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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 throughput accounting approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:

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

2. TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively.
TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield.
What was the material price planning variance for ingredient A?

A) The Material price planning variance - Ingredient A was $71 000 F
B) The Material price planning variance - Ingredient A was $75 000 F
C) The Material price planning variance - Ingredient A was $72 000 F
D) The Material price planning variance - Ingredient A was $73 000 F

3. 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
Assuming that RT completes the order with the commercial customer, prepare calculations to show, from a financial perspective, the optimum production plan for June 2010 and the contribution that would result from adopting this plan.
The contribution per unit for R and T will be...?

A) R = $47 per unit. T = $65 per unit
B) R = $45 per unit. T = $66 per unit
C) R = $47 per unit. T = $61 per unit
D) R = $51 per unit. T = $61 per unit

4. PL currently earns an annual contribution of $2,880,000 from the sale of 90,000 units of product B. Fixed costs are $800,000 per annum.
The management of PL is considering reducing the selling price per unit to $48. The estimated levels of demand at the revised selling price and the probabilities of them occurring are as follows:

Calculate the probability that the profit will increase from its current level if the selling price is reduced to $48.

A) The probability therefore that the contribution will exceed $2,880,000 is 70%.
B) The probability therefore that the contribution will exceed $2,880,000 is 40%.
C) The probability therefore that the contribution will exceed $2,880,000 is 90%.
D) The probability therefore that the contribution will exceed $2,880,000 is 50%.

5. A flexible budget is a budget that is:

A) continuously updated by adding a further accounting period when the earliest accounting period has expired
B) set prior to the control period and not subsequently changed in response to changes in activity period has expired
C) changed in response to changes in costs
D) changed in response to changes in the level of activity

Solutions: