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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:


Calculate the following variances for October, taking account of the more detailed information regarding the labour mix:
(i) The total labour efficiency variance
(ii) The total labour mix variance
(iii) The total labour yield variance
Select the correct statements.

A) Labour mix variance: $ 66 000 F
B) Labour efficiency variance: $ 98 000 A
C) Labour mix variance: $ 75 000 F
D) Labour yield variance: $ 144 000 A
E) Labour efficiency variance: $ 88 000 F
F) Labour mix variance: $ 63 000 A
G) Labour efficiency variance: $ 78 000 F
H) Labour efficiency variance: $ 78 000 A

2. RS is a travel company providing daily tours of a major European capital city. The market is highly competitive and RS has commissioned some market research to help with the pricing decision for a new tour. The research identified the probability of three possible market conditions and the number of tickets that would be sold each day at three different price levels.

Demonstrate, using a decision tree and based on expected value, which ticket price RS should choose.

A) RS should charge a ticket price of $70.
B) RS should charge a ticket price of $80.
C) RS should charge a ticket price of $90.
D) RS should charge a ticket price of $100.
E) RS should charge a ticket price of $75

3. 'Public sector organizations are often judged by their economy, efficiency and effectiveness. Consequently, they should use an approach to budgeting other than incremental budgeting.' Required:
Explain ONE advantage and TWO disadvantages of public sector organizations using incremental budgeting.
Select all true statements.

A) Under an incremental approach to budgeting, existing operations and the current budgeted allowance for these existing activities are taken as the base level for preparing the budget.
B) An incremental; approach is not as easy and fast to implement than other forms of budgeting approaches e.g. zero based budgeting.
C) Public sector organizations tend to be fairly complex and in many cases outputs cannot be measured in monetary terms therefore the link between inputs and outputs is difficult to establish. An incremental approach can therefore provide a cost effective approach to budgeting.
D) The incremental approach encourages managers in public sector organizations to look at the efficiency and effectiveness of activities undertaken.
E) The main advantage of incremental budgeting is that the cost of past activities becomes fixed and any inefficiencies or wastage is perpetuated.
F) The incremental approach means that budget holders in public sector organizations will be encouraged to use up this year's budget will be as high as possible.

4. Explain how probability analysis could be used to assess the risk of the evaluated projects.
Select all the true statements.

A) The probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole
B) The net present value (NPV) of the project, if all high, low or medium estimates occurred, can be calculated along with the combined probabilities of their occurrence.
C) The company can determine a range of possible outcomes for each of the cash flows in the project, for example, a high, low and medium estimate of each cash flow could be determined.
D) The NPVs of a sample range of possible outcomes and the probability of each NPV can be calculated. If a small sample is taken the distribution of outcomes can be used to calculate the zero activities deviation of the NPVs and the probability of success of the projects.

5. A company produces a product that requires two materials, Material A and Material B. Details of the material quantities and costs for August are given in the table below.

Budgeted and actual output of the product for August was 12,000 units.
The material mix variance for August is:

A) $ 1, 540 Favourable
B) $ 1, 540 Adverse
C) $ 1, 288 Favourable
D) $ 1, 540 Adverse

Solutions: