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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Budgeting and Budgetary Control | 25% | - Budget preparation techniques - Flexible budgets and budget variances - Beyond budgeting and modern approaches - Purpose and types of budgets |
| Cost Accounting for Decision and Control | 30% | - Standard costing and variance analysis - Costing concepts and terminology - Absorption and marginal costing - Activity-based costing (ABC) - Throughput, target and lifecycle costing |
| Dealing with Uncertainty in the Short Term | 15% | - Expected value and probability analysis - Decision trees and decision criteria - Sensitivity and scenario analysis - Risk and uncertainty concepts |
| Short-Term Commercial Decision Making | 30% | - Cost-volume-profit analysis - Pricing decisions - Make-or-buy and outsourcing decisions - Relevant costing principles - Limiting factor decisions |
CIMA P1 - Management Accounting Question Tutorial Sample Questions:
1. THS produces two products from different combinations of the same resources. Details of the products are shown below:
Identify, using graphical linear programming, the optimal production plan for products E and R to maximize THS's profit in the month.
A) The solution (from the graph0 is to produce 495 units of E and 470 units of R.
B) The solution (from the graph0 is to produce 475 units of E and 770 units of R.
C) The solution (from the graph0 is to produce 675 units of E and 470 units of R.
D) The solution (from the graph0 is to produce 495 units of E and 670 units of R.
E) The solution (from the graph0 is to produce 375 units of E and 750 units of R.
F) The solution (from the graph0 is to produce 375 units of E and 870 units of R.
2. '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 profit making activities.
B) 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.
C) In a public sector body, for example, decision packages will relate to very disparate activities.
D) 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.
E) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
F) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
G) 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.
H) 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.
I) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
3. 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) $ 1,594,000
C) $ 1,324,000
D) $ 1,414,000
E) $ 1,198,000
4. CH is a building supplies company that sells products to trade and private customers.
Budget data for each of the six months to March are given below:
80% of the value of credit sales is received in the month after sale, 10% two months after sale and 8% three months after sale. The balance is written off as a bad debt.
75% of the value of credit purchases is paid in the month after purchase and the remaining 25% is paid two months after purchase.
All other operating costs are paid in the month they are incurred.
CH has placed an order for four new forklift trucks that will cost $25,000 each. The scheduled payment date is in February.
The cash balance at 1 January is estimated to be $15,000.
Prepare a cash budget for each of the THREE months of January, February and March.
Select All the correct answers.
A) The total receipts in January will be $320 000
B) The total payments in February will be $405 000
C) The total receipts in January will be $245 000
D) Total payments in March will be $323 000
5. 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 variables on the planned outcome
C) 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.
D) Sensitivity analysis enables a company to determine the effect of changes to fixed costs on the planned outcome
Solutions:
| Question # 1 Answer: E | Question # 2 Answer: B,C,D,E,I | Question # 3 Answer: D | Question # 4 Answer: A,D | Question # 5 Answer: A,B |
