Each part of the CMA exam contains two essays. You have at least 1 hour to complete both. If you finish your multiple-choice questions in less than 3 hours, your remaining time will be carried over to the essay section and added to the standard 1-hour allocation. The essay can cover any topic within the specific part only, meaning that no Part 2 topics will be tested on Part 1 essays and vice versa.
The gain or loss on the payable will be measured as the number of foreign currency units multiplied by the change in the spot rate between the date the liability arose, December 12, and the end of the year, December Incorrect How should a nongovernmental not-for-profit organization report depreciation expense in its statement of activities?
It should not be included. It should be included as a decrease in unrestricted net assets. It should be included as an increase in temporarily restricted net assets.
It should be reclassified from unrestricted net assets to temporarily restricted net assets, depending on donor-imposed restrictions on the assets. It is presented as a decrease in unrestricted assets. The cumulative effect of a change in accounting principle should be recorded as an adjustment to retained earnings, when the change is: Cash basis of accounting for vacation pay to the accrual basis.
Straight-line method of depreciation for previously recorded assets to the double-declining-balance method. Longer useful life of equipment to shorter useful life.
Completed-contract method of accounting for long-term construction-type contracts to the percentage-of-completion method. Accounting-principle changes such as this one are recorded by retroactively restating prior-year financial statements.
The entry to record the change results in an adjustment to the beginning balance of retained earnings in the year of the change. These questions are just a small sample of what you will find in Wiley CPAexcel.
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Learn more about Wiley CPAexcel. Presented by Wiley Professor Donald R.CMA Part 2 Exam Preparation, Cost & Materials CMA Part 2 Exam Preparation. I prepared for a total of 3 months, and this is what I did: a) Each day after work, I went to Starbucks, bought a latte, took out my iPad and my IMA book (now sold by Wiley CMAexcel) from .
Preparing for the essay questions is complex. To become an expert on answering essays, study Gleim CMA Review material, and consult with your Personal Counselor.
Be sure to practice as much as possible by answering all of the essays in the Gleim books, Gleim Online, and the Essay Wizard.
Each of these tools is part of the Gleim CMA Review System. While completing the sample test, you may notice that the enter key is enabled to commit a response. This functionality will not be available in the operational Exam until October 1, For answers to many of the common questions, read the CPA Exam sample tests frequently asked questions.
There are also private scholarships offered by various organizations. The Financial Aid team has compiled the below list of search tools and opportunities. Some essay questions may require candidates to prepare a written document for a specific reader, such as a memorandum to a CPA's client.
In such cases, technical terms . CMA Part 1: Financial Reporting, Planning, Performance and Control The percentages show the relative weight range given to each section in the exam. A. External Financial Reporting Decisions 15% Preparation of financial statements: balance sheet.