Free IMA CMA-Financial-Planning-Performance-and-Analytics Exam Dumps Questions & Answers

Which one of the following represents a temporary difference under U.S GAAP?

• A.Fines and expenses resulting from violation of the law
• B.Percentage depletion of natural resources
• C.interest received in municipal bonds
• D.Accrued liabilities

Which statement below best describes the relationship among a company's organizational structure, policies.
objectives and the effectiveness of the control environment?

• A.The control environment often Is completely Independent and distinct from the organizational structure policies. and objectives
• B.The control activities have more influence on the control environment than the organizational structure policies and objectives
• C.Management can determine the organizational structure, policies and objectives to create the control environment after the risks are identified
• D.The policies, organizational structure, and objectives set the foundation tor the internal control components and provide discipline and structure

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?

• A.Processing controls such as limiting access
• B.input controls such as a limit check
• C.Output controls such as a maximum check
• D.Throughput controls such as a hash total

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 earned over until the subsequent year and used to adjust the estimated predetermined rate for that year
• B.$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
• C.$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
• D.All of the under-applied manufacturing overhead should be charged to Cost of Goods Sold for the year.

A company reported that its shareholders' equity decreased in the recent year. This could occur if

• A.new common stock was sold for less than par value
• B.new common stock was sold for greater than par value
• C.dividends paid were less than net income.
• D.dividends paid were greater than net income