更多服务

特色服务

找学习资源

查报考信息

看备考资讯

备考工具箱

报考指南

考试动态

报名流程

考试科目

考试题型

考试日历

资料中心

福利政策

免费题库

全部

2015CMA英文考试模拟练习

来源：高顿网校 2015-04-24

　　Globetrade is a retailer that buys virtually all of its merchandise from manufacturers in a country experiencing significant inflation. Globetrade is considering changing its method of inventory costing from first-in, first-out (FIFO) to last-in, first-out (LIFO).

　　What effect would the change from FIFO to LIFO have on Globetrade’s current ratio and inventory turnover ratio?

　　A. Both the current ratio and the inventory turnover ratio would decrease.

　　B. The current ratio would decrease but the inventory turnover ratio would increase.

　　C. Both the current ratio and the inventory turnover ratio would increase.

　　D. The current ratio would increase but the inventory turnover ratio would decrease.

　　Answer（B）：

　　Answer (A) is incorrect. The inventory turnover would increase due to higher cost of goods sold and lower inventory.

　　Answer (B) is correct. During periods of high inflation, manufacturers and retailers often switch to LIFO inventory valuation as a tax postponement tool.

　　The higher costs attaching to more recent inventory pass into cost of goods sold, reducing net income and tax liability. Since cost of goods sold is the numerator of the inventory turnover ratio, turnover will increase. Also, inventory will be lower under LIFO, which reduces the current ratio and increases the turnover ratio.

　　Answer (C) is incorrect. The current ratio would decrease due to the lower inventory value under LIFO.

　　Answer (D) is incorrect. The current ratio would decrease due to the lower inventory value under LIFO.

　　CMA英文考试试题Question 2：

　　A company manufactures one product and has a standard cost system. In April the company had the following experience:

　　The direct labor rate variance for April is

　　A. $240,000 favorable.

　　B. $156,000 favorable.

　　C. $156,000 unfavorable.

　　D. $40,000 unfavorable.

　　Answer（B）：

　　Answer (A) is incorrect. The direct materials efficiency variance is $240,000 favorable.

　　Answer (B) is correct. The direct labor rate variance equals the actual amount of labor used times the standard rate minus the actual rate. The variance is $156,000 favorable [78,000 × ($20 – $18)]. The variance is favorable because the actual rate was less than the standard rate.

　　Answer (C) is incorrect. The variance was favorable.

　　Answer (D) is incorrect. Multiplying the actual units of output by the difference between the actual rate and standard rate results in $40,000.

　　CMA英文考试试题Question 3：

　　The FLF Corporation is preparing to evaluate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the

　　firm must be estimated. The following information for FLF Corporation is provided:

　　● The market price of common stock is $60 per share.

　　● The dividend next year is expected to be $3 per share.

　　● Expected growth in dividends is a constant 10%.

　　● New bonds can be issued at face value with a 10% coupon rate.

　　● The current capital structure of 40% long-term debt and 60% equity is considered to be optimal.

　　● Anticipated earnings to be retained in the coming year are $3 million.

　　● The firm has a 40% marginal tax rate.

　　The after-tax cost to FLF Corporation of the new bond issue is

　　A. 14%

　　B. 6%

　　C. 10%

　　D. 4%

　　Answer（B）：

　　Answer (A) is incorrect. The after-tax cost will be less than the effective before- tax rate.

　　Answer (B) is correct. Because the bonds are issued at their face value, the pretax effective rate is 10%. However, interest is deductible for tax purposes, so the government absorbs 40% of the cost, leaving a 6% after-tax cost.

　　Answer (C) is incorrect. This figure is the before-tax rate.

　　Answer (D) is incorrect. This figure results from using a 60% tax rate.

　　CMA英文考试试题Question 4：

　　The financial statements for Dividendosaurus, Inc., for the current year are as follows:

　　Dividendosaurus has return on assets of

　　A. 42.1%

　　B. 21.1%

　　C. 45.3%

　　D. 39.2%

　　Answer（B）：

　　Answer (A) is incorrect. The ratio of income before tax to total assets is 42.1%.

　　Answer (B) is correct. The return on assets is the ratio of net income to total assets. For Dividendosaurus, it equals 21.1% ($200 net income ÷ $950 total assets).

　　Answer (C) is incorrect. The ratio of income before interest and tax to total assets is 45.3%.

　　Answer (D) is incorrect. The ratio of net income to common equity is 39.2%.

　　高顿网校温馨提醒

　　各位考生，2015年CMA备考已经开始，为了方便各位学员能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CMA题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习。点击进入CMA免费题库>>>

　　CMA考试免费题库【手机题库下载】| 在线直播

　　CMA高清网课免费体验 CMA名师精品班免费试听

　　精彩推荐：

2015年CMA招生专题

解析：CMA到底是什么？

CMA职业发展前景分析

2015年6月CMA考试常见问题解析

2015年6月CMA备考辅导专题

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

点一下领资料

【回忆版】注册管理会计师真题及答案

真题高频考点，刷题全靠这份资料

下载合集

CMA P1大纲思维导图

梳理核心考点，一图看懂全部章节

下载合集

注册管理会计师CMA必背概念

一表梳理核心概念,备考按照表走

CMA备考热门问题解答

CMA考试科目有哪些？: cma考试cma考试科目分为P1《财务规划、绩效与分析》和P2《战略财务管理》两个部分。题型分为单科考试题型为100道单选题和2道情境题(每道情境题包含5-7个小问题)，单选题占75%(375分)，情境题占25%(125分)。cma考试单科分数500分，及格线为360分(占比72%)，考试时长为4小时。

cma考完能否再次参加？: cma考试分为中文考试和英文考试，对于同一科目的考试，在一个考试时间段只能进行一次，12个月内不得超过三次。例如，P1科目考试在1月/2月考试时间段只能参加一次。所有重考需要重新注册并支付相应的费用。

cma一年考几次？: cma中文考试一年三次，英文考试一年三次。cma中文考试每年有3个考试日期，分别为4月、7月和11月。CMA英文考试时间每年较为固定，CMA英文考试每年有3个考试窗口，每个考试窗口的时间为两个月，分别是:1月/2月，5月/6月，9月/10月。考生可以在各个窗口期内自由选择具体CMA考试时间。

cma的含金量如何？: cma考试含金量还是比较高的。CMA与美国注册会计师(USCPA)、金融特许分析师(CFA)一起并称为美国财会领域的国际三大黄金认证。cma考试含金量还是比较高的。经济的快速发展，管理会计人才的缺口越来越大，很多国内企业包括国企也开始鼓励员工学习CMA，各大企业招聘财务人员、高层管理人员也明确要求持有CMA证书者优先录用，可见，CMA证书已经成为进入大型企业的“敲门砖”。

在线提问

严选名师全流程服务

凤夙

高顿CMA首席讲师