FMAA

A. General Accounting and Financial Management (25% - Levels A and B)

Accounting terminology and definitions

Role of accounting in business

Comparison of management accounting to financial accounting

Types of businesses

The accounting equation

Common accounting terminology

Accounting principles

Recording business transactions

Double-entry bookkeeping

Analyzing a business transaction

The accounting cycle

Recording journal entries

General ledger

Trial balance

Types and elements of financial statements

Definition of asset, liability, revenue, expense, and equity

Balance sheet

Income statement

Statement of changes in equity

Statement of cash flows

Internal controls

Internal control risk

Organizational structure and management philosophy

Policies for safeguarding and assurance

Managing a company’s daily finances

Working capital

Cash management

Accounts receivable management

Inventory management

Accounts payable management

Financial Statement Preparation and Analysis (25% - Levels A and B)

Recognition and valuation in financial statements

Asset valuation

Valuation of liabilities

Revenue recognition

Equity transactions

Income measurement

Basic financial statement analysis

Common-size financial statements

Common base year financial statements

Financial statement ratio analysis

Liquidity

Leverage

Activity

Profitability

C. Planning and Budgeting (20% - Levels A and B)

Budgeting concepts

Performance goals

Characteristics of a successful budgeting process

Budgeting methodologies

Master budget

Flexible budgeting

Rolling budget

Zero-based budget

Annual operating plan and supporting schedules

Operational budgets

Financial budgets

Capital expenditures budgets

D. Cost Management and Performance Metrics (20% - Levels A and B)

Cost measurement concepts

Cost behavior and cost objects

Fixed costs vs. variable costs

Actual and normal costs

Standard costs

Product/service costing systems

Variable and fixed overhead expenses

Classifying fixed, variable, and mixed overhead expenses

Corporate-wide vs. departmental overhead expenses

Allocation of overhead costs to products

Cost and variance measures

Comparison of actual results to planned results

Use of flexible budgets to analyze performance

Price and efficiency variances for direct material and direct labor

Overhead variance

Performance measurement

Product profitability analysis

Business unit profitability analysis

Customer profitability analysis

Return on investment

Cost information for decision making

Breakeven analysis

Sunk costs and opportunity costs

Marginal costs and marginal revenue

E. Professional Ethics (10% - Levels A and B)

Business ethics

Ethical decision making

Types of business fraud

Ethical considerations for accountants in business

IMA Statement of Ethical Professional Practice

The fraud triangle

Evaluation and resolution of ethical issues

Introduction to User Experience Design