46
Which one of the following best describes the difference between a normal costing system and an actual costing system?
- A. Direct labor cost is estimated using a predetermined rate under a normal costing system, while it is the actual value under an actual costing system.
- B. Both direct labor cost and direct material cost are estimated using a predetermined rate under a normal costing system, while they are the actual value under an actual costing system
- C. Factory overhead cost is estimated using a predetermined rate under a normal costing system, while it is me actual value under an actual costing system.
- D. Direct material cost is estimated using a predetermined rate under a normal costing system while it is the actual value under an actual costing system
Answer: C
NEW QUESTION 47
when considering data visualization elements, the incorporation or color, shape, size, or animation can be used to address
- A. data myopia
- B. complexity
- C. data distortion
- D. multiple variables
Answer: D
NEW QUESTION 48
A company s accounting department is run by only one accountant. Which one of the following can be implemented as a detective control?
- A. Require the accountant to double-check his work
- B. Train another employee to perform bank reconciliations
- C. Train another employee to record journal entries.
- D. Require the accountant to update cash balance regularly
Answer: B
NEW QUESTION 49
A company reported that its shareholders' equity decreased in the recent year. This could occur if
- A. dividends paid were greater than net income
- B. new common stock was sold for less than par value
- C. dividends paid were less than net income.
- D. new common stock was sold for greater than par value
Answer: A
NEW QUESTION 50
Explain whether ZFI's current overhead allocation method is appropriate.
Essay
Zhiliang Foods Inc. (ZFI) is a privately-held food distributor ZFI has two production departments' the Meat Department is labor-intensive. while the Bakery Department is highly automated ZFI applies a single overhead allocation rate, using the number of pounds produced as an allocation base for the whole company The expected annual overhead costs of ZFI for 100 million pounds produced are as follows (¥ in millions).
ZFI has one payroll administrator in its Human Resources department, but most of the payroll related work is outsourced to a payroll service provider ZFI's payroll administrator is responsible for tracking the list of current employees and maintaining the most up-to-date employee information, including bank accounts for payroll direct deposits.
Each pay period, the payroll administrator emails the information for all current employees' hours worked to the payroll service provider. The service provider then processes the payroll, makes direct deposits to employees' bank accounts, mails payroll stubs to employees' homes and emails payroll reports to ZFI's payroll administrator. The payroll administrator then makes payroll journal entries to ZFI's accounting system based on the payroll reports received ZFI's accountant prepares a bank reconciliation each month to ensure ZFI s payroll payments on ZFI's bank statement match the amounts shown on the payroll reports from the service provider.
ZFl's management is evaluating the purchase of data encryption software and human resources management software next year. The human resource management software is expected to provide various human resources and payroll-related functions.
In addition, the human resource software can generate a report to indicate the monthly employee turnover rate and the average service length of employees who have resigned. The system can also generate a report to indicate the main reasons for resignations and identify current employees who are at risk of resigning. The system will recommend actions to help retain these employees, such as more training opportunities or a pay raise.
Time Value Table
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
The current overhead allocation method is not appropriate as both divisions are labour and machine intensive.
hence an appropriate overhead allocation basis would be labour and machine hours for the meat and bakery division rather than the number of output produce as this doesn't depict the actual usage of resources causing the overheads to be incurred
NEW QUESTION 51
Explain the concept of data encryption and discuss how It may be used to protect the email communications between ZFls payroll administrator and the payroll service provider.
Essay
Zhiliang Foods Inc. (ZFI) is a privately-held food distributor ZFI has two production departments' the Meat Department is labor-intensive. while the Bakery Department is highly automated ZFI applies a single overhead allocation rate, using the number of pounds produced as an allocation base for the whole company The expected annual overhead costs of ZFI for 100 million pounds produced are as follows (¥ in millions).
ZFI has one payroll administrator in its Human Resources department, but most of the payroll related work is outsourced to a payroll service provider ZFI's payroll administrator is responsible for tracking the list of current employees and maintaining the most up-to-date employee information, including bank accounts for payroll direct deposits.
Each pay period, the payroll administrator emails the information for all current employees' hours worked to the payroll service provider. The service provider then processes the payroll, makes direct deposits to employees' bank accounts, mails payroll stubs to employees' homes and emails payroll reports to ZFI's payroll administrator. The payroll administrator then makes payroll journal entries to ZFI's accounting system based on the payroll reports received ZFI's accountant prepares a bank reconciliation each month to ensure ZFI s payroll payments on ZFI's bank statement match the amounts shown on the payroll reports from the service provider.
ZFl's management is evaluating the purchase of data encryption software and human resources management software next year. The human resource management software is expected to provide various human resources and payroll-related functions.
In addition, the human resource software can generate a report to indicate the monthly employee turnover rate and the average service length of employees who have resigned. The system can also generate a report to indicate the main reasons for resignations and identify current employees who are at risk of resigning. The system will recommend actions to help retain these employees, such as more training opportunities or a pay raise.
Answer:
Explanation:
See the Answer below in Explanation details.
Explanation
Data encryption is coding the information in such a way that no one except the receiver who win nave the secret key or password would be able to access and read the information It Is a security measure done for protecting the Information In this case also the payroll information is sensitive and hence data encryption will be beneficial to ensure that the company confidential information about payroll is safeguarded against fraudulent attempts.
NEW QUESTION 52
To prevent cyoeratiacks. a company recently implemented penetration testing wnich one of tne following statements best descnbes this test?
- A. A series of attempts to flood the company's network with traffic
- B. An authorized attempt to break through the company's firev.au
- C. A staged break-in of the company s server room after business hours
- D. An email testing employee compliance with phishing guidelines
Answer: B
NEW QUESTION 53
Which one of the following statements best describes data governance?
- A. The union of data quality, data management, data policies, and risk management
- B. Performance of data-based audits on a continuous basis
- C. A process of securing all company data points, both structured and unstructured
- D. The convergence of accounting data, finance data and information technology
Answer: A
NEW QUESTION 54
A company has two service departments Security and Human Resources and two operating departments Assembly and Finishing Cost data for these departments are shown below
To determine the full costs of conducting Business m the operating departments the company allocates service department costs to the operating departments Security costs are allocated based on the number of employees and Human Resources costs are allocated based on the number of Human Resources hours used using the step-down method, what amount of Security costs would be allocated to the Assembly department?
- A. $20,000.
- B. $13,333.
- C. $18,773.
- D. $12,727.
Answer: C
NEW QUESTION 55
Trans Action inc. (TAI) is a multidivisional supplier of power train components to the automobile industry.
Following is selected information for the year just ended for each of the three divisions. Gear Axle and Housing.
The tai Board of Directors has decided to reward the employees or the divisions by allowing them to share in a bonus pool equal to S100.000 for each percentage point the return on investment (ROI) earned by their division exceeded the ROI of comparable firms as shown in the table below.
Rank the amounts in the bonus pools for the respective divisions from highest to lowest.
- A. Housing, Axle, Gear.
- B. Axle, Housing, Gear
- C. Gear. Housing, Axle
- D. Axle, Gear, Housing
Answer: A
NEW QUESTION 56
Which one of the following activities is not a pan of the data mining process?
- A. Using artificial intelligence to identify patterns in large data sets
- B. Generating recommendations based on insights derived from large databases
- C. Creating valid and useful information from large data sets using statistical methods
- D. Applying statistical techniques to derive information from large sets of data
Answer: B
NEW QUESTION 57
Personal Solutions manufactures nand-new personal computers and communications devices The company uses a Job-order costing system and applies manufacturing overhead to products on the oasis of machine hours The following estimates were used in preparing the predetermined overhead rate at the beginning of the year.
During the year, weak sales led to a reduction in production and a buildup or inventory Production records provided the following information.
Finished goods inventory included applied overhead of $100.000 while cost of goods sold included applied overhead of $300,000. There was no work-in-process inventory at year end how should the under-applied manufacturing overhead be handled at year end?
- A. All of the under-applied manufacturing overhead should be charged to Cost of Goods Sold for the year.
- B. $12.500 of the under-applied manufacturing overhead should be charged to finished goods inventory and S37.500 should be treated as a period cost
- C. All of the under-applied manufacturing overhead should be earned over until the subsequent year and used to adjust the estimated predetermined rate for that year
- D. $12.500 of the under-applied manufacturing overhead should be charged to finished goods inventory and S37 500 should be charged to Cost of Goods Sold
Answer: D
NEW QUESTION 58
A manufacturing company is setting a standard number of labor hours for a product Management creates a draft standard and asks for employees' feedback. Which one of the following statements best represents the type of standard that is being set?
- A. An authoritative standard because the employees helped to determine the standard
- B. A participative standard because the employees will more likely view the standard as reasonable.
- C. A participative standard because It includes management's Input to determine the standard.
- D. An authoritative standard because management still will ensure the standard fits the strategy
Answer: B
NEW QUESTION 59
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