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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 traditional contribution approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:

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

2. 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 maximin criterion the project chosen would be:

A) Project C
B) Project A
C) Project B
D) Project D

3. 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) Original budget contribution = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960
B) Original budget contribution = $172 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 221 960
C) Original budget contribution = $242 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 121 960
D) Original budget contribution = $162 000, Flexed budget contribution = $ 178 200, Actual Contribution $ 201 960

4. 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 $72 000 F
C) The Material price planning variance - Ingredient A was $75 000 F
D) The Material price planning variance - Ingredient A was $73 000 F

5. '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) 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.
C) 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.
D) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
E) In a public sector body, for example, decision packages will relate to very disparate activities.
F) 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.
G) 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.
H) In a public sector body, for example, decision packages will relate profit making activities.
I) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.

Solutions: