最高のCMA-Strategic-Financial-ManagementのPDF問題集100%Fast2test試験合格率保証 [2023年05月]
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質問 # 11
An accounting manage' is deciding which performance measurement tool would be most appropriate to compare firms within their company s industry given that the firms vary in size significantly. Which one of the following analysis methods would be the most appropriate?
- A. Cash flow analysis
- B. Sensitivity analysis
- C. Vertical analysis
- D. Horizontal analysis
正解：C
質問 # 12
Each of the following describes a limitation of financial statement analysis except
- A. financial statements may include significant estimated items which may distort results
- B. financial statement analysis is based on historical costs rattier man current costs which can lead to distortions in measurement
- C. financial statement analysis can use more than one measure to examine the interrelationships among data
- D. it Is difficult to compare one company with another even within the same industry due to differences in accounting principles used.
正解：C
質問 # 13
The Transformer Division of Keller Electrical Supply IS developing its Budget for next year Preliminary estimates for the next year are as follows.
* Sales of 10.000 units
* Variable cost of $350 per unit
* Fixed costs of $800,000
. Net assets utilized on the Transformer Division are $7 million
* Target rate of return on investment required by Keller is 15%
If the Transformer Division utilizes cost-based pricing and uses a markup based on its target rate of return, what price per unit (rounded to the nearest dollar) should it use for the budget?
- A. $535
- B. $495
- C. $506
- D. $430
正解：A
質問 # 14
Calculate Guda's marginal cost of capital- Show your calculations.
Apex Manufacturing lnc. (AMI) is a Canada-based company that manufactures a manufactures and unique part for aircrafts. It has few competitors in the market. The company is exposed to exchange rate risk because about 90% of its products are exported to the U.S, and most of its sales contracts are in U.S. dollars. AMI has the capacity to manufacture 1,500 units of the part per year. For the year just ended. AMI manufactured and sold 1,000 units. The operating results are shown below.
Recently, A new customer made a one-area order of 500 units of the part at $1.200 per unit. The CTO asked the controller to analyze this offer. AMI is considering adjusting its sales price next year in a recent meeting, the CFO suggested to use the market-based approach for pricing decisions, bat the controller insisted that the cost-based approach is more favorable to the company.
正解：
解説：
See the explanation for the answer.
Explanation
it the company will adjust the selling price mat is if it reduces the profit margin mil decrease as more of its costs are fixed rather man variable in nature hence in has greater sensitivity to increase in sales price
質問 # 15
London Corporation has in the following cost structure for two of its product.
Assume that me current sales level is 15,000 units of Product A and 5,000 units of Product B Using cost-volume-profit analysis which of the following courses of action would maximize profit in the short term?
Assume that fixed costs are sunk costs in the short term.
- A. Continue to make and sell both Product A and Product B
- B. Discontinue making and selling Doth products
- C. Continue to make and sell Product A only.
- D. Continue to make and sell Product B only
正解：C
質問 # 16
Abex Employment Agency has requested an increase in the firm's line of credit, and the bank is reviewing Abex's sales and collections history Although the firm's sales have increased the bank is concerned about the credit quality of the firm's customers Based on the following information calculate the average collection period for the firm Use a 365-day year in your calculations.
- A. 99 days
- B. 80 days
- C. 101 days
- D. 88 days
正解：B
質問 # 17
A group of nations is considering me formation of a cartel associated with the manufacture and distribution of a product that they each export. Which one of the following outcomes would not be consistent with me formation of a carter?
- A. A selling price where marginal revenue equals marginal cost
- B. An increase in the selling price of the manufactured product
- C. An increase m the net profits for each of the individual cartel members
- D. An increase in the output of the manufactured product
正解：D
質問 # 18
An accountant is employed in the financial reporting department of a publicly-traded company. The company s compensation plan includes a year-end bonus based on the entity's financial performance and stock option rewards based on individual performance Using iMAs Statement of Ethical Professional Practice, identify the ethical Issues, if any, that may Be presented by this company s compensation plan.
