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Financial CMA Exam
Certified Management Accountant (Page 2 )

Updated On: 19-Jan-2026
Page 2 of 270
PDF with 1336 Questions
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A distinction between forecasting and planning

  1. Is not valid because that are synonyms
  2. Arises because forecasting covers the short term and planning does not
  3. Is that forecasts are used in planning
  4. Is that forecasting is a management activity, whereas planning is a technical activity

Answer(s): C

Explanation:

Planning is the determination of what is to be done, and of how, when, where. and by whom it is to be done. Plans save to direct the activated that all organizational members must undertake to move the organization from where it is to where it wants to be. Forecasting is the basis of planning because it projects the future. A variety of quantitative methods are used in forecasting



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Which one-of the following best describes tactical profit plans?

  1. Details, short-term, broad responsibilities qualitative
  2. Broad, short-term responsibilities at all levels, quantitative
  3. Detailed, short-term responsibilities at all levels, quantitative
  4. Broad long-term broad responsibilities qualitative

Answer(s): C

Explanation:

A tactical profit plan, also called a budget, must be detailed enough that middle managers know exactly what cost and revenue targets they are responsible for. Tactical plans necessarily focus on the short term, and they must detail responsibilities at all levels of the organization. Lastly, they must be quantitative so that managers know exactly what their goals are.



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Which of the following activities would likely not be a consideration in strategic planning?

  1. New product development
  2. Capital budgeting
  3. Mergers
  4. Materials procurement

Answer(s): D

Explanation:

Strategic, or long-term, planning covers long periods of time and is concerned with matters such as new product development, capital budgeting; major financing, and mergers, acquisitions, and divestitures. Operational matters, such as materials procurement, are not a part of strategic planning, but they are a consideration in short- term, or operational , planning.



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Strategic planning is?

  1. Short term.
  2. Operational
  3. Long term
  4. Informal.

Answer(s): C

Explanation:

Strategic planning, also called long-term planning. Covers periods from 1 to 20 years. Strategic planning is somewhat difficult because of uncertainty about future conditions. Thus, long-range plans are more general and exclude operational detail.



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Which of the following statements regarding budgets is false?

  1. Budgets present organizational plans in a formal, logical, and integrated manner.
  2. Budgets are used only as a planning function.
  3. Budgets may be developed for cash flows or labor usage.
  4. A budget is a plan that contains a quantitative statement of expected results.

Answer(s): B

Explanation:

Budget formulation is a planning function; however, budgets are also useful control devices. Budget provide a basis for control of performance through comparisons of actual with budgeted data. They permit analysis of variations from plans and signal the need for corrective managerial action.



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