What is CIMA? T he Chartered Institute of Management Accountants (CIMA) is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members. C IMA is one of the professional associations for accountants in Ireland and the UK. Its particular emphasis is on developing the management accounting profession within the UK and worldwide. CIMA is the largest management accounting body in the world, with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.

OPERATIONAL LEVEL E1 : enterprise operations – it addresses several functional areas of business, and introduces candidates to the economic, social and political contexts of international business (the global business environment, information systems, operations management, marketing, managing human capital) P1 : performance operations – this paper deals with tools and techniques that generate information needed to evaluate and control present and projected performance (cost accounting system, forecasting and budgeting techniques, project appraisal, dealing with uncertainty in analysis, managing short-term finance F1 : financial operations – this paper’s core objectives are preparation of full financial statements for a single company and the principal consolidated financial statements for a simple group (principles of business taxation, regulation and ethics of financial reporting financial accounting and reporting

MANAGEMENT LEVEL E2 : enterprise management – paper develops tools and techniques for identifying key types of competitive environments (strategic management and assessing the competitive environment, project management, management of relationships) P2 : performance management – the main focus of paper P2 is the application of information in the management processes of decision making and control to optimize performance (pricing and product decisions, cost planning and analysis for competitive advantage, budgeting and management control, control and performance measurement of responsibility centers) F2 : financial management – extends to more advanced topics in financial accounting and to developments in external reporting (group financial statements, issues in recognition and measurement, analysis and interpretation of financial accounts, developments in external reporting)

STRATEGIC LEVEL E3 : enterprise strategy – this paper requires application of tools to assist in the evaluation of the performance implications of a given strategy (interacting with the competitive environment, change management, evaluation of strategic options, implementation of strategic plans and performance evaluation P3 : performance strategy – The paper considers both financial and non financial risks (management control systems, risk and internal control, review and audit of control systems, management of financial risk, risk and control in information systems) F3 : financial strategy – deals with key elements in designing and managing the organisation’s financial strategy – in the context of contributing to achieving the organisation’s objectives and within its external constraints (formulation of financial strategy, financing decisions, investment decisions and project control)

CIMA CERTIFICATE IN BUSINESS ACCOUNTING CO1: fundamentals of management accounting (core management accounting topics such as cost determination, breakeven analysis, standard costing, cost and accounting systems and financial planning and control), CO2 : fundamentals of financial accounting (conceptual and regulatory frameworks, accounting systems and control, and preparing accounts for single entities), CO3 : fundamentals of business mathematics (basic mathematics, probability, summarizing and analyzing data, variables, forecasting, financial mathematics and spreadsheets), CO4 : fundamentals of business economics (goals and decisions of organizations, the market system and the competitive process, the financial system and the macroeconomic context of business), CO5 : fundamentals of ethics, corporate governance and business law (covers ethics and business, ethical conflict, corporate governance, comparison of English law with alternative legal systems, the law of contract, the law of employment and company administration and finance

Management accountant gateway route CIMA G1: CIMA G1 - Management Accountant Gateway

Why CIMA? Most accounting qualifications train people for private practice, working on external audit and tax issues. CIMA prepares people for a career in business. It teaches skills for strategic advice, managing risk and making key decisions. Our syllabus is designed to deliver a strong understanding of all aspects of business so our members can contribute in many areas of an organisation.

What is management accounting? Management accounting combines accounting, finance and management with the leading edge techniques needed to drive successful businesses. Chartered management accountants: Advise managers about the financial implications of projects. Explain the financial consequences of business decisions. Formulate business strategy. Monitor spending and financial control. Conduct internal business audits. Explain the impact of the competitive landscape. Bring a high level of professionalism and integrity to business

The management accounting skillset Our members are qualified to work across an organisation, not just in finance. In addition to strong accounting fundamentals, CIMA teaches strategic business and management skills: Analysis – they analyse information and using it to make business decisions. Strategy – they formulate business strategy to create wealth and shareholder value. Risk – they identify and manage risk. Planning – they apply accounting techniques to plan and budget. Communication – they determine what information management needs and explain the numbers to non-financial managers.

Here are some questions for you All the questions are 100% accurate and approved

Question No 1: A company is considering a short-term pricing decision for a contract that would utilise some material D that it has held in inventory for some time. The company does not foresee any other use for the material. The work would require 1,000 kgs of material D. There are 800 kgs of material D in inventory, which were bought some time ago at a cost of $3 per kg. The material held in inventory could currently be sold for $3.50 per kg. The current purchase price of material D is $4.50 per kg. The relevant cost of material D for the company to use when making its pricing decision for the contract is closest to A. $3,700 B. $3,500 C. $4,500 D. $3,30 Answer: C

Question No 2: In the typical hierarchical organisation, the requirement for a lower level manager to report to a higher level manager in the chain of command is known as: A. Authority B. Empowerment C. Delegation D. Accountability Answer: D

Question No 3: Decisions about acquisitions and mergers occur at which ONE of the following levels of strategy? A. Functional B. Business C. Corporate D. Competition Answer: A

Question No 4: Identify each of the different team roles as defined by Belbin for the following? A. Gives attention to detail and is concerned with meeting deadlines B. Supports other members of the team and helps to promote harmony C. Imaginative and good at coming up with ideas and suggestions Answer: C

Question No 5: JAC operates a defined benefit pension plan for its employees. The fair value of the plan assets at 1 June 2008 was $3,100,000. JAC made contributions of $300,000 to the plan in the year to 31 May 2009 and the expected return on assets has been calculated at $190,000. The pension plan paid out a total of $225,000 in benefits in the period and the fair value of the plan assets at 31 May 2009 was $3,340,000. The actuarial gain or loss in respect of the pension plan assets of JAC’s defined benefit pension plan for the year ended 31 May 2009 is: A. $125,000 loss B. $25,000 loss C. $25,000 gain D. $125,000 gain Answer: D

Question No 6: MX had 5 million $1 ordinary shares in issue at 1 May On 30 September 2008 MX issued a further 2 million $1 ordinary shares at par. Profit before tax for the year ended 30 Ap ril 2009 was $650,000 and the related income tax charge was $210,000. The basic earnings per share of MX for the year to 30 April 2009 is: A. 6.9 cents per share B. 7.1 cents per share C cents per share D cents per share Answer: C

Question No 7: AB, CD and EF are listed entities operating in the same business sector. At 31 December 2009 their P/E ratios were reported as follows: AB 17.1 CD 13.2 EF 9.3 Which ONE of the following statements about these P/E ratios is correct? A. AB is regarded by the market as the riskiest of the three entities. B. AB has the highest earnings per share of the three entities. C. CD represents the safest investment because its P/E lies midway between the other two. D. EF’s share price may be relatively lower than that of AB and CD because of an adverse effect such as a profit warning Answer: A

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