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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

Identify, using graphical linear programming, the weekly production schedule for products J and L that will maximize the profits of JRL during the next four weeks.

A) Optimum plan (including major customer order) is therefore:
W 900 units
R 650 units
X 2,000 units
B) Optimum plan (including major customer order) is therefore:
W 950 units
R 750 units
X 2,300 units
C) Optimum plan (including major customer order) is therefore:
W 910 units
R 800 units
X 2,200 units
D) Optimum plan (including major customer order) is therefore:
W 900 units
R 700 units
X 2,100 units
E) Optimum plan (including major customer order) is therefore:
W 1, 000 units
R 600 units
X 2,000 units

2. 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.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
B) If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.
C) Reporting against a fixed budget tells management nothing about the efficiency of operations.
D) If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.
E) The fixed budget however provides more insight into actual performance.
F) If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.

3. 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: $ 78 000 F
B) Labour mix variance: $ 66 000 F
C) Labour mix variance: $ 63 000 A
D) Labour efficiency variance: $ 88 000 F
E) Labour efficiency variance: $ 78 000 A
F) Labour mix variance: $ 75 000 F
G) Labour efficiency variance: $ 98 000 A
H) Labour yield variance: $ 144 000 A

4. Assume that you have made profit calculations based on standard profit calculation methods and activity based costing methods.
In which ways will this information be beneficial to the management team?
Select all the true statements.

A) The cost drivers that cause a change to the cost of activities are also identified and used as the basis to attach activity costs to a particular product or service.
B) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
C) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
D) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
E) Operational analysis will provide information to management on how costs can be incurred and managed.

5. 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 = $172 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 221 960
B) Original budget contribution = $242 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 121 960
C) Original budget contribution = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960
D) Original budget contribution = $162 000, Flexed budget contribution = $ 178 200, Actual Contribution $ 201 960

Solutions: