Ken Kelly Named Chair of Maryland CPA Society Board

Kenneth Kelly, CPA, CGMA, former Senior Vice President and Comptroller of the S & P 500 McCormick and Company giant, has been appointed Chair of the Board of Directors 2017-18 of the Maryland Association of CPA.

Kelly was installed as president at the annual MACPA meeting on June 26th in Clarksville, Maryland. His term of office runs from July 1 to June 30, 2018. He succeeds Lisa Cines, CPA.

"I am incredibly honored and humbled to be named president of this incredible institution," said Kelly, currently a founding consultant at KK Advisory, LLC. "MACPA is one of the most advanced organizations I know, and my vision - to help accounting and finance professionals around the world become ready in the future - excites and energizes me. It's an exciting time to be a CPA, and I'm ready to set myself up and work. "

Kelly has been a strong supporter of the profession and a visionary for her future. He served on the Board of Directors which guided the recent joint venture between the American Institute of CPAs and the Certified Institute of Management Accountants. This joint venture resulted in the designation of the Certified General Accountant (CGMA).

He is also an Associate Member and Former Member of the Executive Committee of the Departmental Reporting Committee for Financial Executives International and is a Maryland Delegate to the AICPA Board of Directors. Prior to joining McCormick and Company, Kelly served as a controller for Fortune 500 Black & Decker.

"We are honored to have Ken at the top of our board," said Tom Hood, CPA, Managing Director of MACPA, CGMA. "He is a visionary in every sense of the word, and his experience as an architect of the future of our profession is a valuable asset to our association and the CPAs we serve. Have Ken on board. "

The complete list of MACPA administrators was also installed at the association's annual meeting on June 26th. These directors include:

• Vice-president: Samantha Bowling, CPA, CGMA, partner, Garbelman Winslow CPA
• Secretary / Treasurer: Ray Speciale, Esq., CPA, Associate Professor, Mount St. Mary's University
• Past Chair: Lisa Cines, CPA, Director, Radius
• Christine Aspell, CPA, Audit Partner, KPMG, LLP
• Raj Bhaskar, founder and CEO of Hurdlr
• Avonette Blanding, CPA, Chief Financial Officer, Maritime Applied Physics Corporation
• Wallace Boston, Ed.D., CPA, CGMA, CMA, CEO, American Public Education, Inc.
• Mark Cissell, CPA, CEO, President, Director, KatzAbosch
• Robert Jirsa, CPA, Partner, RSM US LLP
• Andrew Page, CPA, Vice-President and Corporate Controller, Under Armor
• Keith Parker, CPA, financial advisor, Morgan Stanley ...

Cima P1 Exam Question No 59

Question No 59:

If a traditional contribution approach is used, the ranking of products, in order of priority, for the profit maximising product mix will be:

A. D, E, F
B. E, D, F
C. F, D, E
D. D, F, E

Answer: C

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Cima P1 Exam Question No 58

Question No 58:

Why split sales volume variance to sales mix variance and sales quantity variance?Sales Volume Variance - Enables Management to identify contribution of sales team to acheive revised sales budget.
[Actual sales vol. - Budgeted sales vol.] × Budgeted Profit /unit

Sales Mix Variance - Enables management to see how much variance is due to actual sales mix differ from budgeted sales mix
[ Actual sales - Actual sales @ budget mix] × Budgeted Profit /unit

Sales Quantity Variance - Allows management to see how much variance is caused by difference between actual sales and budgeted sales.
[ Actual sales @ budget mix - Budgeted sales] × Budgeted Profit /unit

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UK-based CA Courses Get Popular with City Students

Accounting certifications offered by the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accounts (CIMA) issued by various agencies in the UK are gaining popularity among students.

Although public accountant (CA) course is sufficient to provide good employment opportunities, students who aspire to work abroad and take excellent opportunist available work multinationals are willing to spend a lot to ACCA study and CIMA in the institutes city accredited .

Many students who have completed class XII intend to seize these opportunities and start their careers. But industry experts suggest otherwise.

"ACCA is considered an internationally recognized financial certification and acceptance in more than 170 countries.The program them is consistent with that of International Financial Reporting Standards financière.Les chief financial officers (CFOs) in the world is a staff qualified ACCA" Paul said TJ, associate Director, Group VidyaBharathi institutions.

He said that while it was mandatory for students appearing for the examination of common competition (CPT) before proceeding with the AC, no such tests of access for ACCA. Unlike CA, ACCA has no system of group and students can write each item separately.

In addition, the general belief is that the Institute of Chartered Accountants of India (ICAI), the governing body imposes severe restrictions on the number of students who pass the exams each year. Students are very happy to accept CA. The mandatory three-year commitment after completing the course is not flattering, "he added.

Students who have completed class XII can follow the ACCA. 14 documents should stop. CIMA is more about management and accounting. Students appearing for this certification after class XII written 17 articles, including (14 documents and three case studies). ACCA and CIMA courses can be completed within three years.

According accredited institutions, CIMA is like a combination of ICWA and MBA courses offered in India. "The CIMA is higher than the ACCA level," Paul said. ACCA and CIMA provided by organizations in the UK.

The first three documents are computer ACCA exams. These tests are in sight and no restrictions of time or number of attempts. The rest of the documents are in write mode and carried out by an authorized inspection center for ACCA normally focuses the British Council worldwide. The service is available to Kochi. For CIMA, students can take the test at any time. But they can not study the case after finishing a pillar.

"Students can enroll in these courses online, and directly with the institutes to étranger.Les fees must be paid in sterling," Lakshya Jayakrishnan CA Campus, Kochi said. According to him, accredited institutes offering training costs about Rs 4 lakh for ACCA three years. "This includes the registration fee, examination and training," he added.

Cima P1 Exam Question No 57

Question No 57:

Which ONE of the following is NOT considered to be a cost of holding inventory?

A. Loss of goodwill as a result of being unable to complete customer orders due to lack of inventory
B. Insurance cost of inventory
C. Storage cost of inventory
D. Interest on cash invested in inventory

Answer: A