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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 $75 000 F
B) The Material price planning variance - Ingredient A was $72 000 F
C) The Material price planning variance - Ingredient A was $71 000 F
D) The Material price planning variance - Ingredient A was $73 000 F

2. 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 85; Electrical 36; Homeware (28)
B) The profit or loss in $ was.... Clothing 192; Electrical (56); Homeware 148
C) The profit or loss in $ was.... Clothing (175); Electrical 86; Homeware 22
D) The profit or loss in $ was.... Clothing 122; Electrical 56; Homeware (178)

3. The term 'budgetary slack' refers to the:

A) Difference between budgeted capacity utilization and full capacity
B) Difference between the budgeted output and the actual output
C) Intentional over estimation of costs and/or under estimation of revenue in a budget
D) Lead time between the preparation of the functional budgets and the approval of the master budget by senior management

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) Operational analysis will provide information to management on how costs can be incurred and managed.
D) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
E) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.

5. Explain how probability analysis could be used to assess the risk of the evaluated projects.
Select all the true statements.

A) The net present value (NPV) of the project, if all high, low or medium estimates occurred, can be calculated along with the combined probabilities of their occurrence.
B) The NPVs of a sample range of possible outcomes and the probability of each NPV can be calculated. If a small sample is taken the distribution of outcomes can be used to calculate the zero activities deviation of the NPVs and the probability of success of the projects.
C) The probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole
D) The company can determine a range of possible outcomes for each of the cash flows in the project, for example, a high, low and medium estimate of each cash flow could be determined.

Solutions: