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US CMA Part 1 Accounting — practice by topic

Browse 68 questions across 3 Accounting topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Accounting topics

Capital Investment Decisions (23)Standard Costs and Variances (23)Cost Volume Profit Analysis (22)

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Fixed costs are defined as costs that will not change within a given range of:Read the answer and worked solution →Variable costs are defined as costs that vary per unit of:Read the answer and worked solution →Contribution margin is the amount by which a product's selling price exceeds its total:Read the answer and worked solution →The contribution margin ratio is expressed as a percentage of a unit's:Read the answer and worked solution →

Worked practice questions

Fixed costs are defined as costs that will not change within a given range of:

  1. Production
  2. Advertising
  3. Employment
  4. Borrowing
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Correct answer: A. Production

1. Costs are classified by how they respond to output. 2. Some costs stay the same whether output rises or falls. 3. Fixed costs are those costs that will not change within a given range of production. 4. Rent on a factory is the standard example. _Source: OpenStax Principles of Accounting, Volume 2: Managerial Accounting (CC BY-NC-SA 4.0), Ch 3 'Cost-Volume-Profit Analysis'_

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Variable costs are defined as costs that vary per unit of:

  1. Regulation
  2. Production
  3. Advertising
  4. Financing
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Correct answer: B. Production

1. The other cost class moves with output. 2. Fixed costs do not change within a given range of production. 3. Variable costs are those costs that vary per unit of production. 4. Materials used in each unit are the standard example. _Source: OpenStax Principles of Accounting, Volume 2: Managerial Accounting (CC BY-NC-SA 4.0), Ch 3 'Cost-Volume-Profit Analysis'_

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Contribution margin is the amount by which a product's selling price exceeds its total:

  1. Variable cost per unit
  2. Fixed cost per year
  3. Advertising cost paid
  4. Interest cost owed
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Correct answer: A. Variable cost per unit

1. Contribution margin measures what each sale contributes. 2. Each unit sold brings in a selling price and incurs a variable cost. 3. Contribution margin is the amount by which selling price exceeds total variable cost per unit. 4. That surplus goes toward covering fixed costs. _Source: OpenStax Principles of Accounting, Volume 2: Managerial Accounting (CC BY-NC-SA 4.0), Ch 3 'Cost-Volume-Profit Analysis'_

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