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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 = $0.85; The fixed cost = $ 530 000
D) The variable cost per tray = $0.45; The fixed cost = $ 320 000

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

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

4. A medium-sized manufacturing company, which operates in the electronics industry, has employed a firm of consultants to carry out a review of the company's planning and control systems. The company presently uses a traditional incremental budgeting system and the inventory management system is based on economic order quantities (EOQ) and reorder levels. The company's normal production patterns have changed significantly over the previous few years as a result of increasing demand for customized products. This has resulted in shorter production runs and difficulties with production and resource planning.
The consultants have recommended the implementation of activity based budgeting and a manufacturing resource planning system to improve planning and resource management.
How will a manufacturing resource planning system improve the planning of purchases and production for the company?
Select ALL the correct answers.

A) A manufacturing resource planning approach to the management of all the company's manufacturing
resources including inventory, labour and machine capacity.
B) It seeks to ensure that resources are available just before they are needed by the next stage of production or dispatch. It also seeks to ensure that resources are delivered only when required so that raw material inventory is kept to a minimum.
C) The correct inventory management system relies on the assumption that there is constant demand. An MRP system begins with the setting of a master production schedule specifying both the timing and quantity demanded of each of the finished goods items and then works backwards to determine the resource requirements at each stage of the production process.
D) The technique will not enable managers to track orders through the manufacturing process and will not assist the purchasing and production control departments to move the right amount of material or sub- assemblies at the right time to the right place.
E) It aims to generate an estimation of materials requirements after taking account of the number of employees quality and waste. The TQS model can be used within MRP provided that the major assumption in the TQS model of constant demand applies.
F) The traditional approach to determine material requirements is to monitor inventories constantly; whenever they fall to a predetermined level, a preset order is placed to replenish them. This traditional approach (involving re-order levels and economic order quantity calculations originates in the pre-computer era.

5. 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 $ 1 258 000
B) The total budgeted production overhead cost was $ 1 305 000
C) The total budgeted production overhead cost was $ 2 195 000
D) The total budgeted production overhead cost was $ 1 285 000
E) The total budgeted production overhead cost was $ 1 188 000

Solutions: