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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. Explain why sensitivity analysis is useful when dealing with uncertainty in project appraisal.
Select all the true statements.

A) In project appraisal, an analysis can be made if all the key variables to ascertain by how much variable would need to change before the net present value (NPV) reaches zero i.e. the indifference point.
B) Sensitivity analysis enables a company to determine the effect of changes to fixed costs on the planned outcome
C) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome
D) In project appraisal, in analysis can be made of all the key variables to ascertain by how much each variable would need to change before the net present value (NPV) reaches 100% i.e. the maximum point.

2. 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) 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.
B) 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.
C) 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.
D) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
E) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
F) Another purpose of a budget is to set targets to motivate managers and optimize their performance.

3. EF manufactures and sells three products, X, Y and Z. The following production overhead costs are budgeted for next year:

Required:
Calculate the total budgeted production overhead cost for each product using activity based budgeting.

A) The total budgeted production overhead cost was $ 1 258 000
B) The total budgeted production overhead cost was $ 1 305 000
C) The total budgeted production overhead cost was $ 1 285 000
D) The total budgeted production overhead cost was $ 2 195 000
E) The total budgeted production overhead cost was $ 1 188 000

4. 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 $73 000 F
B) The Material price planning variance - Ingredient A was $72 000 F
C) The Material price planning variance - Ingredient A was $75 000 F
D) The Material price planning variance - Ingredient A was $71 000 F

5. Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.

A) The budget acts as a variable mechanism, with actual results being compared with budget.
B) The budget is a useful device of influencing an operator's thoughts and motivating operators to perform in line with the organization's marketing budget.
C) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.
D) It provides a standard which managers may be motivated to achieve. It can also encourage inefficiency
and conflict between managers particularly if the budget is imposed from above, whereby it may act as a threat rather than as a challenge.
E) The budget ensures actions of different parts of the organization are coordinated are reconciled otherwise managers take actions for the benefit of their own part of organization that may not benefit the organization as a whole.
F) The budget provides an external benchmark against which performance against which performance can be evaluated.
G) Budgeting forces an organization's management to look ahead and set performance targets.

Solutions: