CIMA CIMAPRO15-P01-X1-ENG Exam Questions : P1 - Management Accounting Question Tutorial

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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

Question 1

TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively.
TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield.
What was the material price planning variance for ingredient A?

A. The Material price planning variance - Ingredient A was $73 000 F
B. The Material price planning variance - Ingredient A was $71 000 F
C. The Material price planning variance - Ingredient A was $72 000 F
D. The Material price planning variance - Ingredient A was $75 000 F

Question 2

EF manufactures and sells three products, X, Y and Z. The following production overhead costs are budgeted for next year:

Required:
Calculate the total budgeted production overhead cost for each product using activity based budgeting.

A. The total budgeted production overhead cost was $ 2 195 000
B. The total budgeted production overhead cost was $ 1 305 000
C. The total budgeted production overhead cost was $ 1 285 000
D. The total budgeted production overhead cost was $ 1 258 000
E. The total budgeted production overhead cost was $ 1 188 000

Question 3

THS produces two products from different combinations of the same resources. Details of the products are shown below:

Identify, using graphical linear programming, the optimal production plan for products E and R to maximize THS's profit in the month.

A. The solution (from the graph0 is to produce 375 units of E and 750 units of R.
B. The solution (from the graph0 is to produce 495 units of E and 670 units of R.
C. The solution (from the graph0 is to produce 675 units of E and 470 units of R.
D. The solution (from the graph0 is to produce 375 units of E and 870 units of R.
E. The solution (from the graph0 is to produce 495 units of E and 470 units of R.
F. The solution (from the graph0 is to produce 475 units of E and 770 units of R.

Question 4

A company is preparing its annual budget and is estimating the number of units of Product W that it will sell in each quarter of year 2. Past experience has shown that the trend for sales of the product is represented by the following relationship:

Calculate the expected unit sales of Product W for each quarter of year 2, after adjusting for seasonal variations using the multiplicative model.

A. The sales forecast for year 2 Quarter 4 = 22,600 units
B. The sales forecast for year 2 Quarter 4 = 35,100 units
C. The sales forecast for year 2 Quarter 4 = 25,100 units
D. The sales forecast for year 2 Quarter 4 = 38,100 units

Question 5

JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

* Refer to your answer in the previous question.
The optimal solution to the previous question shows that the shadow prices of skilled labour and direct material A are as follows:
Skilled labour $ Nil Direct Material A $11.70
Explain the relevance of these values to the management of JRL.
Select ALL the true statements.

A. The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.
B. In a situation such as this, where a number of resources are scarce, the shadow price of any particular scarce resource will depend on whether or not the resource is not binding.
C. Since material A is one of the binding constraints, if the availability of material A could be increased by one unit, this would change the optimal plan.
D. The shadow price for skilled labour is NIL because although there is a shortage of skilled labour it does have a constraining effect on output of JR as other resources are more scarce.
E. The decrease in contribution as a result of this change is the value of the shadow price of material A. The shadow price thus represents the maximum premium that should be paid for an additional unit of material A.

Solutions: