This page was exported from Latest Exam Prep [ http://certify.vceprep.com ] Export date:Sat Sep 21 11:42:34 2024 / +0000 GMT ___________________________________________________ Title: [Jan 24, 2023] Latest CMA-Financial-Planning-Performance-and-Analytics PDF Dumps & Real Tests Free Updated Today [Q66-Q89] --------------------------------------------------- [Jan 24, 2023] Latest CMA-Financial-Planning-Performance-and-Analytics PDF Dumps & Real Tests Free Updated Today CMA-Financial-Planning-Performance-and-Analytics Dumps With 100% Verified Q&As - Pass Guarantee or Full Refund Q66. 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.  Increase sales revenue by 15%.  Reduce cost of goods sold by $1.00 per unit  Increase gross profit margin by 15%  Reduce operating expenses by $1.00 per unit Q67. In developing a risk-based approach to internal control, a company is considering the risks posed to various accounts due to the complex calculations involved as well as industry factors that make measurement difficult.These risk factors are part of  systems risk  account level risk  control risk  inherent risk Q68. Stone Ltd manufactures socket wrenches .The company produced 400 000 wrenches and sold 350,000 this year. The following information pertains to the costs accumulated in Stone’s inventory.What is the difference between Stones operating income under absorption costing and variable costings  $16,750 higher using absorption costing.  $19,750 lower using variable costing  $28,000 lower using variable costing  $36.500 higher using absorption costing Q69. What is ZF’s expected variable overhead cost per pound of food produced? Snow your calculations 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. See the Answer below in Explanation details.ExplanationFactory Utilities 30mProduction Payroll 20mOther Variable Cost 40mTotal Variable OHD 90mTotal Pounds Produced 100mHence vanable OHD per pound / 90m= 100m = 0.9Q70. The purchasing team manager of a large car retailer is responsible for purchasing cars for the Pest price and managing his team’s payroll costs. Once the car is purchased the sales team manager is responsible for setting the prices. Which one of the following statements best describes the team s responsibilities’?  The purchasing team is an investment center and the sales team is a revenue center  The purchasing team is a cost center, and the sales team is an investment center.  The purchasing team is an investment center and the sales team is a profit center  The purchasing team is a cost center, and the sales team Is a revenue center Q71. Which one of the following represents a temporary difference under U.S GAAP?  Accrued liabilities  interest received in municipal bonds  Percentage depletion of natural resources  Fines and expenses resulting from violation of the law Q72. would you recommend any changes to the job responsibilities of ZFl’s payroll administrator from an internal control perspective? Explain why.EssayZhiliang 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. See the Answer below in Explanation details.ExplanationThe work of the payroll administrator is not supervised so he can add fake employees and get their salaries in account operated by him…… A supervisory or department heads should review his work before processing.Secondly an accountant should be responsible for passing the entries rather than the administrator, the system lacks segregation of duties which can facilitate fraud and errors.Q73. Hill Corporation sola some of its accounts receivable including one from Custom Company, to Dale incorporated without recourse, Because of this transaction.  Dale incorporated has no recourse against mil Corporation  Hill Corporation has no recourse against Dale Incorporated  Custom Company has no recourse against Hill Corporation  Custom Company has no recourse against Dale incorporated Q74. 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  $4,200,000.00  $7,500,000.00  $6,580,000.00  $11,500,000.00 Q75. 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.  Axle, Housing, Gear  Gear. Housing, Axle  Axle, Gear, Housing  Housing, Axle, Gear. Q76. Mauer Company’s master budget for next year indicates the following  $40,500,000  $39,950,000  $37.950,000  $30,000,000 Q77. identify the category of the Food-To-Go division in the BCG Growth-Share Matrix and discuss whether FDL should allocate more capital funding to the Food-To-Go division.EssayFood Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL’s newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country’s leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.The Food-To-Go division only contributed 5% of FDL’s total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go’s sales were only 20% of the industry leader’s sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division’s budgeted sales in the past three years He argued that his division is the company’s best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL’s required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions). See the Answer below in Explanation details.ExplanationThe food to 90 division will be classed as question mark due to the fact that the market of this industry is growing and expected to grow, however the company share in the market is less as compared to the market leader. It requires funding so that the market opportunities can be exploited and hence the company can expand in this industry to secure its future.Q78. The following information pertains to Wang Corporation which uses standard costing for its materials.The following information pertains to Wang Corporation which uses standard costing for its materials.What is me amount of the unfavorable material-related variance that would appear on a report to the production foreman?  $4,000  $5,000  $5,600  $6,000 Q79. A company has developed a core competency in data mining. Which one of the following best describes this core competency?  Ability to derive valid information from large databases using statistical techniques  Expertise in extracting data from large volumes of unstructured text using query tools  SQL mastery for structuring data as a oasis for applying data analytics  Ability to develop recommendations for action based on the analysts of large data sets Q80. Comprehensive income is best defined as  total revenues minus total expenses  net income excluding realized gams and losses  the change In net assets for the period excluding owner transactions  the change in net assets for the period including contributions from owners and distributions to owners Q81. Company A currently uses U.S GAAP while Company 8 is currently using IFRS. Both companies are individually in the process of internally developing trademarks that have been demonstrated to be technically and economically feasible Both companies have incurred development costs in the current year with respect to their internally developed trademarks. Which one of the following best describes how Company A and Company B should account for these development costs in their financial statements?  Company A should expense the development costs while Company B should capitalize the development costs  Company A should capitalize the development costs while Company B should expense the development costs  Both Company A and Company B should capitalize the development costs  Both Company A and Company B should expense the development costs Q82. What is the best type of accounting system control to help prevent improper manipulation of data and to ensure the continued, satisfactory use of the hardware and software?  Processing controls such as limiting access  Output controls such as a maximum check  input controls such as a limit check  Throughput controls such as a hash total Q83. COSO’s Internal Control-Integrated Framework is the widely accepted internal control framework in the U S Five major Internal control components are Included in this framework Control environment consists of  management s identification and analysis of risks relevant to the preparation of financial statements according to generally accepted accounting principles  management’s ongoing and periodic assessment of the quality of internal control performance to determine if controls are operating as intended  policies and procedures that management has established to meet its objectives for financial reporting  the actions, policies, and procedures that reflect the overall attitudes of top management directors and owners about internal control Q84. A company recently used 500 direct labor hours to manufacture ten units of a new product, if the company employs the cumulative average-time learning model with a 90% learning curve, the number of direct labor hours the company would expect to use to produce the next ten units of this product is  500  475  450  400 Q85. A company incurred the following selected costs In its manufacturing operations during the month.  $20,000  $21,000  $22,000  $23,000 Q86. Anatolian Textile Company produces blue-jean pants for a globally known blue-jean brand and its annual financial results are shown below.Based on the table the sales-price variance for the company is  €4,500 unfavorable  €4,500 favorable  €10,500 favorable  €10,500 unfavorable Q87. Ingle Inc. has adopted a quality management program that considers all defects as avoidable and unnecessary The goal of this program is to have zero defects ingle uses a process costing system and has recognized the cost of normal and abnormal spoilage on its financial statements How will the new quality management program affect the accounting for normal and abnormal spoilage?  All spoilage will be recognized as normal spoilage  All spoilage will be recognized as abnormal spoilage  All spoilage will be assigned to ending finished goods inventory  There will be no effect Q88. As part of the COSO Internal Control Framework segregation of duties and documentation are included in which of the components of the COSO model below?  Operating environment  Risk assessment  Control activities  Information and communication Q89. Discuss how FDL’s allocation of shared corporate services costs may overstate the profitability of the Food-To-Go division, and provide your recommendation on shared corporate services costs allocation.EssayFood Depot Ltd (FDD is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants FDL has been profitable m recent years and has a very strong cash position FDL’s newest division. Food-To-Go. is an online meal ordering and delivery platform acquired by FDL two years ago.In 20X7. sales for the entire company were SI billion, with 50% of the business coming from the Airline Catering division. FDL is the country’s leading airline catering services provider and controls 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.The Food-To-Go division only contributed 5% of FDL’s total sales in 20X7 and is far behind in competing for market share of the online meal ordering and deliver, industry. It is estimated that Food-To-Go’s sales were only 20% of the industry leader’s sales However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.The costs of shared corporate services are allocated based on each division s revenue FDL usually caps its capital expenditure budget to 4% of budgeted sales revenue In a recent capital budget coordination meeting.Smith Whitney, the head of the Airline Catering division. complained that his division is underfunded on capital projects . The budgeted capital expenditure had been much less than 4 % of the division’s budgeted sales in the past three years He argued that his division is the company’s best-performing division, and it needs more funds to maintain its market share m the industry Whitney wants to reduce the capital expenditure budget for Food-To-Go and reallocate those funds to his division.Susan Wiley, the bead of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company Wiley argues that her division had the highest ROI in 20X7. and it deserves more capital funding FDL’s required rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follows (in $ millions). See the Answer below in Explanation details.ExplanationThe revenues of food to go division are less as compared to airline catering division which means less proportion of the overheads win he diverted to the division irrespective of the use Recommended method-stand-alone-incremental method of allocating the snares corporate service costs| Loading … 2023 Valid CMA-Financial-Planning-Performance-and-Analytics test answers & IMA Exam PDF: https://www.vceprep.com/CMA-Financial-Planning-Performance-and-Analytics-latest-vce-prep.html --------------------------------------------------- Images: https://certify.vceprep.com/wp-content/plugins/watu/loading.gif https://certify.vceprep.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2023-01-24 11:55:00 Post date GMT: 2023-01-24 11:55:00 Post modified date: 2023-01-24 11:55:00 Post modified date GMT: 2023-01-24 11:55:00