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

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

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

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  • Cma
  • Cma

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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

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