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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A company is preparing its annual budget and is estimating the number of units of Product A that it will sell in each quarter of year 2. Past experience has shown that the trend for sales of the product is represented by the following relationship:
y = a + bx where
y = number of sales units in the quarter a = 10,000 units b = 3,000 units x = the quarter number where 1 = quarter 1 of year 1 Actual sales of Product A in Year 1 were affected by seasonal variations and were as follows:
Quarter 1:14,000 units Quarter2: 18,000 units Quarter 3: 18,000 units Quarter 4: 20,000 units Calculate the expected sales of Product A (in units) for each quarter of year 2, after adjusting for seasonal variations using the additive model.

A) The expected sales for year 2 Quarter 4 was 33000 units
B) The expected sales for year 2 Quarter 4 was 32700 units
C) The expected sales for year 2 Quarter 4 was 32000 units
D) The expected sales for year 2 Quarter 4 was 40000 units

2. LM operates a parcel delivery service. Last year its employees delivered 15,120 parcels and travelled 120,960 kilometers. Total costs were $194,400.
LM has estimated that 70% of its total costs are variable with activity and that 60% of these costs vary with the number of parcels and the remainder vary with the distance travelled.
LM is preparing its budget for the forthcoming year using an incremental budgeting approach and has produced the following estimates:
* All costs will be 3% higher than the previous year due to inflation
* Efficiency will remain unchanged
* A total of 18,360 parcels will be delivered and 128,800 kilometers will be travelled.
Calculate the following costs to be included in the forthcoming year's budget:
(i) the total variable costs related to the number of parcels delivered.
(ii) the total variable costs related to the distance travelled.

A) Parcel related cost for next year = $112,118; Distance related costs for next year = $59,699
B) Parcel related cost for next year = $115,306; Distance related costs for next year = $31,590
C) Parcel related cost for next year = $109,118; Distance related costs for next year = $89,699
D) Parcel related cost for next year = $105,306; Distance related costs for next year = $30,590
E) Parcel related cost for next year = $112,308; Distance related costs for next year = $79,590

3. 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.

4. A company produces three products D, E and F. The statement below shows the selling price and product costs per unit for each product, based on a traditional absorption costing system.

Each of the products is produced using Process A which has a maximum capacity of 2,500 hours per period.
If a traditional contribution approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:

A) E, D, F
B) D, E, F
C) D, E, F
D) F, D, F

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

Solutions: