CIMA Objective Tests: Understanding Exam Format, Study Tips, and Techniques, Summaries of Logistics

Download CIMA Objective Tests: Understanding Exam Format, Study Tips, and Techniques and more Summaries Logistics in PDF only on Docsity! March 2016 Christian Gagiano ACMA, CGMA Learning Support Manager Exam Success - Objective Tests • Getting started - understanding objective tests (OT) • Study tips • Exam techniques for objective tests Agenda 2 • All certificate level and professional level subjects are examined by Objective Test Questions (OTQs) • Assessment can be taken anytime of the year whenever you are ready • Exams can be taken at over 5,000 Pearson VUE centres around the world Objective Tests 5 • Multiple choice • Multiple response • Drag and drop • Hot spot • Short answer (normally calculation) • Drop down • Matching • Ranking • Sentence completion OTQs - Not just MCQs 6 Multiple response In which THREE of the follovving situations would you recommend the adoption of a rational (traditional) approach to strategy formulation? O In an organisation where departmental loyalties take priority over attaining corporate goals O Where management has a high degree of comfort with the techniques of the ratianal approach O VYhere the organisation needs to innovate and to think creatively. O Vhere the future can be forecast with reasonable certainty O Vhere management needs to improve profits in the short term Short Calculation Information relating to the year ended 31 December 20%: $ Total revenue for the year (80% on credit, 20% for cash) 7,812,500 Trade receivables at 1 January 20X1 4,100,000 Trade receivables at 31 December 20X1 1,400,000 The trade receivables days ratio based on average receivables (to the nearest day) is: days 10 Numerical question Click an the exhibit button to view AB's trial balance at 31 December 20X17. Complete the extract below by placing the correct values on the right into the table Extract from statement of changes in equity for AB for the year ended 31 December 20X1 Equity Share Revaluation premium shares reserve . $000 , $000 $000 Values Balance at 1 January 20%1 1,250 o Share capital issued 100 Total comprehensive 200 income 300 Equity dividend paid autty p 400 Balance at 31 December 1,000 450 20X41 500 11  eee hee Clickon the extibinibumen to view AB's bial balance at 31 December 20 ‘Statement of comprehensive income for AB for the year ended 31 December 2011 Inthe statement of comprehensive mame abort, administrative ODENSES nil be: © 41,498,000 © $1398.00 © $810,000 ee eed AB's trial balance at 21 December 2021 is shown tneloww Note $000 $000 ‘Aaminiiranve expenses a0 Bank loans 3.000 Buildings at Cost at 31 December 20X1 3.400 ‘Cash and cash equivalents 5 Purchases of goods for resale 7500 ‘Other costs Of Sale EXPENSES 7,700 Distribution costs 15 Equity shares $7, Tully pad at 31 December 20X7 7 7.000 Income tax 2 30 Inventory al 1 January 20X7 3 700 Cand at valuation at 1 January 20Xt 4 “4000 Interest paid 180 Plant and equipment at cost at 31 December 20X7 7.800 Retained earnings at 1 January 2OXT 3.800 ‘Sales revenue ‘9.800 accruals: 125 Prepayments: a5 ‘Share premium a5 at 31 December 20X71 1 450 Trade payables 760 Trade receivables 7,650 ‘Accumulated depreciation at 1 January 20X1 Buildings 3S 7450 Plant and equipment 5 400 FREVEIUaHION eserve at 7 January 20%1 a 1250 22,070 | 22.070 Not 1. Duning the year, AB issued 200,000 $1 equity chares ats price of $1.50 per share. This transaction has been correctly reflected in the ral balance. On 15 December 20) AB ceciered 2 dividend of $200,000 to be paid in January 20082. The dividend has not been recarcied in the trial balance. 2. The directars estrnate thal the Corporate income tex charge for the year is $750,000. The balance onthe corporate income tas, account in the trial balane= is an under-pravision in respect of the prior yesr 12 • OT’s test technical competency across all syllabus areas • Guarantee that all component learning outcomes will be tested • Targeted questions to ensure thorough understanding & proficiency • Easy to answer but not an easy test Assuring competency 15 • Duration: 90 minutes (+ 15 min mandatory tutorial) • 60 objective test questions • Computer marked • Pass mark = 100 scaled score (out of 150) • Result given immediately • Available year-round • Exam registration through MY CIMA up to 48hrs before examination Exam logistics 16 • Bring TWO forms of identification (Passport/ driving license/ credit card) • Possible to bring your own calculator in 2015 (selected models) • Guidance on exam day (https://connect.cimaglobal.com/general-info/day-exam) Exam day 17 Understanding your syllabus weighting Summary of syllabus Weight Syllabus topic A. Introduction to organisations B. Managing the finance function C. Managing technology and information D. Operations management E. Marketing F. Managing human resources 20 Understanding syllabus requirements 21 Lead Learning Outcome Component Learning Outcome Indicative syllabus content • Lead learning outcome/ Component learning outcome – Define the skill or ability that students should be able to exhibit in an examination – Demonstrate the approach likely to be taken in examination questions – All learning outcomes are examinable • Indicative syllabus knowledge – Show typical topics that should be covered – Non-exhaustive and not restricted to those listed Understanding syllabus requirements 22 • Plan ahead – fail to plan = plan to fail • Must cover the full syllabus • Allocate time according to weighting • Focus on learning outcomes rather than on content alone • Make good use of all study resources • Practice under exam conditions • Form a study group and be supported • Find ways that work for you – own your study! Study tips 25 Exam techniques – objective tests 26 Know your platform @ Time Remaining E1 - Organisational Management Practice Test - Samuel Li GG Palani omcog ee” re wayss in whicth Ue fiance furicliu suppurls Ue pursull uf besiness Ubjectives? © Ensuring adequate quality cantrols ere in place G Providing intarnation tor shareholders U Ensuring budgeted sales are achieved G Providing infarnation for management O Ensuring adequate inventory is available Ensuring there is stfficient production capacity Ensuring there is finance available (Providing infornation for external parties Bye) 27 Rounding 30 • How many decimal places or significant figures? - guidance given in the question • If no guidance given? - give your answer to the nearest whole number (error message if you attempt to give an answer to, for example, 2 decimal places when a whole number is required. • Do not round until you have completed your calculations. Tutorial - Candidate Name ma @ Tables and Formulae 8 i Present Value Table PRESENT VALUE TABLE Present value of £1 ie {1+ rin where r = interest rate; n= number of periods until payment or receipt Interest rates {r} Q% 10% 1% 12% 13% 14% 15% 16% 17% 18% 19% 20% 317 90990153 BRST7«870S RGSS BATRA BSS 842 826 812 797 783 769 756 743 731718706694 72 751 331 72 693 675 658 641 62d HOB 593 STH 708 683 659 636 613 50257252534 S16 ADB? 650 621 593 S6F 5B S497 419 az To access 364535 480456432 352 513482 400376 296 Tables and 467 ABA 351327 249 4391 308284 209 Formulae 336352 am 247 176, 350 B17 27S 319286 20g 187 290.258 122 163 263232 160141 239.209 NB 188 198, 130 Pac m ae The size of the tables and formulae can be adjusted and moved across the screen. Longer questions where the approach to answer is known with confidence Short questions where more consideration of the options is required Longer questions, with more complex data where the approach required to answer the question has to be considered 37 • Take about 10 to 15 minutes to click “Next” through all 60 items, identifying and answering the questions in category 1 • Brief ‘knowledge’ and ‘definition’ questions where the correct answer is identified quickly without the need for re-reading of the stem or the options. • At the end of the first run-through, you may have answered 10 to 15 questions with confidence. • This confidence will allow you to relax a little and approach the remaining questions more calmly. Suggested approach – Step 1 40 Step 2: Review incomplete questions © Time Remainin E1 - Organisational Management Practice Test - Samuel Li & Instructions Ttem Review Screen [etched Cael Makcedial cic ~ ©) Question 1 A Question 2 Incomplete CG) Question 3 A Question 4 Incomplete ©) Question 5 | Question 6 C\ Question 7 E\ Question 8 E\ Question 9 E\ Question 10 C\ Question 11 E\ Question 12 @ Question 13 ©) Question 14 @\ Question 15 A Question 16 Incomplete \ Question 17 \ Question 18 \ Question 19 Incomplete \ Question 20 \ Question 21 ©) Question 22 Incomplete COTTE) • Use the function “Review Incomplete Items” in the review screen • Identify questions from category 2 • You know the approach to answering and also know that you would prefer to have less time pressure in answering. • Such questions would include those requiring analysis of a short scenario / set of data or calculations where you know what those calculations need to be. • Depending on the subject being examined, this could get you up to another 20 to 30 questions Suggested approach – Step 2 42 Step 3: Using the flag function © Time Remaining € E1 - Organisational Management Practice Test - Samuel Li ip @oem eaten Ttem Review Screen [Eerste eeu ac Incomplete Incomplete \ Question 6 \ Question 7 Incomplete \ Question 8 \ Question 9 \ Question 10 ©) Question 11 Incomplete E\ Question 18 a Question 19 Incomplete E\ Question 20 E\ Question 21 E\ Question 22 Incomplete Epautee = lia) Mma Tele (te) 45 Step 4: Ensuring no incomplete questions @ Time Remaining 5: E1 - Organisational Management Practice Test - Samuel Li Samm onern Ttem Review Screen eeu me rl ielat EMO reese Question 1 Question 2 Incomplete Question 3 Question 4 Incomplete Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Question 13 Question 14 Question 15 Question 16 Incomplete Question 17 Question 18 Question 19 Incomplete Question 20 Question 21 Question 22 JO HSDXOBPOO PO HOH AID UID BO aD & A | baal’) icc} ft eview Flagged 46 • After 85 minutes, a window will pop up to alert you that there are 5 minutes remaining. • Return to the review screen; click “Review Incomplete Items” and ensure that an answer is submitted for every question. • At the end of the 90 minutes available, the exam will close down. • All complete answers, including those which have been flagged will be recorded for scoring. Any which are incomplete will earn no marks. Suggested approach – Step 4 47 Pay special attention to multi-response questions E1 - Organisational Management Practice Test - Samuel Li @ Time Rerr Elag for Review The expectations of different stakeholder groups will differ according to their aims and objectives. Which of the following are exarnples of common conflicts of expectations? Select ALL that apply Short-termisrn may suit managerial career aspirations, but preclude investment in long-term projects When srnall businesses grow, the owners may lose control if they appoint rnanagers to run the business Selling into mass markets will require an increase in quality standards. OBusiness expansian may require additional share issues or loans, reducing financial independence O Cost efficiencies and increased capital investment can result in increased levels of employment 21 Review Screen Oe ereinu5 | Next? | 50 • Preliminary pass/ fail when leaving the exam centre • Overall grade (pass or fail) is based on overall performance on the exam • Against each syllabus topic area you will also receive a grade of either Proficient or Not Proficient – Proficient = scored above the boundary required to demonstrate competence – Non Proficient = scored below the boundary required to demonstrate competence Objective test – exam result 51 • Know your system http://www.pearsonvue.com/cima/practiceexams/ • Time Management https://connect.cimaglobal.com/general-info/exam-preparation • Careful question reading is a must. If in doubt, read again • Don’t miss any question or leave it incomplete (no marks) • Try to get the easy marks first • All questions carry equal marks but they are not equal in time Exam tips 52