CMA Part 1 Practice Exam 6

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Part 1 Practice Exam 6

CMA Part 1
Practice Exams

CMA Part 1 Practice Exam 6

Quiz Summary

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1. Question

Within an Accounting Information System (AIS), which specific subsystem is tasked with ensuring compliance with the external filing requirements of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS)?

2. Question

Under US GAAP, which of the following best describes the revenue recognition principle as codified in ASC 606 (Revenue from Contracts with Customers)?

3. Question

Which of the following best describes the relationship between a company’s strategic plan and its operating budget?

4. Question

Which of the following statements correctly describes a rolling (continuous) budget?

5. Question

Which of the following is the primary advantage of zero-based budgeting (ZBB) over traditional incremental budgeting?

6. Question

Which of the following represents the correct sequence for preparing a master budget for a manufacturing company?

7. Question

8. Question

9. Question

Pinnacle Products plans to produce 15,000 units next month. Each unit requires 0.4 direct labor hours. The standard wage rate is $22.50 per hour. Payroll taxes and benefits add 20% to base wages. What is the total budgeted direct labor cost, including benefits and payroll taxes?

10. Question

Dellbrook Co. uses the following flexible overhead budget formula: Total OH = $54,000 + $2.25 per machine hour. The master budget was based on 18,000 machine hours. Actual machine hours for the period were 16,500. What is the flexible budget allowance for overhead at the actual activity level?

Next: CMA Part 1 Practice Exam 7

CMA Part 1Practice Exams

CMA Part 1 Practice Exam 6

Quiz Summary

Information

Results

Results

Categories

1. Question

Within an Accounting Information System (AIS), which specific subsystem is tasked with ensuring compliance with the external filing requirements of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS)?

2. Question

Under US GAAP, which of the following best describes the revenue recognition principle as codified in ASC 606 (Revenue from Contracts with Customers)?

3. Question

Which of the following best describes the relationship between a company’s strategic plan and its operating budget?

4. Question

Which of the following statements correctly describes a rolling (continuous) budget?

5. Question

Which of the following is the primary advantage of zero-based budgeting (ZBB) over traditional incremental budgeting?

6. Question

Which of the following represents the correct sequence for preparing a master budget for a manufacturing company?

7. Question

8. Question

9. Question

Pinnacle Products plans to produce 15,000 units next month. Each unit requires 0.4 direct labor hours. The standard wage rate is $22.50 per hour. Payroll taxes and benefits add 20% to base wages. What is the total budgeted direct labor cost, including benefits and payroll taxes?

10. Question

Dellbrook Co. uses the following flexible overhead budget formula: Total OH = $54,000 + $2.25 per machine hour. The master budget was based on 18,000 machine hours. Actual machine hours for the period were 16,500. What is the flexible budget allowance for overhead at the actual activity level?

Next: CMA Part 1 Practice Exam 7

CMA Part 1
Practice Exams