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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

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

2. Explain the advantages of management participation in budget setting and the potential problems that may arise in the use of the resulting budget as a control mechanism.
Select all the correct answers.

A) Participation in budget setting can cause problems; in particular, managers may attempt to negotiate budgets that they feel are easy to achieve which gives rise to "budget padding" or budgetary slack.
B) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
C) The participation of managers in the budget setting process has several advantages. Managers are more likely to be motivated to achieve the target if they have participated in setting process has several advantages. managers are more likely to be motivated to achieve the target if they have participated in setting the target.
D) Participation in budget setting can reduce the information asymmetry gap that can arise when targets are imposed by senior management. Imposed targets are likely to make managers feel demotivated and alienated and result in poor performance.
E) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
F) Another purpose of a budget is to set targets to motivate managers and optimize their performance.

3. A company produces trays of pre-prepared meals that are sold to restaurants and food retailers. Three varieties of meals are sold: economy, premium and deluxe.


Calculate, for the original budget, the budgeted fixed overhead costs, the budgeted variable overhead cost per tray and the budgeted total overheads costs.

A) The variable cost per tray = $0.65; The fixed cost = $ 550 000
B) The variable cost per tray = $0.75; The fixed cost = $ 490 000
C) The variable cost per tray = $0.45; The fixed cost = $ 320 000
D) The variable cost per tray = $0.85; The fixed cost = $ 530 000

4. A company uses a standard costing system.
The company's sales budget for the latest period includes 1,500 units of a product with a selling price of $400 per unit.
The product has a budgeted contribution to sales ratio of 30%.
Actual sales for the period were 1,630 units at a selling price of $390 per unit.
The actual contribution to sales ratio was 28%.
The sales volume contribution variance for the product for the latest period is:

A) $15, 600 F
B) $17, 800 F
C) $32, 900 F
D) $55, 600 F

5. A company is considering whether to develop an overseas market for its products. The cost of developing the new market is estimated to be $250,000. There is a 70% probability that the development of the new market will succeed and a 30% probability that the development of the new market will fail and no further expenditure will be incurred.
If the market development is successful, the profit from the new market will depend on prevailing exchange rates. There is a 50% chance that exchange rates will be in line with expectations and a profit of $500,000 will be made. There is a 20% chance that exchange rates will be favorable and a profit of $630,000 will be made and a 30% chance that exchange rates will be adverse and a profit of $100,000 will be made.
The profit figures stated are before taking account of the development costs of $250,000.
Use a decision tree to decide whether the company should develop an overseas market for its products.
Select one correct answer.

A) There may be a loss of $110 000.
B) The overseas market should be developed.
C) The overseas market should not be developed.
D) There is 65% chance that the project will fail.
E) There is 70% chance that the project will fail.
F) There is a chance to make $506 000 profit.

Solutions: