Free IMANET FMAA Exam Questions
Absolute Free FMAA Exam Practice for Comprehensive Preparation
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IMANET FMAA Exam Questions
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Provided By: IMANET
- Exam: Financial and Managerial Accounting Associate
- Certification: IMA Certified Associate
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Total Questions: 162
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Updated On: May 23, 2026
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Rated: 4.9 |
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Online Users: 324
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Question 1
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Elite Running Ltd has recently implemented a new evaluation process that bases bonuses primarily on the variance between budgeted andactual cost for cost centers. Individuals with budgeted to actual variances in excess of 20% will receive no bonus. Richard Banes overseesone cost center of Elite and is concerned that his bonus will be adversely impacted. He has a strong personal relationship with the controller,who is responsible for developing, reviewing, and approving budgets. He has asked the controller to accept his budget with estimated costshigher than would be reasonably expected for the next fiscal year. In appreciation for accepting these inflated costs, Banes offered thecontroller season tickets to the sport of his choice. Which one of the following standards of IMA’s Statement of Ethical Professional Practiceis relevant?
Answer: B
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Elite Running Ltd has recently implemented a new evaluation process that bases bonuses primarily on the variance between budgeted andactual cost for cost centers. Individuals with budgeted to actual variances in excess of 20% will receive no bonus. Richard Banes overseesone cost center of Elite and is concerned that his bonus will be adversely impacted. He has a strong personal relationship with the controller,who is responsible for developing, reviewing, and approving budgets. He has asked the controller to accept his budget with estimated costshigher than would be reasonably expected for the next fiscal year. In appreciation for accepting these inflated costs, Banes offered thecontroller season tickets to the sport of his choice. Which one of the following standards of IMA’s Statement of Ethical Professional Practiceis relevant?
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Question 2
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Life-cycle costing
Answer: A
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Life-cycle costing
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Question 3
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A corporation utilizes an activity-based costing system for applying costs to its two products, P and Q. In the assembly department, material handling costs vary directly with the number of parts inserted into the product. Machinery is recalibrated and oiled each weekend regardless of the number of parts inserted during the previous week. Both material handling and machinery maintenance costs are charged to the product on the basis of the number of parts inserted. Due to reengineering of the production process for Product P, the number of insertion parts per finished unit has been reduced. How will the redesign of the production process for Product P affect the activity-based cost of Product Q?
Answer: C
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A corporation utilizes an activity-based costing system for applying costs to its two products, P and Q. In the assembly department, material handling costs vary directly with the number of parts inserted into the product. Machinery is recalibrated and oiled each weekend regardless of the number of parts inserted during the previous week. Both material handling and machinery maintenance costs are charged to the product on the basis of the number of parts inserted. Due to reengineering of the production process for Product P, the number of insertion parts per finished unit has been reduced. How will the redesign of the production process for Product P affect the activity-based cost of Product Q?
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Question 4
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Budgets are a necessary component of financial decision making because they help provide a(n)
Answer: D
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Budgets are a necessary component of financial decision making because they help provide a(n)
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Question 5
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Which one of the following is the best reason for using variable costing?
Answer: C
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Which one of the following is the best reason for using variable costing?