Review material for a professional examination is organized into study units for a reason: the point is not to read it once, but to find the two or three units that are quietly weak. GLEIM CMA Review, Part 1: Financial Planning, Performance and Control is built for that kind of drilling, and candidates who treat it as a textbook to be read cover to cover usually spend most of their preparation on the units they already knew.
Why this review set helps
The explanation attached to a question does more than confirm the answer. It names the concept — the variance being isolated, the allocation base being applied, the control objective at stake — so a run of questions produces a map of what to restudy. Reading the explanations for items you answered correctly matters just as much, because a right answer reached by elimination will not survive the same idea presented in different words.
What’s inside
- Practice questions organized by study unit rather than mixed at random.
- A written explanation under every question, stating the principle that decides it.
- Computational items with the working shown step by step.
- Conceptual coverage of the control and reporting units, which carry no arithmetic but plenty of marks.
- One organized PDF, downloadable the moment checkout completes.
Topics covered
- External financial reporting — recognition and measurement in the primary statements and the disclosures around them.
- Budgeting and forecasting — the master budget, pro forma statements and quantitative forecasting methods.
- Cost measurement — job order, process and activity-based costing and the treatment of joint products.
- Overhead allocation — predetermined rates, applied against actual overhead, and disposition of the difference.
- Absorption and variable costing — the effect of each on reported income when inventory levels change.
- Variance analysis — flexible budget variances and the price, rate, quantity and efficiency components.
- Responsibility accounting and transfer pricing — centre reporting and the minimum acceptable transfer price.
- Internal control — control frameworks, segregation of duties and controls over accounting systems.
Who it’s for
Candidates preparing for Part 1 of the management accounting certification, and cost or management accounting students who want structured drilling on the same body of material.
How to use it (the right way)
Work one study unit at a time, closed-book and roughly timed, then score by unit rather than in total. Send the weakest unit back to the study material instead of straight back into more questions. This is a study aid, to be used in line with your program’s academic-integrity policy, as support for your own preparation rather than a replacement for it.
Sample question (shows the format — your download contains the full set)
Q. A division has spare capacity. Its variable cost per unit is $18, fixed cost per unit at normal volume is $7, and it sells the unit externally for $30. What is the minimum transfer price it should accept from another division?
- A. $18
- B. $25
- C. $30
- D. $12
Answer: A. With spare capacity no external sale is given up, so the only cost the selling division has to recover is the incremental cost of making the unit, which is the $18 variable cost. B adds a fixed cost that will be incurred whether the transfer happens or not. C is the external price, which becomes the floor only when capacity is constrained and an outside sale would have to be surrendered. D is the contribution margin on an external sale, not a cost at all.
Edition & format
- Covers: Part 1 of the management accounting certification syllabus — financial planning, performance and control.
- Format: Digital PDF, delivered instantly after checkout.
- Access: Lifetime — re-download from your account at any time.
Certification content areas are revised periodically and review editions are updated with them. Please confirm this material matches the syllabus you are studying before you buy.
Frequently asked questions
Which part does this cover? Part 1 of the certification syllabus, the planning, performance and control half. Part 2 material is listed separately.
How is the file delivered? As a download available the second checkout completes, stored in your account so you can retrieve it again later.
Do the questions include explanations? Yes. Each item is followed by written reasoning naming the principle behind the answer and why the alternatives fail it.
Is using a review question set allowed? It is an ordinary revision resource. Use it in line with your program’s academic-integrity policy and never take it into an assessment.
See more study material for this subject in Accounting Test Banks.
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