Globalization and standardization, combined with more stringent financial reporting requirements, have resulted in a dramatic change in the practice, rules, regulations, ethics, and execution of managerial accounting and financial strategy in all areas of an organization. The CMA is the globally recognized, advanced-level credential for accountants and financial professionals. Achieving the CMA demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional ethics – skills that are in demand by organizations around the world.
Part 1 of CMA course consists of Financial Reporting, Planning, Performance, and Control. The CMA course material for Part 1 provides students with thorough knowledge about preparing financial statements, knowing about planning, budgeting and forecasting, carrying out performance management and cost management, and learning about internal controls.
Course Objectives of Financial Reporting, Planning, Performance, & Control
- Join an elite group of professionals who have advanced beyond the practical accounting skillset into operations-focused strategists and decision-makers who deploy evaluation, critical thinking, and judgment to help their corporations succeed.
- Confirm your broad business competency and mastery of management-level skills required to maximize value and build quality financial practices into your organization.
- Learn from qualified instructors who reinforce key points and keep you on track for success.
- Develop a peer network while learning in a group environment.
- Set yourself apart from your peers. A recent study shows CMA’s often earn higher salaries than their non-certified peers.
Course outlines of Financial Reporting, Planning, Performance, & Control
- External Financial Statements and Revenue Recognition.
- Measurement, Valuation, and Disclosure: Investments and short-Term items.
- Measurement, Valuation, and Disclosure: Long term items.
- Cost Management Concepts.
- Cost Accumulation Systems.
- Cost Allocation Techniques.
- Operational Efficiency and Business Process Performance.
- Analysis and Forecasting Techniques.
- Budgeting – Concepts, Methodologies, and preparation.
- Cost and variance measure.
- Responsibility Accounting and Performance Measure.
- Internal control – Corporate Governance.
- Internal Control – Controls and Security Measures.
The detailed CMA course syllabus for Part 1 of CMA Certification includes:
- Financial Reporting
- Planning, Budget and Forecasting
- Performance and Control
1. Financial Reporting
The financial reporting course consists of:
- Preparation of Financial Statements
- Balance Sheet
- Statement of Changes Inequity
- Income Statement
- Valuation of assets and liabilities
- Statement of cash flows
- Income Measurement
- Revenue Recognition
The topics tested in Financial Reporting are:
- Financial statements
- Valuation and disclosure
2. Planning, Budgeting and Forecasting
The Planning, Budgeting and Forecasting include:
- Budgeting components
- Annual profit plans
- Supporting schedules
- Types of budgets
- Activity-based budgets
- Top-level planning and analysis
- Forecasting including quantitative methods such as regression analysis and learning curves.
Topics tested in Planning, Budgeting and Forecasting are:
- Strategic planning
- Budgeting concepts
- Forecasting techniques
- Budgeting methodologies
- Annual profit plan
- Supporting scheduled
- Top-level planning and analysis
3. Performance Management
- The major components of the Performance Management course include:
- Analysis of factors for control and performance evaluation
- Revenues, costs, profits and investment in assets
- Variance analysis
- Responsibility accounting for revenue, cost, contribution and profit centers
- Balanced Scorecard
Topics tested under Performance Management are:
- Cost and variance measures
- Responsibility centers
- Reporting segments
- Performance Measures
Topics such as Cost Management and Internal controls are also given importance in the CMA course syllabus for Part 1 of CMA Certification. The major components of the subject include:
- Cost Concepts
- Cost Objectives
- Cost Measurement under Cost Management and Risk Assessment
- Internal Control Environment
- Authority for Internal Auditing Under Internal Controls
Topics tested under Cost Management are:
- Measurement concepts
- Costing systems
- Supply chain Management
- Business process Improvement
Topics tested under Internal Controls include:
- Internal Auditing
- Systems Control and Security Measures
Blackbird Training helps you in your CMA exam preparation by providing you with high-quality CMA study guide and training that will be helpful for you to pass the exam.