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CMA Part 1: Financial Planning - Performance and Analytics Exam

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Question # 1

Which one of the following is not considered to be a Benefit of participative budgeting?

Options:

A.  

Managers are held responsible for reaching their goals and cannot shift responsibility by blaming the unrealistic goals demanded by the budget.

B.  

Budget estimates are prepared by those in direct contact with various activities

C.  

individuals at all organizational levels are recognized as being pan of the team resulting in greater support of the budget

D.  

When managers set the final targets for the budget, it reduces top management's concerns about the profitability of operations

Discussion 0
Question # 2

As part of the COSO Internal Control Framework segregation of duties and documentation areincluded in which of the components of the COSO model below?

Options:

A.  

Operating environment

B.  

Risk assessment

C.  

Control activities

D.  

Information and communication

Discussion 0
Question # 3

Grayson Inc. experienced the following costs per unit this year for one of the direct materials involved in producing its main product

3.1 pounds @ $4 20 per pound = $13.02 per finished unit

For the next year. Grayson expects to produce 7.400 finished units. The price per pound of the direct material is expected to rise 10%. To combat this increase. Grayson has adapted its manufacturing process to reduce the amount of the direct material needed per finished unit by 5% What is the direct materials budget for the next year?

Options:

A.  

$91,531

B.  

$100,684

C.  

$101,165

D.  

$105,983

Discussion 0
Question # 4

Afitness company produces workout video content and snares it online. The company has subscribers all over the world and its subscriber base has shown steady growth Management has approached a popular workout apparel company to discuss potential sponsorshipopportunities. The goal is to impress the potential sponsor by showing the growth in total subscribers over the last 12 months. All of the following would be appropriate options for visualizing this data except a

Options:

A.  

bar graph

B.  

line graph

C.  

pie chart

D.  

table

Discussion 0
Question # 5

Personal Solutions manufacturesnand-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.

Question # 5

During the year, weak sales led to a reduction in production and a buildup or inventory Production records provided the following information.

Question # 5

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?

Options:

A.  

$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

B.  

All of the under-applied manufacturing overhead should be charged to Cost of Goods Sold for the year.

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 treated as a period cost

Discussion 0
Question # 6

A company uses thefull cost method to determine transfer prices between business units The related data are shown below

Question # 6

Based on these data, what is the transfer price?

Options:

A.  

$22 50

B.  

$25.00

C.  

$37.50.

D.  

$50.00

Discussion 0
Question # 7

Throughout June. Carroll Company purchased 75,000 pounds of raw materials at a cost of $303,750 and used 60 000 pounds of these purchases in production Carroll's standards indicated that each unit of finished goods requires three pounds of material at a cost of $4 per pound Although Carroll had budgeted for 22,000 units of finished goods to be produced during June, only 19,800 units were actually made. The raw material price variance for June that would be most relevant when examining deviations from standard is

Options:

A.  

$2,970 Unfavorable

B.  

$3,000 Unfavorable

C.  

$3,300 Unfavorable

D.  

$3,750 Unfavorable

Discussion 0
Question # 8

in times of declining prices using the Last-in First-Out (LIFO) cost flow assumption rather than the First-in, First-Out (FIFO) assumption will yield

Options:

A.  

higher assets and higher income

B.  

higher assets and lower Income

C.  

lower assets and higher income

D.  

lower assets and lower income

Discussion 0
Question # 9

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.

Essay

Food 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 isestimated 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 fundingFDL'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).

Question # 9

Options:

Discussion 0
Question # 10

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.

Essay

Food Depot Ltd (FDDis 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'snewest 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 thepast 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 tohis 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).

Question # 10

Options:

Discussion 0
Question # 11

Identify one external factor that provides opportunity for the Food-To-Go division.

Essay

Food Depot Ltd (FDD is a privately-held company that providescatering 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 onlinemeal 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 industryleader'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).

Question # 11

Options:

Discussion 0
Question # 12

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 BakeryDepartment 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).

Question # 12

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

Question # 12

Question # 12

Options:

Discussion 0
Question # 13

Explain the difference between the ROI method and the Rl method in performance evaluation

Essay

Food 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 ofthe 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% ofFDL'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 corporateservices 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 divisionis 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).

Question # 13

Options:

Discussion 0
Question # 14

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).

Question # 14

ZFI has one payroll administrator in its Human Resources department, but most of the payroll relatedwork 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 payperiod, 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.

Options:

Discussion 0
Question # 15

Identity two internal factors that enable the Food-To-Go division to have competitive advantages over Its competitors.

Essay

Food 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’sbudgeted 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).

Question # 15

Options:

Discussion 0
Question # 16

would you recommend any changes to the job responsibilities of ZFl's payroll administrator from an internal controlperspective? Explain why.

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).

Question # 16

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 humanresources 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.

Options:

Discussion 0
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