CMA Study Group

General query

  • 1.  General query

    Posted 19 days ago
    Heyy guys! 
    I just registered for the CMA course but I've a few doubts regarding the review material. Would Wiley review materials be enough or do I have to refer to some other material as well? 
    And if anybody could suggest what do I start with? Like some tips and suggestions on how to get started would be great! 
    Also, I'm doing it from Bahrain so anybody in Bahrain want to study together, please contact me. 
    This is my contact number: 0097338713491 

    Thank you,
    Nimra 

    Sent from my iPhone


  • 2.  RE: General query

    Posted 19 days ago
    Hello Nimra,

    Welcome to our study group .. Hope you are safe & motivated to win the CMA battle.

    Wiley full package (Platinum) is a great tool which can cover up to 85% of CMA exam requirements. The rest of comes from IMA Exam Support Package (10%) and web research (5%).
    Most important points to keep in mind are:
    1. Commit to your study plan
    2. Master IMA Learning Outcome Statements
    3. Practice .. practice & practice
    4. Time management
    For more details, please review your profile mailbox.
    Wish you best of luck, success, safe & healthy condition

    Kind regards

    ------------------------------
    Samer Ahmad, FMVA, SCA
    Kuwait
    ------------------------------



  • 3.  RE: General query

    Posted 18 days ago
    Could someone explain the following question of CMA exam support package 2020 Please? The answer is (C)15% of March sales + 40% of April sales = $146000. But why?

    My understanding is 15% of March sales + 25% of April sales = $104120 Option A.



    Granite Company sells products exclusively on account, and has experienced the following collection pattern: 60% in the month of sale, 25% in the month after sale, and 15% in the second month after sale. Uncollectible accounts are negligible. Customers who pay in the month of sale are given a 2% discount. If sales are $220,000 in January, $200,000 in February, $280,000 in March, and $260,000 in April, Granite's accounts receivable balance on May 1 will be
    a. $107,120.
    b. $143,920.
    c. $146,000.
    d. $204,000.

    ------------------------------
    Siraj Paneru
    Accountant
    Revere MA
    United States
    ------------------------------



  • 4.  RE: General query

    Posted 18 days ago

    January and February will be paid in full by the beginning of May so it is not included. However, we will have pending balances for March and April. 

    March's 85% (60+25) will be paid in March and April respectively. So we'll have 15% left to be received from March. And for the month of April only 60% will be done so we'll have 40% still remaining. 

    Hence, March 15% of 280,000 = 42,000
                 April 40% of 260,000 = 104,000
                 Receivable for May    = 146,000 

    Hope it's clear :) 



    ------------------------------
    Nimra Nimra Khadeeja
    Student
    Juffair
    Bahrain
    ------------------------------



  • 5.  RE: General query

    Posted 18 days ago
    Dear Siraj,

     please note the call of the question " receivable balance on May 1 will be" and you will be agree to the correct answer. 


    ------------------------------
    Ayman El Hady Ghubish
    Consultant
    Saudi Geographic Information System
    Cairo
    Egypt
    ------------------------------



  • 6.  RE: General query

    Posted 18 days ago
     Dear Siraj,
    Please see the call of the question "receivable balance on May 1 will be" and you will reach to the correct answer .


    ------------------------------
    Ayman El Hady Ghubish
    Consultant
    Saudi Geographic Information System
    Cairo
    Egypt
    ------------------------------



  • 7.  RE: General query

    Posted 18 days ago
      |   view attached
    Hello Siraj,

    Rather than solving this case I would like to give a gentle reminder and very important notes.
    CMA exam is testing our knowledge, experience & skills:
    • Knowledge: How we master CMA educational requirements (LOS).
    • Experience: How we treat accounting & financial information professionally.
    • Skills: How we apply the above and manage ourselves "Efficiently" during the exam.

    During exam we have less than 2.5 minutes (Maximum) to solve any computational MCQ (Considering the time savings of conceptual MCQ), so we need to be very careful of the following (3) points: (In same order)
    1. Pay attention to Key words
    2. Isolate irrelevant (Misleading) information
    3. Respond exactly to what is required
    Personally, I prefer to read what is required first (Last line), then go back to read the entire MCQ paragraph. It will help to focus on relevant info and trigger the solution process .. It is kind of soft skill to scan, analyze and conclude in few seconds.

    Applying the above to our case study here:
    • Required: Accounts receivable balance on May 1 ??? ..... You mixed-up with Cash Collection question (I can refer it to "Hurry" in response)
    • Irrelevant information: January & February sales
    • Irrelevant & misleading information: Customers who pay in the month of sale are given a 2% discount.
    • Key words: Dates (March & April), Numbers ($280,000 & $260,000), Percentages (40% & 25%)
    Using our professional experience will help us to decide the short way to solve the answer:
    1. Using mathematical formula: April 30 AR balance = (Mar sales x 15%) + (Apr sales x 40%) = $42,000 + $104,000 = $146,000
    2. Using Accounts Receivable T account (As per the attached picture) ... Please review the cash collection also 

    You & many candidates may argue that: We don't have time to do all these steps during exam ???!!!
    I can easily say: Try to adopt this approach at home, then speed-up the process (Practice & practice multiple times), you will definitely reach the level to solve such a question in less than 2 minutes.
    The main target is: "Efficient Time Management" ... Correct answer in Standard allowable time.
    Accounts Receivable T account

    Hope you will benefit from these notes more than the solution itself.

    Wish you best of luck, success, safe & healthy condition.

    Kind regards

    ------------------------------
    Samer Ahmad, FMVA, SCA
    Kuwait
    ------------------------------



  • 8.  RE: General query

    Posted 18 days ago
    Sorry,

    Here is the Cash T account.

    Kindly note that: Total AR balance of $146,000 + Total Collection of $814,000 = Total sales $960,000 (Jan through Apr)

    Cash T account


    Kind regards

    ------------------------------
    Samer Ahmad, FMVA, SCA
    Kuwait
    ------------------------------



  • 9.  RE: General query

    Posted 19 days ago
    Hi,

    Wiley, Gleim and Hock are the top three publishers for CMA exam. All follow the LOS(Learning outcome statement) or a detailed syllabus issued by CMA. You can find the same on CMA website. All the publishers take questions which were asked by CMA in the past plus some more questions as per LOS to increase your knowledge and make you capable to answer questions. 

    You can also refer to the Student support package for both P1 and P2 which is available when you register for first time for CMA exam. This is nothing but the retired questions or the questions which were asked in the CMA exam. 

    All the publishers mentioned above follow the LOS.

    All the best.

    Regards

    Jatin