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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

Question 1

CH is a building supplies company that sells products to trade and private customers.
Budget data for each of the six months to March are given below:

80% of the value of credit sales is received in the month after sale, 10% two months after sale and 8% three months after sale. The balance is written off as a bad debt.
75% of the value of credit purchases is paid in the month after purchase and the remaining 25% is paid two months after purchase.
All other operating costs are paid in the month they are incurred.
CH has placed an order for four new forklift trucks that will cost $25,000 each. The scheduled payment date is in February.
The cash balance at 1 January is estimated to be $15,000.
Prepare a cash budget for each of the THREE months of January, February and March.
Select All the correct answers.

A. Total payments in March will be $323 000
B. The total receipts in January will be $245 000
C. The total receipts in January will be $320 000
D. The total payments in February will be $405 000

Question 2

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. $32, 900 F
C. $55, 600 F
D. $17, 800 F

Question 3

QR uses an activity based budgeting (ABB) system to budget product costs. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows:

The total budgeted cost of setting up the machines is $74,400.
What was the budgeted machine set up cost per unit of product Q?

A. $0.37 per unit
B. $0.39 per unit
C. $0.48 per unit
D. $0.56 per unit

Question 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. Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
B. 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.
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. Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
E. 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.
F. In a public sector body, for example, decision packages will relate to very disparate activities.
G. 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.
H. Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
I. In a public sector body, for example, decision packages will relate profit making activities.

Question 5

A company has to choose between three mutually exclusive projects. Market research has shown that customers could react to the projects in three different ways depending on their preferences. There is a 30% chance that customers will exhibit preferences 1, a 20% chance they will exhibit preferences 2 and a 50% chance they will exhibit preferences 3. The company uses expected value to make this type of decision.
The net present value of each of the possible outcomes is as follows:

A market research company believes it can provide perfect information about the preferences of customers in this market.
What is the maximum amount that should be paid for the information from the market research company?

A. $140 000
B. $125 000
C. $135 000
D. $145 000

Solutions: