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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A company sells and services photocopying machines. Its sales department sells the machines and consumables, including ink and paper, and its service department provides an after sales service to its customers. The after sales service includes planned maintenance of the machine and repairs in the event of a machine breakdown. Service department customers are charged an amount per copy that differs depending on the size of the machine.
The company's existing costing system uses a single overhead rate, based on total sales revenue from copy charges, to charge the cost of the Service Department's support activities to each size of machine. The Service Manager has suggested that the copy charge should more accurately reflect the costs involved. The company's accountant has decided to implement an activity-based costing system and has obtained the following information about the support activities of the service department:

Calculate the annual profit per machine for each of the three sizes of machine using activity-based costing.

A) Profit Per Machine using ABC: Small $186, Medium $1441, Large $2046
B) Profit Per Machine using ABC: Small $166, Medium $1241, Large $746
C) Profit Per Machine using ABC: Small $376, Medium $2341, Large $986
D) Profit Per Machine using ABC: Small $176, Medium $1341, Large $946
E) Profit Per Machine using ABC: Small $1076, Medium $1041, Large $1946
F) Profit Per Machine using ABC: Small $196, Medium $1191, Large $1046

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.


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 = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960
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

3. 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) $0.37 per unit
C) $0.39 per unit
D) $0.48 per unit

4. 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) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
B) 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.
C) 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.
D) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
E) Another purpose of a budget is to set targets to motivate managers and optimize their performance.
F) 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.

5. 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 = $109,118; Distance related costs for next year = $89,699
B) Parcel related cost for next year = $115,306; Distance related costs for next year = $31,590
C) Parcel related cost for next year = $112,308; Distance related costs for next year = $79,590
D) Parcel related cost for next year = $105,306; Distance related costs for next year = $30,590
E) Parcel related cost for next year = $112,118; Distance related costs for next year = $59,699

Solutions: