CIMA CIMAPRO15-P01-X1-ENG : P1 - Management Accounting Question Tutorial

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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 40%.
B) The probability therefore that the contribution will exceed $2,880,000 is 70%.
C) The probability therefore that the contribution will exceed $2,880,000 is 50%.
D) The probability therefore that the contribution will exceed $2,880,000 is 90%.

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

3. 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) E, D, F
B) F, D, E
C) D, E, F
D) D, F, E

4. Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.

A) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.
B) The budget provides an external benchmark against which performance against which performance can be evaluated.
C) The budget is a useful device of influencing an operator's thoughts and motivating operators to perform in line with the organization's marketing budget.
D) Budgeting forces an organization's management to look ahead and set performance targets.
E) It provides a standard which managers may be motivated to achieve. It can also encourage inefficiency
and conflict between managers particularly if the budget is imposed from above, whereby it may act as a threat rather than as a challenge.
F) The budget acts as a variable mechanism, with actual results being compared with budget.
G) The budget ensures actions of different parts of the organization are coordinated are reconciled otherwise managers take actions for the benefit of their own part of organization that may not benefit the organization as a whole.

5.
Calculate the sensitivity of the investment decision to a change in the annual fixed costs.
By how much should the present value of the fixed cost increase, before this project is not viable?

A) $9050
B) $7698
C) $8675
D) $6390

Solutions: