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M1 - CIMA Masters Gateway Assessment (CMGA) 23 November 2010 Tuesday Afternoon Session

Instructions to candidates
You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, highlight and/or make notes on the question paper. However, you are not allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is, all parts and/or subquestions). The question requirements for Section A are highlighted in a dotted box. ALL answers must be written in the answer book. Answers or notes written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises 3 questions on pages 2 to 7. Section B comprises 1 question containing 12 objective test sub-questions on pages 8 to 11. Maths tables and formulae are provided on pages 13 to 15. These are detachable for ease of reference. The list of verbs as published in the syllabus is given for reference on page 19. Write your candidate number, the paper number and the examination subject title in the spaces provided on the front of the examination answer book. Also write your contact ID and name in the space provided in the right hand margin and seal to close. Tick the appropriate boxes on the front of the answer book to indicate which questions you have answered.

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The Chartered Institute of Management Accountants 2010

M1 - CIMA Masters Gateway Assessment

SECTION A 75 MARKS
[You are advised to spend no longer than 45 minutes on each question in this section]

ANSWER ALL THREE QUESTIONS


Question One ZTG, a manufacturing company, has developed a new product. This required an initial capital investment of $5m. At the end of the products life the capital equipment is expected to have a value of $3m. ZTG requires an annual return (ARR) of 20% on its average investment in products of this type. The new product has an expected life of one year before it will be replaced by a more advanced product. Production The new product will be manufactured in batches of 1,000 units using a just-in-time production system. The first batch is expected to incur a direct labour cost of $100,000 but a 75% learning curve is expected until the cumulative production equals 30 batches. Thereafter, each batch is expected to th incur the same direct labour cost as that of the 30 batch. The expected direct materials cost for the first batch is $50,000. However, an experience curve is expected to apply to the first ten batches produced; thereafter no further savings in material costs per batch are expected. Other production costs are expected to be $10,000 per batch. Sales Sales of the new product are expected as follows for each of the four stages of the product life cycle: Stage Introduction Growth Maturity Decline Units sold 10,000 30,000 60,000 30,000 Selling price per unit $120 $100 $ 80 $ 50

Note: The learning index for a 75% learning curve is -0.4150

The requirement for Question One is on the opposite page

CMGA

November 2010

Required:
(a)
Prepare calculations to show the total direct labour cost of the product for each of the four stages of the product life cycle. (8 marks)

(b)

Assuming that there is no experience curve in relation to the product's direct material cost, prepare a statement that shows the profitability of the new product for each of the four stages of the product life cycle individually and in total for the product's life. (4 marks) Assuming that the direct material experience curve applies, calculate the average direct material cost per batch that must be incurred in order for ZTG to meet its ARR target over the life cycle of the product. (5 marks)

(c)

(d)

Discuss the concept of life cycle costing and its effect on product pricing strategies at different stages of the product life cycle. Use the ZTG scenario to illustrate your answer. (8 marks) (Total for Question One = 25 marks)

Section A continues on the next page

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Question Two Mrs E, an entrepreneur, has had a number of business successes in the retail sector. Building on her achievements she now feels ready to move on to bigger things and has recently identified an opportunity to develop a shopping centre. So far, Mrs E has secured the interest of a number of investors, identified a suitable site for the shopping centre, had an architect draw up plans and received planning permission. She wants the construction work on the shopping centre to start as soon as possible. Mr G, who has an impressive record of managing construction projects, has been appointed by Mrs E to be the project manager for the construction of the shopping centre. However, at the early stage of the project Mrs E is already interfering and is putting pressure on Mr G to get started on the construction of the shopping centre. She is frustrated by the time Mr G says he needs in the project initiation and planning phases and is irritated by his insistence on formalising the project management process. Mr G has decided that to help the working relationship he needs to explain to Mrs E the potential problems she may face without proper project planning.

Required:
(a)
Prepare a report which explains the potential problems that the shopping centre project could face without good project planning. (10 marks)

(b)

Explain the contribution of different project management tools and techniques that could help Mr G in planning the project. (15 marks) (Total for Question Two = 25 marks)

Section A continues on page 6

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Question Three
The statements of comprehensive income for three entities for the year ended 30 September 2010 are presented below: CAS $000 20,160 (10,800) 9,360 (2,280) (2,400) 240 (1,080) 3,840 (1,200) 2,640 330 (90) 240 2,880 MC $000 18,720 (10,080) 8,640 (2,220) (2,100) (720) 3,600 (1,080) 2,520 -__ ____ 2,520 AC $000 15,840 (8,640) 7,200 (1,950) (1,650) (648) 2,952 (900) 2,052 120 (45) 75 2,127

Revenue Cost of sales Gross profit Administrative expenses Distribution costs Investment income Finance cost Profit before tax Income tax expense Profit for the year Other comprehensive income Actuarial gains on defined benefit pension plan Tax effect of other comprehensive income Other comprehensive income for the year, net of tax Total comprehensive income for the year Additional information 1.

CAS acquired 480,000 of the 600,000 $1 issued ordinary shares of MC on 1 May 2010 for $8,400,000. The reserves of MC at 1 May 2010 were $6,150,000. A year end impairment review indicated that goodwill on acquisition of MC was impaired by 10%. The group policy is to charge impairment losses to administrative expenses. The group policy is to value the non-controlling interest at the proportionate share of the fair value of the net assets at the date of acquisition. The fair value of the net assets acquired was the same as the book value with the exception of property, plant and equipment, which was higher by $2,880,000. The uplift in value related to a depreciable property with an estimated total useful life of 50 years. At the date of acquisition MC had owned and used this property for 10 years. The group policy is to charge depreciation on buildings to administrative expenses on a monthly basis from the date of acquisition to the date of disposal.

2.

CAS disposed of 120,000 $1 ordinary shares of AC on 1 July 2010 for $2,880,000. CAS had acquired 225,000 of the 300,000 $1 issued ordinary share capital of AC for $2,940,000 on 1 November 2007, when the balance on reserves was $3,060,000. The fair value of the shareholding retained at 1 July 2010 was $2,376,000. There was no evidence of goodwill having been impaired since the date of acquisition. The reserves of AC at 1 October 2009 were $3,900,000. MC paid a dividend of $300,000 on 1 September 2010 and CAS has recorded its share in investment income. CAS holds several available for sale investments, and accounts for these in accordance with IAS 39 Financial Instruments: recognition and measurement. Gains on subsequent measurement of $138,000 occurred in the year. The Financial Controller however, is unsure how this should be presented within the statement of comprehensive income and so has yet to include it. CAS also disposed of an available for sale investment during the year to 30 September 2010 for $1,890,000, when the carrying value of the investment was $1,740,000. The gain on disposal of $150,000 is included in administrative expenses. Previously recognised gains associated with this investment of 120,000 still remain in other reserves.
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3.

4.

5.

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Assume that all income and gains for the three entities accrue evenly throughout the year. Ignore any further tax impact of available for sale investments. Round all figures to the nearest $000.

Required:
Prepare the consolidated statement of comprehensive income for the CAS group for the year ended 30 September 2010. (Total for Question Three = 25 marks)

(Total for Section A = 75 marks)

End of Section A Section B starts on the next page

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SECTION B 25 MARKS
[You are advised to spend no longer than 45 minutes on this section]

ANSWER ALL TWELVE QUESTIONS

Instructions for answering Section B:


The answers to the twelve sub-questions in Section B should ALL be written in your answer book. Your answers should be clearly numbered with the sub-question number and ruled off so that the markers know which sub-question you are answering. For multiple choice questions you need only write the sub-question number and the letter of the answer option you have chosen. You do not need to start a new page for each sub-question.

Question Four
4.1 F manufactures a range of plumbing products. From a single process, three sizes of plastic pipe are produced: 10mm, 15mm and 20mm, along with a by-product, S, which is a small plastic stopper. The production data for this process for the latest week are as follows: Process conversion costs Raw materials input $60,000 $420,000

The output from the process and the selling prices of the products were: Price $/unit 14 10 20 4

10mm pipe 15mm pipe 20mm pipe By-product S

Units 20,000 14,000 11,000 4,000

There were no opening or closing inventories for the week. Any by-product revenue is credited to the sales account. Joint costs are apportioned on a sales value basis. What was the full production cost of the 20mm pipe for the week (to the nearest $)? A B C D $159,500 $160,976 $165,000 $170,500 (2 marks)

Section B continues on the opposite page

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4.2

The management of T has set a target annual rate of return on investment of 25% for all of the company's products. One of the products, the D, employs non-current assets of 800,000 in its manufacture, plus a working capital investment of 121,600. Total costs of 1.2 million are forecast to be incurred in the next year. T uses cost plus pricing for all its products. What is the required percentage mark up on cost for the D to allow T to meet its target return?

A B C D

20.0% 19.2% 16.7% 2.5% (2 marks)

4.3

J produces a single product for which the quarterly fixed costs are $1.4 million. At a selling price of $25 per unit, J breaks even each quarter when 100,000 units are sold. Actual sales during the quarter were 185,000 units. The directors of J believe that if they increase the selling price to $30 per unit sales would fall to 135,000 units per quarter and if they reduced the selling price to $21 per unit sales would increase to 266,000 units per quarter. Based on the three selling price options available ($21, $25 or $30 per unit), what is the maximum quarterly profit that J can achieve?

A B C D

$1,305,000 $1,260,000 $1,190,000 $1,165,000 (2 marks)

4.4

H is a large multinational company that is structured into six divisions. Many of the divisions trade with each other, usually providing intermediate components that are then used in the manufacture of final products in the other division. The senior management of H has a policy of using dual-rate transfer prices for all interdivisional transactions (where the supplying division receives the full cost plus a mark-up on each transaction and the receiving division is charged at the variable cost of the transfers. However, a number of concerns have been expressed about the policy including the following; (i) (ii) (iii) The use of different transfer prices can cause confusion between divisions Different transfer prices can increase divisional incentives to compete effectively Different transfer prices can lead to the double counting of internal profits

Which of the above claims made about dual-rate transfer prices is/are incorrect? A B C D (i) only is incorrect (ii) only is incorrect (iii) only is incorrect None are incorrect (2 marks)

Section B continues on the next page


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4.5 A B C D

According to transaction cost theory, the mechanisms that organisations have to choose between to control their resources and carry out their operations are: Markets or structures Hierarchies or culture Structures or culture Hierarchies or markets (2 marks)

4.6 A B C D

Which ONE of the following is an example of a hygiene factor of motivation? Challenging tasks Supervision Advancement Recognition (2 marks)

4.7

Identify the approach to strategy which proposes that competitive advantage is achieved from an organisation's unique assets and competencies? (2 marks) The first stage of negotiation is preparation. Identify, in the correct order, the other three stages in the negotiation process. (3 marks)

4.8

4.9

BGR's functional and presentational currency is the dollar ($). BGR purchased non-current assets on credit for 250,000 on 25 March 2010. The payable was settled on 12 May. The relevant exchange rates were: 25 March 2010 30 April 2010 12 May 2010 0.741 : $1 0.753 : $1 0.731 : $1

At 30 April 2010, the entity's year end, what amounts would have been held in respect of this transaction? A B C D Non-current assets at cost of $332,005 and trade payables of $332,005 Non-current assets at cost of $337,382 and trade payables of $332,005 Non-current assets at cost of $337,382 and trade payables of $337,382 Non-current assets at cost of $337,382 and trade payables of $341,997 (2 marks)

Section B continues on the opposite page

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4.10 LMR had 3 million $1 ordinary shares in issue at 1 May 2009. On 30 September 2009, LMR issued a further 1 million $1 shares at par. Profit before tax for the year ended 30 April 2010 was $450,000 and the related income tax charge was $110,000. Calculate the basic earnings per share of LMR for the year to 30 April 2010. (2 marks) 4.11 The non-current asset turnover ratios of entities X and Y are 0.44 and 0.82 respectively. Explain, giving TWO reasons, why this ratio may not provide a good comparison of the efficiency of the entities. (2 marks) 4.12 NBW purchased a bond with a par value of $5 million on 1 July 2009. The bond carries a 5% coupon, payable annually in arrears and is redeemable on 30 June 2014 at $5.8 million. NBW fully intends to hold the bond until the redemption date. The bond was purchased at a 10% discount. The effective interest rate on the bond is 10.26%. Calculate the closing value of the bond liability in NBWs financial statements as at 30 June 2010. (2 marks)

Total for Section B = 25 marks)

End of Question Paper Reminder All answers to Section B must be written in your answer book. Answers to Section B written on the question paper will not be submitted for marking Maths tables and formulae are on pages 13-15 which are detachable for ease of reference

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Maths Tables and Formulae


Present value of $1, that is (1+ r ) payment or receipt.
Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 2% 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673 3% 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554

Present Value Table

where r = interest rate; n = number of periods until

4% 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456

Interest rates (r) 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0.705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.497 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312 Interest rates (r) 15% 16% 0.870 0.862 0.756 0.743 0.658 0.641 0.572 0.552 0.497 0.476 0.432 0.410 0.376 0.354 0.327 0.305 0.284 0.263 0.247 0.227 0.215 0.195 0.187 0.168 0.163 0.145 0.141 0.125 0.123 0.108 0.107 0.093 0.093 0.080 0.081 0.069 0.070 0.060 0.061 0.051

7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258

8% 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215

9% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178

10% 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149

11% 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124

12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104

13% 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087

14% 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073

17% 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043

18% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037

19% 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.079 0.062 0.052 0.044 0.037 0.031

20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026

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Cumulative present value of $1 per annum, Receivable or Payable at the end of each year for n years
1 (1+ r ) n r

Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

1% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.368 11.255 12.134 13.004 13.865 14.718 15.562 16.398 17.226 18.046

2% 0.980 1.942 2.884 3.808 4.713 5.601 6.472 7.325 8.162 8.983 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14.992 15.679 16.351

3% 0.971 1.913 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.635 11.296 11.938 12.561 13.166 13.754 14.324 14.878

4% 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 8.111 8.760 9.385 9.986 10.563 11.118 11.652 12.166 12.659 13.134 13.590

Interest rates (r) 5% 6% 0.952 0.943 1.859 1.833 2.723 2.673 3.546 3.465 4.329 4.212 5.076 5.786 6.463 7.108 7.722 8.306 8.863 9.394 9.899 10.380 10.838 11.274 11.690 12.085 12.462 4.917 5.582 6.210 6.802 7.360 7.887 8.384 8.853 9.295 9.712 10.106 10.477 10.828 11.158 11.470

7% 0.935 1.808 2.624 3.387 4.100 4.767 5.389 5.971 6.515 7.024 7.499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10.594

8% 0.926 1.783 2.577 3.312 3.993 4.623 5.206 5.747 6.247 6.710 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9.372 9.604 9.818

9% 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8.061 8.313 8.544 8.756 8.950 9.129

10% 0.909 1.736 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.145 6.495 6.814 7.103 7.367 7.606 7.824 8.022 8.201 8.365 8.514

11% 0.901 1.713 2.444 3.102 3.696 4.231 4.712 5.146 5.537 5.889 6.207 6.492 6.750 6.982 7.191 7.379 7.549 7.702 7.839 7.963

12% 0.893 1.690 2.402 3.037 3.605 4.111 4.564 4.968 5.328 5.650 5.938 6.194 6.424 6.628 6.811 6.974 7.120 7.250 7.366 7.469

13% 0.885 1.668 2.361 2.974 3.517 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.604 6.729 6.840 6.938 7.025

14% 0.877 1.647 2.322 2.914 3.433 3.889 4.288 4.639 4.946 5.216 5.453 5.660 5.842 6.002 6.142 6.265 6.373 6.467 6.550 6.623

