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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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.
What was the budgeted machine set up cost per unit of product Q?

A) $0.56 per unit
B) $0.39 per unit
C) $0.37 per unit
D) $0.48 per unit

2.
Select the benefits to a company of using sensitivity analysis in investment appraisal.
(Select all the true statements.)

A) Sensitivity analysis enables a company to assess the risk associated with a project.
B) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.
C) Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance.
D) Sensitivity analysis enables identification of fixed costs that are of special significance.

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.


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

A) 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.
B) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
C) Reporting against a fixed budget tells management nothing about the efficiency of operations.
D) The fixed budget however provides more insight into actual performance.
E) 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.
F) 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.

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:

Prepare a statement that reconciles the budgeted contribution with the actual contribution for October. Your statement should show the variances in as much detail as possible.
What was the actual contribution for October?

A) $ 1,494,000
B) $ 1,324,000
C) $ 1,198,000
D) $ 1,594,000
E) $ 1,414,000

5. A company is considering whether to develop an overseas market for its products. The cost of developing the new market is estimated to be $250,000. There is a 70% probability that the development of the new market will succeed and a 30% probability that the development of the new market will fail and no further expenditure will be incurred.
If the market development is successful, the profit from the new market will depend on prevailing exchange rates. There is a 50% chance that exchange rates will be in line with expectations and a profit of $500,000 will be made. There is a 20% chance that exchange rates will be favorable and a profit of $630,000 will be made and a 30% chance that exchange rates will be adverse and a profit of $100,000 will be made.
The profit figures stated are before taking account of the development costs of $250,000.
Use a decision tree to decide whether the company should develop an overseas market for its products.
Select one correct answer.

A) The overseas market should be developed.
B) The overseas market should not be developed.
C) There is a chance to make $506 000 profit.
D) There is 65% chance that the project will fail.
E) There may be a loss of $110 000.
F) There is 70% chance that the project will fail.

Solutions: