External Reporting Decisions: CMA Exam 1 - Section A
Author: Tom Coghlan
| CPE Credit: |
6 hours for CPAs |
Using CPE credits to prepare for the Certified Management Accountant (CMA) exam is a pathway to a more successful business career: one that opens doors, builds confidence, closes skills gaps, and lets you tap into a network of 85,000 professionals around the globe.
The CMA certification complements other credentials or degrees and tests for analytical and critical-thinking skills not covered in other exams. About one in three active CMAs in the U.S. are also CPAs.
Publication Date: September 2020
Designed For
Financial officers and controllers, Financial accountants, managerial and cost accountants, Financial and business analysts, Budget managers and analysts, Risk managers, CIO's and information technology professionals.
Topics Covered
- Financial Statement Overview
- Valuation of Accounts Receivable
- Valuation of Inventory
- Valuation of Securities
- Depreciation Methods
- Impairment of Long-Term Assets
- Leases
- Equity Transactions
- Revenue Recognition
- Income Measurement
- IFRS-US GAAP Differences
Learning Objectives
- Identify the major components, classifications, and limitations of each financial statement
- Identify the basic disclosures related to each financial statement
- Identify issues related to the valuation of accounts receivables, including timing of recognition estimation of uncollectible amounts
- Identify issues in inventory valuation including which goods and costs to include
- Identify and compare inventory cost assumptions
- Identify and compare inventory cost assumptions
- Identify how to apply the lower of cost or market rule
- Identify the impact of inventory errors
- Recognize the differences between the held-to-maturity, trading, and available-for-sale methods to classify securities
- Identify the key components of the fair-value, equity, and consolidated methods to account for equity investments
- Explore the effect on the financial statements of using different depreciation methods
- Recognize how to account for the impairment of long-term tangible assets and goodwill
- Explore inter-period tax allocation and deferred taxes
- Recognize and analyze temporary differences and distinguish between deferred tax liabilities and deferred tax assets
- Identify the differences between operating leases and capital leases and explain the accounting for each
- Explore the application of revenue and expense recognition to various types of transactions
- Identify instances where revenue is recognized before and after delivery of goods or provision of service
- Identify and describe the differences between US GAAP and IFRS for the following: Revenue recognition, expense classifications, consolidations. financial statement presentation, and asset valuation
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Finance (6 hours)
Program Prerequisites
None
Advance Preparation
None
