Free IMANET FMAA Exam Questions

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Total 162 Questions | Updated On: Jun 04, 2025

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Question 1

A budget developed by using budgeted prices and budgeted costs based on the actual output in the budget period is a(n)

A : continuous budget.

B : flexible budget.

C : life-cycle budget.

D : operating budget.

Answer: B

Question 2

Wilson Company uses a comprehensive planning and budgeting system. The proper order for Wilson to prepare certain budget scheduleswould be:

A : Cost of goods sold, income statement, balance sheet, and statement of cash flows.

B : Cost of goods sold, balance sheet, income statement, and statement of cash flows.

C : Income statement, balance sheet, statement of cash flows, and cost of goods sold.

D : Statement of cash flows, cost of goods sold, income statement, and balance sheet.

Answer: A

Question 3

Contribution margin focuses on which one of the following?

A : The amount of revenue available to cover fixed costs.

B : The total variable manufacturing costs.

C : How competitive a company is compared to other companies.

D : The total revenue expected during the year.

Answer: A

Question 4

Mark Tian, a staff accountant, becomes aware of an off-balance sheet bank account where funds have been diverted with offsetting creditsapproved by his immediate supervisor. His immediate supervisor refuses to discuss it and suggests Tian forget about it. Which one of thefollowing should be Tian’s next course of action in this circumstance?

A : Communicate his concerns confidentially to the company’s independent auditor.

B : Communicate his concerns confidentially to the company’s external legal counsel.

C : Put his concerns in writing to the immediate supervisor and copy the company’s independent auditor.

D : Discuss his concerns with the level of management above the immediate supervisor.

Answer: D

Question 5

Dividends paid to company shareholders would be shown on the statement of cash flows as

A : operating cash inflows

B : operating cash outflows

C : cash flows from financing activities

D : cash flows from investing activities

Answer: B

Page: 1 / 33

Total 162 Questions | Updated On: Jun 04, 2025

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