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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A major company sells a range of electrical, clothing and homeware products through a chain of department stores. The main administration functions are provided from the company's head office. Each department store has its own warehouse which receives goods that are delivered from a central distribution center.
The company currently measures profitability by product group for each store using an absorption costing system. All overhead costs are charged to product groups based on sales revenue. Overhead costs account for approximately one-third of total costs and the directors are concerned about the arbitrary nature of the current method used to charge these costs to product groups.
A consultant has been appointed to analyses the activities that are undertaken in the department stores and to establish an activity based costing system.
The consultant has identified the following data for the latest period for each of the product groups for the X Town store:

Calculate the total profit for each of the product groups:
.... using the current absorption costing system;

A) The profit or loss in $ was.... Clothing 192; Electrical (56); Homeware 148
B) The profit or loss in $ was.... Clothing 85; Electrical 36; Homeware (28)
C) The profit or loss in $ was.... Clothing 122; Electrical 56; Homeware (178)
D) The profit or loss in $ was.... Clothing (175); Electrical 86; Homeware 22

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

3. A company's budget for the next period shows that it would breakeven at sales revenue of $800,000 and fixed costs of $320,000.
The sales revenue needed to achieve a profit of $200,000 in the next period would be:

A) $1,390,000
B) $1,950,000
C) $1,300,000
D) $1,400,000
E) $1,780,000

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

5. JL is preparing its cash budget for the next three quarters. The following data have been extracted from the operational budgets:

Additional information is available as follows:
* JL sells 20% of its goods for cash. Of the remaining sales value, 70% is received within the same quarter as sale and 30% is received in the following quarter. It is estimated that trade receivables will be $125,000 at the beginning of Quarter 1. No bad debts are anticipated.
* 50% of payments for direct material purchases are made in the quarter of purchase, with the remaining 50% in the quarter following purchase. It is estimated that the amount owing for direct material purchases will be
$60,000 at the beginning of Quarter 1.
* JL pays labour and overhead costs when they are incurred. It has been estimated that labour and overhead costs in total will be $303,600 per quarter. This figure includes depreciation of $19,600.
* JL expects to repay a loan of $100,000 in Quarter 3.
* The cash balance at the beginning of Quarter 1 is estimated to be $49,400 positive.
Required:
Prepare a cash budget for each of the THREE quarters.
What will the closing balance of cash flows in quarter THREE be?

A) $100 200
B) $145 000
C) $184 900
D) $170 400
E) $150 200
F) $160 690
G) $130 200

Solutions: