IMA : CMA-Financial-Planning-Performance-and-Analytics Questions & Answers

Updated: Sep 10, 2026

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

SectionWeightObjectives
Internal Controls15%- Governance and Control
  • 1. Risk Assessment
  • 2. Internal Audit
  • 3. Internal Control Frameworks
  • 4. Systems Controls and Security
  • 5. Control Activities
Planning, Budgeting, and Forecasting20%- Planning and Forecasting
  • 1. Forecasting Techniques
  • 2. Strategic Planning
  • 3. Top-Level Planning and Analysis
  • 4. Budgeting Concepts
  • 5. Annual Profit Plan and Supporting Schedules
External Financial Reporting Decisions15%- Recognition, Measurement and Valuation
  • 1. Asset Valuation
  • 2. Equity Transactions
  • 3. Liability Valuation
  • 4. Differences Between U.S. GAAP and IFRS
  • 5. Revenue Recognition
  • 6. Income Measurement
- Financial Statements
  • 1. Statement of Cash Flows
  • 2. Statement of Changes in Equity
  • 3. Balance Sheet
  • 4. Income Statement
  • 5. Integrated Reporting
Cost Management15%- Cost Concepts and Methodologies
  • 1. Standard Costing
  • 2. Cost-Volume-Profit Analysis
  • 3. Cost Allocation
  • 4. Cost Behavior
  • 5. Activity-Based Costing
  • 6. Costing Systems
Technology and Analytics15%- Technology and Data Analysis
  • 1. Business Intelligence
  • 2. Emerging Technologies
  • 3. Data Analytics
  • 4. Data Visualization
  • 5. Data Governance
  • 6. Information Systems
Performance Management20%- Performance Evaluation
  • 1. Cost and Variance Measures
  • 2. Balanced Scorecard
  • 3. Responsibility Centers
  • 4. Profitability Analysis
  • 5. Performance Metrics

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

Question #1

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?

  • A. There will be no effect
  • B. All spoilage will be recognized as abnormal spoilage
  • C. All spoilage will be recognized as normal spoilage
  • D. All spoilage will be assigned to ending finished goods inventory
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #2

Marsalis Products Inc. manufactures and sells batteries and cables for computers. The latest information on the products and their costs is shown in the following table.

Note: 1 Fixed manufacturing cost of S1.500,000 per year is allocated to products based on the number of machine hours required to produce the product at a rate of S3 per machine hour.
Based on the information above, what is the annual amount of earnings before interest and taxes (EBIT)?

  • A. $1,460,000.
  • B. $2,960.000.
  • C. $4,420,000.
  • D. $2,920,000.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

Which one of me following statements is correct concerning the Sarbanes-Oxley Act of 2002?

  • A. The company's audit firm must be rotated every five years and the lead auditor must be rotated every year
  • B. The five-member Public Company Accounting Oversight Board will be overseen by the AICPA and the FASB working together
  • C. A company's Chief Accounting Officer cannot have been employed by the company's audit firm for the five years preceding the audit
  • D. Corporate executives must personally certify the financial statements and company disclosures under the possibility of imprisonment
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #4

Inherent risk factors involved in the revenue recognition process include each of the following except

  • A. breakdown of segregation of duties controls
  • B. legal factors that affect product warranties, returns and liabilities
  • C. computerization of the process by which sates receipts and credit memoranda are recorded
  • D. Industry factors that affect pricing, terms and discounts
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #5

Scully Tools Company is currently completing its master budget for the coming year Immediately before the master budget is approved, it is determined that December sales should be revised upward by S120.000 .
Scully purchases merchandise on a just-in-time basis, and remits cash immediately through electronic transfer All sales are on account. 20% of the sales are collected in the month of sale, and 80% in the month following the sale. Scully's gross profit percentage is 30%. What effect will this budget revision have on Scully's pro forma statement of cash flows?

  • A. Cash will decrease by $60,000
  • B. Cash will increase by $36,000
  • C. Cash will decrease by $84,000
  • D. Cash will increase by $24,000
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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