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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A decision maker that makes decisions using the minimax regret criterion would be classified as:

A) Risk spreading
B) Risk seeking
C) Risk averse
D) Risk neutral

2. A company is preparing its annual budget and is estimating the number of units of Product W that it will sell in each quarter of year 2. Past experience has shown that the trend for sales of the product is represented by the following relationship:

Calculate the expected unit sales of Product W for each quarter of year 2, after adjusting for seasonal variations using the multiplicative model.

A) The sales forecast for year 2 Quarter 4 = 25,100 units
B) The sales forecast for year 2 Quarter 4 = 38,100 units
C) The sales forecast for year 2 Quarter 4 = 35,100 units
D) The sales forecast for year 2 Quarter 4 = 22,600 units

3. A medium-sized manufacturing company, which operates in the electronics industry, has employed a firm of consultants to carry out a review of the company's planning and control systems. The company presently uses a traditional incremental budgeting system and the inventory management system is based on economic order quantities (EOQ) and reorder levels. The company's normal production patterns have changed significantly over the previous few years as a result of increasing demand for customized products. This has resulted in shorter production runs and difficulties with production and resource planning. The consultants have recommended the implementation of activity based budgeting and a manufacturing resource planning system to improve planning and resource management.
What are the benefits for the company that could occur following the introduction of an activity based budgeting system?
Select ALL the correct answers.

A) Under an activity based budgeting system, resource allocation is linked to the strategic plan and is prepared after considering alternative strategies. This approach ensures that new activities that are required to meet the company's strategic objectives are included in the budget.
B) Activity based techniques including activity based budgeting focus on the outputs of a process rather than the input to the process. This approach provides a clear framework for understanding the link between costs and the level of activity. It allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.
C) The approach under an Activity based Budgeting System is to make arbitrary cuts in order to meet overall financial targets.
D) Activity Based Budgeting Systems present costs under functional headings i.e. the emphasis is on the nature of the cost. The weakness if this approach is that it gives little indication of the link between the level of activity and the cost incurred.
E) Under a traditional incremental budgeting system the focus is on existing resources and operations.
Adjustments are then made for changes in activity and price which results in past inefficiencies being perpetuated. Under an activity based budgeting system, only resources that are needed to perform activities required to meet the budgeted production and sales volumes are included.

4. 'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A) In a public sector body, for example, decision packages will relate to very disparate activities.
B) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
C) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
D) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
E) In a public sector body, for example, decision packages will relate profit making activities.
F) The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.
G) Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
H) The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
I) Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.

5. A company uses an activity based costing system. The company manufactures three products, details of which are given below:

A) $0.35
B) $0.31
C) $0.27
D) $0.23

Solutions: