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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

Question 1

RT produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of the products are shown below:

Market research shows that the maximum demand for products R and T during June 2010 is 500 units and
800 units respectively. This does not include an order that RT has agreed with a commercial customer for the supply of 250 units of R and 350 units of T at selling prices of $100 and $135 per unit respectively. Although the customer will accept part of the order, failure by RT to deliver the order in full by the end of June will cause RT to incur a $10,000 financial penalty. At a recent meeting of the purchasing and production managers to discuss the production plans of RT for June, the following resource restrictions for June were identified:
Direct labour hours 7,500 hours
Material A 8,500 kgs
Material B 3,000 litres
Machine hours 7,500 hours
(Refer to previous 2 questions.)
You have now presented your optimum production plan to the purchasing and production managers of RT.
During your presentation it became clear that the predicted resource restrictions were rather optimistic. In fact, the managers agreed that the availability of all of the resources could be as much as 10% lower than their original predictions.
Assuming that RT completes the order with the commercial customer, and using linear programming, show the optimum production plan for RT for June 2010 on the basis that the availability of all resources is 10% lower than originally predicted.

A. The optimal plan is to produce 520 units of Product R and 620 units of product T in addition to the contract.
B. The optimal plan is to produce 550 units of Product R and 650 units of product T in addition to the contract.
C. The optimal plan is to produce 500 units of Product R and 550 units of product T in addition to the contract.
D. The optimal plan is to produce 560 units of Product R and 670 units of product T in addition to the contract.
E. The optimal plan is to produce 510 units of Product R and 720 units of product T in addition to the contract.
F. The optimal plan is to produce 450 units of Product R and 690 units of product T in addition to the contract.

Question 2

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.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A. If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.
B. A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
C. If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.
D. If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.
E. The fixed budget however provides more insight into actual performance.
F. Reporting against a fixed budget tells management nothing about the efficiency of operations.

Question 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. Original budget contribution = $172 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 221 960
B. Original budget contribution = $242 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 121 960
C. Original budget contribution = $162 000, Flexed budget contribution = $ 178 200, Actual Contribution $ 201 960
D. Original budget contribution = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960

Question 4

A company uses an activity based costing system. The company manufactures three products, details of which are given below:

A. $0.23
B. $0.31
C. $0.27
D. $0.35

Question 5

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

A. 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.
B. The probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole
C. 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.
D. 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.

Solutions: