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CMA Part 1 Essay Practice Questions(一)

发布时间:2017-03-03 10:11 -阅读数: -文章来源:这是默认来源
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Question 1.1 Coe Company Coe Company is a manufacturer of semi-custom motorcycles. The company used 500 labor hours to produce a prototype of a new motorcycle for one of its key customers. The customer then ordered three additional motorcy......
Question 1.1 – Coe Company
 
Coe Company is a manufacturer of semi-custom motorcycles. The company used 500 labor hours to produce a prototype of a new motorcycle for one of its key customers. The customer then ordered three additional motorcycles to be produced over the next six months. Coe estimates that the manufacturing process for these additional motorcycles is subject to a 90% learning curve. Although the production manager was aware of the learning curve projections, he decided to ignore the learning curve when compiling his budget in order to provide a cushion to prevent exceeding the budgeted amount for labor.    
 
REQUIRED:
 
1.      By using the cumulative average-time learning curve, estimate the total number of labor hours that are required to manufacture the first four units of product. Show your calculations.
 
2.      Assume the 90% learning curve is realized.  Calculate Coe’s cost savings in producing the three additional units if the cost of direct labor is $25 per hour. Show your calculations.
 
3.   a.  Define budgetary slack.
b.   Identify and explain two negative effects that budgetary slack can have on the budgeting process.
 
4.   Assume that Coe actually used 1,740 labor hours to produce the four units at a total cost of $44,805. 
a. If the company ignored the learning curve when creating the budget, for the four units produced, compute Coe’s
1. direct labor rate (price) variance.
2. direct labor efficiency variance.
b.   How would the above two variances differ if the learning curve had been considered when creating the budget? Show your calculations.
 
5.   Assume that the price variance is unfavorable and the efficiency variance is favorable. Identify and discuss one reason that explains both of these variances.
 
6.   Explain the effect on the direct labor efficiency variance if the manufacturing process were subject to an 80% learning curve.
 
7.    Identify and explain one limitation of learning curve analysis.
 

Question 1.2 – Law Services Inc.
 
Law Services Inc. provides a variety of legal services to its clients. The firm’s attorneys each have the authority to negotiate billing rates with their clients. Law Services wants to manage its operations more effectively, and established a budget at the beginning of last year. The budget included total hours billed, amount billed per hour, and variable expense per hour. Unfortunately, the firm failed to meet its budgeted goals for last year. The results are shown below.
 
  Actual Budget
Total hours billed 5,700 6,000
Amount billed/hour $275 $325
 
The budgeted variable expense per hour is $50, and the actual total variable expense was $285,000. There is disagreement among the attorneys over the reasons that the firm failed to meet its budgeted goals.
 
REQUIRED:
 
1.      What is the advantage of using a flexible budget to evaluate Law Services’ results for last year as opposed to a static budget? Explain your answer.
 
2.      Explain the process of creating a flexible budget for Law Services.
 
3.      Calculate the total static budget revenue variance, the flexible budget revenue variance, and the sales-volume revenue variance. Show your calculations.
 
4.      a.   Calculate the variable expense variance. Show your calculations.
      b.   Was the variable expense variance a flexible budget variance or a sales volume variance?
            Explain your answer.
 
 

Question 1.3 – Inman Inc.
 
Inman Inc. is a manufacturer of a single product and is starting to develop a budget for the coming year. Because cost of goods manufactured is the biggest item, Inman’s senior management is reviewing how costs are calculated. In addition, senior management wants to develop a budgeting system that motivates managers and other workers to work toward the corporate goals. Inman has incurred the following costs to make 100,000 units during the month of September.
 
              Materials                                  $400,000
              Direct labor                              100,000
              Variable manufacturing overhead              20,000
              Variable selling and administrative costs          80,000
              Fixed manufacturing overhead                200,000
              Fixed selling and administrative costs     300,000
 
Inman Inc.’s September 1 inventory consisted of 10,000 units valued at $72,000 using absorption costing. Total fixed costs and variable costs per unit have not changed during the past few months. In September, Inman sold 106,000 units at $12 per unit.
 
REQUIRED:
 
1.      Using absorption costing, calculate the following.
       a.   Inman’s September manufacturing cost per unit
       b.   Inman’s September 30 inventory value
       c.   Inman’s September net income
 
2.      Using variable costing, calculate the following.
       a.   Inman’s September manufacturing cost per unit
       b.   Inman’s September 30 inventory value
       c.   Inman’s September net income
 
3.      Identify and explain one reason why the income calculated in the previous two questions might differ.
 
4.      Identify and discuss one advantage of using each of the following:
      a.   absorption costing
      b.   variable costing
 
5.      a.   Identify one strength and one weakness each of authoritative budgeting and participative
      budgeting.
      b.   Which of these budgeting methods will work best for Inman Inc.? Explain your answer.
c.   Identify and explain one method the top managers can take to restrict the Production Manager from taking advantage of budgetary slack.
 
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