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Certified Management Accountants ( CMA )
These practice questions will help you test your understanding of the concepts, theories and formulas that you have studied in Part 1 & Part 2 by requiring you to apply what you have learned to unique and varying situations. You will encounter different scenarios and applications on your actual exam than presented here, so it is essential that you understand the underlying concepts.
Each major topic within each examination part has been assigned a coverage level designating the depth and breadth of topic coverage, ranging from an introductory knowledge of a subject area (Level A) to a thorough understanding of and ability to apply the essentials of a subject area (Level C).
The topics for Parts 1 and 2 have been selected to minimize the overlapping of subject areas among the examination parts. The topics within an examination part and the subject areas within topics may be combined in individual questions.
Candidates for the CMA designation are assumed to have knowledge of the following: preparation of financial statements, business economics, time-value of money concepts, statistics and probability
In order to more clearly define the topical knowledge required by a candidate, varying levels of coverage for the treatment of major topics of the content specification outlines have been identified and defined. The cognitive skills that a successful candidate should possess and that should be tested on the examinations can be defined as follows:
Knowledge: Ability to remember previously learned material such as specific facts, criteria, techniques, principles, and procedures (i.e., identify, define, list).
Comprehension: Ability to grasp and interpret the meaning of material (i.e., classify, explain, distinguish between).
Application: Ability to use learned material in new and concrete situations (i.e., demonstrate, predict, solve, modify, relate).
Analysis: Ability to break down material into its component parts so that its organizational structure can be understood; ability to recognize causal relationships, discriminate between behaviors, and identify elements that are relevant to the validation of a judgment (i.e., differentiate, estimate, order).
Synthesis: Ability to put parts together to form a new whole or proposed set of operations; ability to relate ideas and formulate hypotheses (i.e. combine, formulate, revise).
Evaluation: Ability to judge the value of material for a given purpose on the basis of consistency, logical accuracy, and comparison to standards; ability to appraise judgments involved in the selection of a course of action (i.e., criticize, justify, conclude).
The three levels of coverage can be defined as follows:
Level A: Requiring the skill levels of knowledge and comprehension.
Level B: Requiring the skill levels of knowledge, comprehension, application, and analysis.
Level C: Requiring all six skill levels, knowledge, comprehension, application, analysis, synthesis, and evaluation.
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