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IMA CMA Part 2 Practice Test

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Question 1 of 10

Objective Evaluate capital investment analysis methods E. Capital Investment Decisions (10%)

Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

Concept tested:

Source:CMA Learning Outcome Statements (Content Specification Outlines effective September 1, 2024)

Question 2 of 10

Objective Analyze restructuring and international finance B. Corporate Finance (20%)

Cascade Company is evaluating an acquisition. The target has positive standalone value, and integration is expected to generate recurring procurement savings. How should those savings be treated?

Concept tested:

Question 3 of 10

Objective Evaluate special financial-analysis issues A. Financial Statement Analysis (20%)

Redwood Company operates in a high-inflation environment. Replacement costs have risen substantially, but historical-cost statements are being compared with older periods. What is the key analytical caution?

Concept tested:

Question 4 of 10

Objective Evaluate organizational ethical responsibilities F. Professional Ethics (15%)

Orion Company operates in countries with different legal minimums. What is the best organizational approach to ethics?

Concept tested:

Question 5 of 10

Objective Analyze profitability and its components A. Financial Statement Analysis (20%)

Crestline Company sold 52,000 units at $82.00 each. Variable cost was $49.00 per unit. What total contribution margin was generated before fixed costs?

Concept tested:

Question 6 of 10

Objective Select risk mitigation and management responses D. Enterprise Risk Management (10%)

Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

Concept tested:

Question 7 of 10

Objective Apply marginal analysis to operating decisions C. Business Decision Analysis (25%)

A plant has idle capacity and is offered a one-time order for 3,000 units at $52 each. Normal variable manufacturing cost is $34 per unit, special packaging will cost $3 per unit, and accepting the order requires a one-time setup cost of $24,000. No regular sales or other fixed costs will change. What is the incremental operating-profit effect?

Concept tested:

Question 8 of 10

Objective Apply business ethics and fraud concepts F. Professional Ethics (15%)

Harbor Company sees a sudden increase in manual journal entries posted late at night by a senior finance user just before quarter-end. What is the most appropriate control response?

Concept tested:

Question 9 of 10

Objective Identify and assess enterprise risks D. Enterprise Risk Management (10%)

Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

Concept tested:

Question 10 of 10

Objective Apply cost-volume-profit analysis C. Business Decision Analysis (25%)

A company is comparing two operating structures for the same product. Both sell for $50 per unit and are expected to sell 30,000 units. Structure A has variable cost of $20 per unit and fixed costs of $500,000. Structure B uses more automation, reducing variable cost to $10 per unit but increasing fixed costs to $800,000. At the expected volume, both structures produce the same operating income. Which structure has the greater degree of operating leverage, and what does that imply?

Concept tested:

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Cheat Sheets

Question 1 Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

Answer choices

A. Reject because IRR must be below the required return.
B. Accept only if payback is one year.
C. IRR cannot be used with conventional cash flows.
D. Accept the project because IRR exceeds the required return.

Correct answer

Accept the project because IRR exceeds the required return.

For conventional cash flows, IRR above the required return indicates positive NPV at the hurdle rate.

Wrong-answer review

A. Reject because IRR must be below the required return.: The acceptance rule is reversed.
B. Accept only if payback is one year.: No one-year payback requirement exists.
C. IRR cannot be used with conventional cash flows.: IRR is interpretable for conventional cash flows.

Extra learning features

Why candidates miss this

The distractor ‘Accept only if payback is one year’ is tempting because payback is a simple, easily understood metric. However, it ignores the IRR’s indication of positive NPV, which is the core of the question. The decisive clue is the explicit mention of the required return, highlighting the need for a more sophisticated analysis. Likely wrong answer: Accept only if payback is one year. Review focus: CMA Learning Outcome Statements (Content Specification Outlines effective September 1, 2024)

Objective/domain: E. Capital Investment Decisions (10%)

Question 2 Cascade Company is evaluating an acquisition. The target has positive standalone value, and integration is expected to generate recurring procurement savings. How should those savings be treated?

A. Ignore all synergies by definition.
B. Add every possible gross synergy to purchase price without discounting.
C. Estimate their incremental after-tax cash-flow value separately and include only credible, achievable synergies.
D. Treat procurement savings as financing cash flows.

Estimate their incremental after-tax cash-flow value separately and include only credible, achievable synergies.

