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

Question 2

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.
Select TWO potential benefits of using an activity based budgeting system.

A. Activity based budgeting is useful for the review of quality systems utilization.
B. Activity based budgeting provides a clear framework for understanding the link between turnover and the level of activity.
C. Activity based budgeting allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.
D. Activity based budgeting allows the identification of value added and non-value added activity and ensures that any budget cuts are made to non-value added activities.

Question 3

Explain the advantages of management participation in budget setting and the potential problems that may arise in the use of the resulting budget as a control mechanism.
Select all the correct answers.

A. The participation of managers in the budget setting process has several advantages. Managers are more likely to be motivated to achieve the target if they have participated in setting process has several advantages. managers are more likely to be motivated to achieve the target if they have participated in setting the target.
B. Participation in budget setting can cause problems; in particular, managers may attempt to negotiate budgets that they feel are easy to achieve which gives rise to "budget padding" or budgetary slack.
C. Participation in budget setting can reduce the information asymmetry gap that can arise when targets are imposed by senior management. Imposed targets are likely to make managers feel demotivated and alienated and result in poor performance.
D. A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
E. Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
F. Another purpose of a budget is to set targets to motivate managers and optimize their performance.

Question 4

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 = $0.85; The fixed cost = $ 530 000
B. The variable cost per tray = $0.45; The fixed cost = $ 320 000
C. The variable cost per tray = $0.65; The fixed cost = $ 550 000
D. The variable cost per tray = $0.75; The fixed cost = $ 490 000

Question 5

XY can choose from four mutually exclusive projects. The projects will each last for one year and their net cash inflows will be determined by market conditions. The forecast net cash inflows for each of the possible outcomes are shown below.

If the company applies the maximax criterion the project chosen would be:

A. Project B
B. Project A
C. Project D
D. Project C

Solutions: