Practice test for US. CMA Part 1 - 2026 Exams

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2024 - 2025 CMA Exam Part 1 ChangesMany small changes are coming to Part 1 of the CMA Exam.Consolidated Financial StatementsIn Section A.1., the IMA added information about consolidated financial statements.With respect to consolidated financial statements prepared under U.S. GAAP, the candidate should be able to:define consolidated financial statementsdefine the two types of consolidation models: variable interest entity model and voting interest modeldemonstrate an understanding of the three types of consolidation accounting: full consolidation, proportionate consolidation, and equity consolidationdemonstrate an understanding of intracompany balances and transactions that should be eliminated in consolidationContribution MarginsIn Section C.2., on responsibility centers and reporting segments, two points were added in regard to contribution margins:calculate a contribution marginanalyze a contribution margin report and evaluate performanceTypes of Costs and Cost BehaviorIn the Measurement Concepts section, a simple update changes “Cost Behavior and Cost Objects” to “Types of Costs and Cost Behavior.”Process Costing and Other Costing SystemsIn section D.2, Process Costing was removed. This is considered Level A knowledge and is covered under the new “Other Costing Systems” section.Corporate OverheadIn section D.3., the language has changed from “plant-wide overhead” to “corporate overhead.”Theory of ConstraintsIn Section D.4., the theory of constraints is no longer covered.Business Process ImprovementsIn Section D.5., there are three changes. Both “activity-based management” and “efficient accounting practices” were deleted, and “best practice analysis” was updated to “benchmarking and best practice analysis.”Governance, Risk, and ComplianceIn Section E.1.,