Objective/domain: B. Corporate Finance (20%)

Question 3 Redwood Company operates in a high-inflation environment. Replacement costs have risen substantially, but historical-cost statements are being compared with older periods. What is the key analytical caution?

A. Inflation improves comparability because all amounts use currency.
B. Nominal-dollar changes may reflect changing prices as well as real operating performance.
C. Historical cost automatically restates prior periods for purchasing power.
D. Only liabilities are affected by changing prices.

Nominal-dollar changes may reflect changing prices as well as real operating performance.

Objective/domain: A. Financial Statement Analysis (20%)

Question 4 Orion Company operates in countries with different legal minimums. What is the best organizational approach to ethics?

A. Meet applicable law and maintain company ethical standards that can exceed legal minimums when consistent with legitimate responsibilities.
B. Treat anything legal as automatically ethical.
C. Ignore local law whenever company policy is stricter.
D. Use the least restrictive country's rules everywhere.

Meet applicable law and maintain company ethical standards that can exceed legal minimums when consistent with legitimate responsibilities.

Objective/domain: F. Professional Ethics (15%)

Source: IMA Statement of Ethical Professional Practice

Question 5 Crestline Company sold 52,000 units at $82.00 each. Variable cost was $49.00 per unit. What total contribution margin was generated before fixed costs?

A. $4.26 million
B. $2.55 million
C. $33.00
D. $1.72 million

$1.72 million

Question 6 Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

A. Hedge twice the gross exposure.
B. Ignore natural offsets because only derivatives count.
C. The net exposure after natural hedges and the cost and basis risk of any additional hedge.
D. Eliminate all foreign operations.

The net exposure after natural hedges and the cost and basis risk of any additional hedge.

Objective/domain: D. Enterprise Risk Management (10%)

Question 7 A plant has idle capacity and is offered a one-time order for 3,000 units at $52 each. Normal variable manufacturing cost is $34 per unit, special packaging will cost $3 per unit, and accepting the order requires a one-time setup cost of $24,000. No regular sales or other fixed costs will change. What is the incremental operating-profit effect?

A. $45,000 increase
B. $54,000 increase
C. $69,000 increase
D. $21,000 increase

$21,000 increase

Objective/domain: C. Business Decision Analysis (25%)

Question 8 Harbor Company sees a sudden increase in manual journal entries posted late at night by a senior finance user just before quarter-end. What is the most appropriate control response?

A. Disable all accounting systems permanently.
B. Ignore the entries because senior users are trusted.
C. Reverse every late-night entry without review.
D. Increase targeted review of unusual journal entries and investigate supporting evidence and authorization.

Increase targeted review of unusual journal entries and investigate supporting evidence and authorization.

Question 9 Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

A. Unclear risk ownership.
B. Excessive risk transfer.
C. Too much quantitative modeling.
D. Overstated liquidity.

Unclear risk ownership.

Question 10 A company is comparing two operating structures for the same product. Both sell for $50 per unit and are expected to sell 30,000 units. Structure A has variable cost of $20 per unit and fixed costs of $500,000. Structure B uses more automation, reducing variable cost to $10 per unit but increasing fixed costs to $800,000. At the expected volume, both structures produce the same operating income. Which structure has the greater degree of operating leverage, and what does that imply?

A. Structure B; its operating income is more sensitive to percentage changes in sales volume
B. Structure A; its operating income is more sensitive because its variable cost is higher
C. Structure B; its break-even point must therefore be lower
D. Neither; equal operating income means equal operating leverage

Structure B; its operating income is more sensitive to percentage changes in sales volume

IMA CMA Part 2 Practice Test

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What you get with free practice

Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

Cascade Company is evaluating an acquisition. The target has positive standalone value, and integration is expected to generate recurring procurement savings. How should those savings be treated?

Redwood Company operates in a high-inflation environment. Replacement costs have risen substantially, but historical-cost statements are being compared with older periods. What is the key analytical caution?

Orion Company operates in countries with different legal minimums. What is the best organizational approach to ethics?

Crestline Company sold 52,000 units at $82.00 each. Variable cost was $49.00 per unit. What total contribution margin was generated before fixed costs?

Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

Harbor Company sees a sudden increase in manual journal entries posted late at night by a senior finance user just before quarter-end. What is the most appropriate control response?

Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

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