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

2. LM operates a parcel delivery service. Last year its employees delivered 15,120 parcels and travelled 120,960 kilometers. Total costs were $194,400.
LM has estimated that 70% of its total costs are variable with activity and that 60% of these costs vary with the number of parcels and the remainder vary with the distance travelled.
LM is preparing its budget for the forthcoming year using an incremental budgeting approach and has produced the following estimates:
* All costs will be 3% higher than the previous year due to inflation
* Efficiency will remain unchanged
* A total of 18,360 parcels will be delivered and 128,800 kilometers will be travelled.
Calculate the following costs to be included in the forthcoming year's budget:
(i) the total variable costs related to the number of parcels delivered.
(ii) the total variable costs related to the distance travelled.

A) Parcel related cost for next year = $112,118; Distance related costs for next year = $59,699
B) Parcel related cost for next year = $105,306; Distance related costs for next year = $30,590
C) Parcel related cost for next year = $115,306; Distance related costs for next year = $31,590
D) Parcel related cost for next year = $109,118; Distance related costs for next year = $89,699
E) Parcel related cost for next year = $112,308; Distance related costs for next year = $79,590

3. A marketing manager is trying to decide which of four potential selling prices to charge for a new product. The state of the economy is uncertain and may show signs of recession, growth or boom. The manager has prepared a regret matrix showing the regret for each of the possible outcomes depending on the decision made.

If the manager applies the minimax regret criterion to make decisions, which selling price would be chosen?

A) $50
B) $40
C) $55
D) $45

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

5. THS produces two products from different combinations of the same resources. Details of the products are shown below:

Identify, using graphical linear programming, the optimal production plan for products E and R to maximize THS's profit in the month.

A) The solution (from the graph0 is to produce 475 units of E and 770 units of R.
B) The solution (from the graph0 is to produce 375 units of E and 870 units of R.
C) The solution (from the graph0 is to produce 675 units of E and 470 units of R.
D) The solution (from the graph0 is to produce 495 units of E and 670 units of R.
E) The solution (from the graph0 is to produce 495 units of E and 470 units of R.
F) The solution (from the graph0 is to produce 375 units of E and 750 units of R.

Solutions: