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

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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A marketing manager is trying to decide which of four potential selling prices to charge for a new product. The state of the economy is uncertain and may show signs of recession, growth or boom. The manager has prepared a regret matrix showing the regret for each of the possible outcomes depending on the decision made.

If the manager applies the minimax regret criterion to make decisions, which selling price would be chosen?

A) $40
B) $45
C) $50
D) $55

2. A flexible budget is a budget that is:

A) continuously updated by adding a further accounting period when the earliest accounting period has expired
B) changed in response to changes in costs
C) set prior to the control period and not subsequently changed in response to changes in activity period has expired
D) changed in response to changes in the level of activity

3. 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.
Discuss the usefulness of the planning and operational variances calculated for TP's management.
Select ALL the TRUE statements.

A) Standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.
B) If planning and operational variances are not distinguished, there is potential for dysfunctional behavior especially where the manager has been operating efficiently and performance is being judged by factors outside the manager's control. In the case of TP it became evident during the period that the prevailing market prices for materials were significantly less than those set during the budget process.
C) Where a revision of standards is required due to environmental changes that were not foreseeable at the time the budget was prepared, the planning variances are controllable.
D) The use of planning and operational variances will enable TP's management to draw a distinction between variances caused by factors extraneous to the business and planning errors (planning variances) and variances caused by factors that are within the control of management (operational variances).
E) The purchasing manager's performance can't be compared with the adjusted standards that reflect the conditions the manager actually operated under during the reporting period.

4. A company sells and services photocopying machines. Its sales department sells the machines and consumables, including ink and paper, and its service department provides an after sales service to its customers. The after sales service includes planned maintenance of the machine and repairs in the event of a machine breakdown. Service department customers are charged an amount per copy that differs depending on the size of the machine.
The company's existing costing system uses a single overhead rate, based on total sales revenue from copy charges, to charge the cost of the Service Department's support activities to each size of machine. The Service Manager has suggested that the copy charge should more accurately reflect the costs involved. The company's accountant has decided to implement an activity-based costing system and has obtained the following information about the support activities of the service department:

Calculate the annual profit per machine for each of the three sizes of machine using activity-based costing.

A) Profit Per Machine using ABC: Small $376, Medium $2341, Large $986
B) Profit Per Machine using ABC: Small $186, Medium $1441, Large $2046
C) Profit Per Machine using ABC: Small $176, Medium $1341, Large $946
D) Profit Per Machine using ABC: Small $166, Medium $1241, Large $746
E) Profit Per Machine using ABC: Small $196, Medium $1191, Large $1046
F) Profit Per Machine using ABC: Small $1076, Medium $1041, Large $1946

5. CH is a building supplies company that sells products to trade and private customers.
Budget data for each of the six months to March are given below:

80% of the value of credit sales is received in the month after sale, 10% two months after sale and 8% three months after sale. The balance is written off as a bad debt.
75% of the value of credit purchases is paid in the month after purchase and the remaining 25% is paid two months after purchase.
All other operating costs are paid in the month they are incurred.
CH has placed an order for four new forklift trucks that will cost $25,000 each. The scheduled payment date is in February.
The cash balance at 1 January is estimated to be $15,000.
Prepare a cash budget for each of the THREE months of January, February and March.
Select All the correct answers.

A) The total payments in February will be $405 000
B) The total receipts in January will be $245 000
C) Total payments in March will be $323 000
D) The total receipts in January will be $320 000

Solutions: