Free IMANET FMAA Exam Questions

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Total 162 Questions | Updated On: Mar 17, 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

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 3

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 4

Which one of the following is not an advantage of a participatory budgeting process?

A : Control of uncertainties.

B : Goal congruence.

C : Communication between departments.

D : Coordination between departments.

Answer: A

Question 5

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

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Total 162 Questions | Updated On: Mar 17, 2025

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