- A. The plan could threaten the accountant's integrity
- B. The plan could threaten the accountant s credibility
- C. No significant potential threats are presented by the plan
- D. The pan could threaten the accountant s competence
正解：A
質問 # 19
Assuming mere are no other imitations, should AMI accept the one-time order from a financial perspective?
Explain your answer
Essay
Apex Manufacturing lnc. (AMI) is a Canada-based company that manufactures a manufactures and unique part for aircrafts. It has few competitors in the market. The company is exposed to exchange rate risk because about 90% of its products are exported to the U.S, and most of its sales contracts are in U.S. dollars. AMI has the capacity to manufacture 1,500 units of the part per year. For the year just ended. AMI manufactured and sold 1,000 units. The operating results are shown below.
Recently, A new customer made a one-area order of 500 units of the part at $1.200 per unit. The CTO asked the controller to analyze this offer. AMI is considering adjusting its sales price next year in a recent meeting, the CFO suggested to use the market-based approach for pricing decisions, bat the controller insisted that the cost-based approach is more favorable to the company.
正解：
解説：
See the explanation for the answer.
Explanation
As the price offered is $1200 which is greater than the contribution per unit of $1000, the project should be accepted.
It will increase the profits of me company by $100,000
(500 X $200)
質問 # 20
A company's balance sheet information at the end of July is shown below (in$000s).
What is the company's financial leverage ratio?
- A. 2.45
- B. 3 74
- C. 1.69
- D. 3.89
正解：C
質問 # 21
Plenary Inc specializes in overnight package delivery. Total packages delivered last year were 10 000.000. and this quantity is expected to remain unchanged in the coming year. Unit contribution margin is $4,50 and total fixed costs are S40.000,000. The firm's 300 delivery truck drivers are seeking a S10 000 raise in annual salary In addition to a current base salary of $45 000 per year, the drivers receive a commission of $0 50 per package delivered If the firm grants the $10,000 salary increase to each driver and seeks to maintain the same level of pre-tax operating profit what is the maximum amount of commission the firm can pay its drivers per package delivered?
- A. $0.0
- B. $0.20
- C. $0.30
- D. $0.35
正解：B
質問 # 22
If a CMA is asked to conduct a financial assessment of a company owned by a close relative, what would be the proper response under the credibility standard of the IMA Statement of Ethical Professional Practice?
- A. Communicate the existence of a constraint that might preclude responsible judgment
- B. Provide an assessment that is timely and accurate despite the personal relationship
- C. Advise all parties of a potential conflict of interest
- D. Keep information confidential except when authorized By the relative
正解：C
質問 # 23
A company is considering a capital project that includes the purchase of a new machine costing $100,000. The machines estimated useful life is five years with no salvage value. The annual operating cash inflows from the project are shown below.
Given an effective income tax rate of 20% and using straight-line depreciation, what would be the projects net cash flow in Year 3?
- A. $16,000
- B. $20,000
- C. $36,000
- D. $32,000
正解：C
質問 # 24
It is possible to eliminate risk in a two-stock portfolio of common stocks if
- A. there perfect positive correlation between the stocks
- B. there is no correlation between the stocks.
- C. the two stocks have equal positive beta coefficients
- D. there is perfect negative correlation between the stocks
正解：D
質問 # 25
When evaluating a capital Budgeting proposal, an advantage of using the payback method is that Bits process
- A. considers the time value of money.
- B. incorporates all of the project's cash inflows and outflows
- C. objectively determines if the proposal should be accepted or rejected.
- D. assesses the liquidity of the project.
正解：D
質問 # 26
Selected data for Bittner, inc is shown below (in thousands)
- A. 52.73%
- B. 47.75%
- C. 52.25%
- D. 4727%
正解：D
質問 # 27
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