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

2. A master budget comprises the...

A) budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
B) budgeted income statement and budgeted capital expenditure only
C) budgeted income statement and budgeted balance sheet only.
D) budgeted income statement and budgeted cash flow statement only.

3.
Calculate the sensitivity of the investment decision to a change in the annual fixed costs.
By how much should the present value of the fixed cost increase, before this project is not viable?

A) $7698
B) $6390
C) $8675
D) $9050

4. 'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A) In a public sector body, for example, decision packages will relate profit making activities.
B) In a public sector body, for example, decision packages will relate to very disparate activities.
C) Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
D) Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.
E) The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
F) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
G) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
H) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
I) The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.

5. A decision maker that makes decisions using the minimax regret criterion would be classified as:

A) Risk neutral
B) Risk averse
C) Risk seeking
D) Risk spreading

Solutions: