100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CMA Exam Part 2 Review Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024 $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Cma
  4.  
  5. Cma

Exam (elaborations)

CMA Exam Part 2 Review Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024
 3 views  0 purchase
  • Course
  • Cma
  • Institution
  • Cma

CMA Exam Part 2 Review Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024

Preview 4 out of 41  pages

Document information

  • September 27, 2024
  • 41
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cma exam part 2 review questions and answers with
  • imas overarching principles
  • imas overarching principles

Written for

  • Cma
  • Cma

Seller

avatar-seller
classhub

Reviews received

Content preview

CMA Exam Part 2 Review Questions And
Answers With Verified Solutions 100%
Correct Latest Updated 2024
IMA's Overarching Principles - ANSWER✔✔1. Honesty
2. Fairness
3. Objectivity
4. Responsibility


IMA's Four Standards - ANSWER✔✔1. Competence
2. Confidentiality
3. Integrity
4. Credibility


Resolution of Ethical Conflict - ANSWER✔✔a. Discuss the issue with you
immediate supervisor
b. Advance to the next level of management until addressed
c. Consult with confidential IMA ethics advisor
d. Seek external counsel


Competence (4) - ANSWER✔✔1. Maintain expertise though continued learning
2. Adhere to laws, regulations, etc.
3. Provide adequate decision support
4. Recognize and communicate professional limitations

,Confidentiality (3) - ANSWER✔✔1. Maintain unless authorized or legally
required
2. Inform relevant parties of appropriate use
3. Do not use for unethical or illegal advantage


Integrity (3) - ANSWER✔✔1. Mitigate actual, avoid apparent, advise possible
2. Avoid activities to cause prejudice
3. Abstain from discrediting activities


Credibility (3) - ANSWER✔✔1. Communicate fair and objectively
2. Disclose all relevant information
3. Disclose all delays or deficiencies in conforming with controls, leads, etc.


Describe the provisions of the Foreign Corrupt Practices Act of 1977 -
ANSWER✔✔1. Accounting
a. Internal Controls
b. Accurate Records
2. Anti-Bribery
a. No domestic concern may offer corrupt payments
('grease' payments ok)


SOX 406(a) & 406(c) - ANSWER✔✔a. Companies must issue a Code of Ethics to
senior financial officers.
c. Code of Ethics must include standards to promote (basically IMA's standards)


Corporate Responsibility for Ethical Behavior (7) - ANSWER✔✔1. Foster ethics

,2. Ethical vs. Legal
3. Tone from the Top
4. Culture
5. Training
6. Monitoring (KPI's, whistleblower framework, etc.)
7. Ethical behavior framework is prerequisite for internal control


Process Controls for Ethical Behavior (3) - ANSWER✔✔1. Business Process
Reengineering
2. Quality Management
3. Continuous Process Improvement


Types of Fraud (2) - ANSWER✔✔1. Financial Misreporting - usually
management
2. Misappropriation of Asset - usually employee (immaterial)


Fraud Risk Model - ANSWER✔✔1. Opportunity - Controllable
2. Rationalization - Inherent
3. Motivation - Generally external


Fraud Investigation Techniques (3) - ANSWER✔✔1. Interviewing
2. Public Search
3. Documentation


Primary/Secondary Fraud Controls (4/2) - ANSWER✔✔1. Preventative

, 2. Detective
3. Corrective
4. Directive
A. Compensatory - Manager Review
B. Complementary - Deposit Slips


Segregation of Duties - ANSWER✔✔1. Custody
2. Authority
3. Record-Keeping


Net Working Capital Ratio - ANSWER✔✔= Net Working Capital/Total Assets


Accounts Payable Turnover - ANSWER✔✔= Purchases/Average AP


Days' Purchases in AP - ANSWER✔✔= Days in Year/AP Turnover


Operating Cycle - ANSWER✔✔= Days' Sales in AR + Days' Sales in Inventory


Cash Cycle - ANSWER✔✔= Operating Cycle - Days' Purchases in AP


Fixed Asset Turnover Ratio - ANSWER✔✔= Net Sales/Net Average PPE


Total Assets Turnover - ANSWER✔✔= Net Sales/Average Total Assets

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77764 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

BIO 220 FINAL EXAM QUESTIONS AND ANSWERS GRADED A
$12.49
  • (0)
  Add to cart