Interest rates (r) 15% 16% 0.870 0.862 1.626 1.605 2.283 2.246 2.855 2.798 3.352 3.274 3.784 4.160 4.487 4.772 5.019 5.234 5.421 5.583 5.724 5.847 5.954 6.047 6.128 6.198 6.259 3.685 4.039 4.344 4.607 4.833 5.029 5.197 5.342 5.468 5.575 5.668 5.749 5.818 5.877 5.929

17% 0.855 1.585 2.210 2.743 3.199 3.589 3.922 4.207 4.451 4.659 4.836 4.988 5.118 5.229 5.324 5.405 5.475 5.534 5.584 5.628

18% 0.847 1.566 2.174 2.690 3.127 3.498 3.812 4.078 4.303 4.494 4.656 7.793 4.910 5.008 5.092 5.162 5.222 5.273 5.316 5.353

19% 0.840 1.547 2.140 2.639 3.058 3.410 3.706 3.954 4.163 4.339 4.486 4.611 4.715 4.802 4.876 4.938 4.990 5.033 5.070 5.101

20% 0.833 1.528 2.106 2.589 2.991 3.326 3.605 3.837 4.031 4.192 4.327 4.439 4.533 4.611 4.675 4.730 4.775 4.812 4.843 4.870

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FORMULAE
Annuity

Present value of an annuity of $1 per annum receivable or payable for n years, commencing in one year, discounted at r% per annum:
PV =

1 1 1 r [1 + r ]n

Perpetuity Present value of $1 per annum receivable or payable in perpetuity, commencing in one year, discounted at r% per annum: PV =

1 r

Growing Perpetuity Present value of $1 per annum, receivable or payable, commencing in one year, growing in perpetuity at a constant rate of g% per annum, discounted at r% per annum: PV = Time series Additive model: Series = Trend + Seasonal + Random Multiplicative model: Series = Trend*Seasonal*Random Regression analysis The linear regression equation of Y on X is given by: Y = a + bX where: b= and or solve
Covariance ( XY ) Variance ( X )

1 r g

or Y Y = b(X X ), =
n XY ( X )( Y ) n X ( X )
2 2

a= Y bX

Y = na + b X XY = a X + b X2
Exponential Geometric Learning curve Yx = aX
b

Y = ab b Y = aX

where: Yx = the cumulative average time per unit to produce X units; a = the time required to produce the first unit of output; X = the cumulative number of units; b = the index of learning. The exponent b is defined as the log of the learning curve improvement rate divided by log 2.

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LIST OF VERBS USED IN THE QUESTION REQUIREMENTS


A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for each question in this paper. It is important that you answer the question according to the definition of the verb. LEARNING OBJECTIVE
1 KNOWLEDGE What you are expected to know.

VERBS USED
List State Define

DEFINITION
Make a list of Express, fully or clearly, the details of/facts of Give the exact meaning of

2 COMPREHENSION What you are expected to understand.

Describe Distinguish Explain Identify Illustrate

Communicate the key features Highlight the differences between Make clear or intelligible/State the meaning or purpose of Recognise, establish or select after consideration Use an example to describe or explain something

3 APPLICATION How you are expected to apply your knowledge.

Apply Calculate Demonstrate Prepare Reconcile Solve Tabulate

Put to practical use Ascertain or reckon mathematically Prove with certainty or to exhibit by practical means Make or get ready for use Make or prove consistent/compatible Find an answer to Arrange in a table

4 ANALYSIS How you are expected to analyse the detail of what you have learned.

Analyse Categorise Compare and contrast Construct Discuss Interpret Prioritise Produce

Examine in detail the structure of Place into a defined class or division Show the similarities and/or differences between Build up or compile Examine in detail by argument Translate into intelligible or familiar terms Place in order of priority or sequence for action Create or bring into existence

5 EVALUATION How you are expected to use your learning to Evaluate, make decisions or recommendations.

Advise Evaluate Recommend

Counsel, inform or notify Appraise or assess the value of Advise on a course of action

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CIMA Masters Gateway Assessment (CMGA)

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Tuesday Afternoon Session

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