May 28, 2017 at 6:15 pm #1561621
I've been studying using Gleim CMA and there seems to be a ton of formulas. Is it more important to understand what the formulas mean? Or do I need to memorize them and be able to do a lot of workout problems on the actual exam?
Thanks!June 2, 2017 at 8:01 pm #1564804AnonymousInactiveJune 2, 2017 at 8:18 pm #1564813June 2, 2017 at 9:51 pm #1564840AnonymousInactive
Thank you. I took BEC in April so i still can remember some stuff. What materials are you using?June 2, 2017 at 10:05 pm #1564846June 2, 2017 at 10:14 pm #1564851June 2, 2017 at 10:17 pm #1564852June 2, 2017 at 10:59 pm #1564857AnonymousInactive
I am just checking a 2014 cma Hock review.
The following information is for the next three questions: ChemKing uses a standard costing system in the manufacture of its single product. The 35,000 units of raw material in inventory were purchased for $105,000, and 2 units of raw materials are required to produce 1 unit of final product. In November, the company produced 12,000 units of product. The standard cost for material allowed for the output was $60,000, and there was an unfavorable quantity variance of $2,500.
Question 111: ChemKing’s standard price for one unit of material is:
d) $5.00June 2, 2017 at 11:36 pm #1564870
Example (and this is just chapter 1):
The following information was taken from last year’s accounting records of a manufacturing company.
Inventory – January 1 -December 31
Raw materials – $38,000 – $ 45,000
Work-in-process- 21,000 – 10,000
Finished goods – 78,000 – 107,000
Direct labor – $236,000
Shipping costs on outgoing orders – 6,500
Factory rent – 59,000
Factory depreciation – 18,700
Advertising expense – 24,900
Net purchases of raw materials – 115,000
Corporate administrative salaries – 178,000
Material handling costs – 35,800
On the basis of this information, the company’s cost of goods manufactured and cost of goods sold are
A. $460,500 and $489,500, respectively.
B. $468,500 and $439,500, respectively.
Answer (B) is correct.
This solution requires a series of computations.
Beginning raw materials – $ 38,000
Add: net purchases raw materials – $115,000
Materials available – $153,000
Less: ending materials – (45,000)
Materials used in production – $108,000
Direct labor – 236,000
Factory rent – $59,000
Factory depreciation – 18,700
Material handling costs – 35,800
Total Manufacturing overhead – 113,500
Total manufacturing costs – $457,500
Add: beginning work-in-process – 21,000
Less: ending work-in-process – (10,000)
Costs of Goods Manufactured – $468,500
Add: beginning finished goods – 78,000
Less: ending finished goods – (107,000)
Cost of Goods Sold – $439,500
C. $468,500 and $470,900, respectively.
D. $646,500 and $617,500, respectively.June 3, 2017 at 10:07 am #1564906RE2PECTParticipant
^^^ No thanks lolJune 3, 2017 at 2:17 pm #1564951June 5, 2017 at 10:53 am #1565388AnonymousInactive
You'll definitely need to know your financial ratios. Every single one. Hope you liked your management/cost accounting classes.
Also, the sims are pretty hard.
However, in terms of difficulty, it's not easy to compare since there are only two of them and not four like the CPA. Each of the CMA exams are harder than a single CPA exam, but it's not as difficult as studying for and taking two of the CPA exams. More like 1.5?
Off topic but has anyone studied for and taken the CGMA exam?June 5, 2017 at 1:52 pm #1565536
@almond I have not taken the CGMA but isn't it similar to the CMA?
I'm studying for part 2 right now and some of these formulas are insane. What study material did you use? And would you say focusing on ratios is the main focus of part 2? I'm trying to figure out what I need to focus on.June 6, 2017 at 10:29 am #1565943AnonymousInactive
What you need to focus on, like the CPA, is on your weaknesses while continuing to review everything else. Expect to see everything in that book + whatever you see in your MCQs.
I read through the book without working a problem. Then I hit about 1500-2000 MCQs per part. I did 40-100 MCQs at a time. I'd oscillate between pulling MCQs from every unit & pulling MCQs from my lowest scoring units and hitting those hard.
I believe you're still allowed a financial calculator to bring in to the exam with you. If you know / learn reverse Polish notation, a HP 12C Financial Calculator may serve you well.June 6, 2017 at 12:41 pm #1565997
I want to start studying for my CMA as soon as possible, but it is hell of expensive.
I actually work for a manufacturing facility so those questions don't seem that bad but yes they are very detailed. Still not as hard as the CPAJune 6, 2017 at 12:43 pm #1565998
Did you take both parts in the same testing window?June 6, 2017 at 12:56 pm #1566007
@waffle_house The way it is set up with TWO blackout months… you are actually better off sitting for both in a window. I requested to sit for the CMA during my company's budget, so I am trying to get my job to release the funds. Including the app fees and membership, it costs $850 just to sit for the first part. No way I would attempt this without a sponsor.June 6, 2017 at 1:02 pm #1566010AnonymousInactive
@waffle_house Not sure if they were in the same window but they were about two months apart.
Also, good luck! With a manufacturing background, you should find most of the material relevant.June 6, 2017 at 1:10 pm #1566013
My company will reimburse me once I pass both parts this includes study review,exam fees, registration. A $3k bonus on top of that for passing 🙂 so that is why I want to start soon and have it knocked out before the year ends.June 6, 2017 at 1:13 pm #1566015June 6, 2017 at 2:09 pm #1566036June 6, 2017 at 2:24 pm #1566042
If anyone's still a student in college, you can get a student discount as well. That was the main reason I wanted to try and get it out of the way now. I wish I would've known this earlier, but the IMA also hands out each school a certain amount of scholarship packets to covers all of the fees required for the CMA. You just need to get a faculty member to nominate you! Just fyi for any students out there interestedJune 7, 2017 at 5:21 pm #1566463
Has anyone used Fast Forward Academy for their CMA review? They seem super cheap with a ton of questions.June 7, 2017 at 5:58 pm #1566468AnonymousInactive
i think if it is more than 1500MCQ is ok for each part.
Post edited – please read the forum rules:
We aren’t trying to be sticklers – just consistent.
– Mod NINJAsJune 7, 2017 at 7:25 pm #1566499July 16, 2017 at 4:21 am #1586212AnonymousInactive
I am trying to study for the CMA part 1 with Gleim cma materials. I am just slowly going thru the book since the text is filled with so many details. Compared to the BEC exam, the cost accounting is definitely more in depth with the CMA exam than BEC. In BEC, Cost accounting is only about 20% of the exam and there were no SIM for BEC before. This was biggest difference in my opinion. I always found cost accounting to be challenging unless you work in the industry. I doubt anyone could remember cost accounting after college without some real life work experience. I feel that the cost accounting is about 40-50% of the CMA part 1 exam.
For CMA part 1, there are 13 chapters in Gleim CMA. Below are the breakdowns. below percentages are based on Gleim.
1,2, and 3 chapters are related to GAAP accounting. These three chapters are similar to FAR with less details. (15%)
4,5,6,7,8,9,10, and 11 chapters are cost accounting in details. (70%)
12 and 13 chapters are internal controls. (15%)
Thanks!July 16, 2017 at 7:30 am #1586226
- You must be logged in to reply to this topic.