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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. XY can choose from four mutually exclusive projects. The projects will each last for one year and their net cash inflows will be determined by market conditions. The forecast net cash inflows for each of the possible outcomes are shown below.

If the company applies the maximax criterion the project chosen would be:

A) Project D
B) Project A
C) Project B
D) Project C

2. 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) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
B) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
C) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
D) Operational analysis will provide information to management on how costs can be incurred and managed.
E) 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.

3. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

* Refer to your answer in the previous question.
The optimal solution to the previous question shows that the shadow prices of skilled labour and direct material A are as follows:
Skilled labour $ Nil Direct Material A $11.70
Explain the relevance of these values to the management of JRL.
Select ALL the true statements.

A) In a situation such as this, where a number of resources are scarce, the shadow price of any particular scarce resource will depend on whether or not the resource is not binding.
B) The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.
C) The shadow price for skilled labour is NIL because although there is a shortage of skilled labour it does have a constraining effect on output of JR as other resources are more scarce.
D) Since material A is one of the binding constraints, if the availability of material A could be increased by one unit, this would change the optimal plan.
E) The decrease in contribution as a result of this change is the value of the shadow price of material A. The shadow price thus represents the maximum premium that should be paid for an additional unit of material A.

4. 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.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A) The fixed budget however provides more insight into actual performance.
B) If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.
C) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
D) If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.
E) Reporting against a fixed budget tells management nothing about the efficiency of operations.
F) If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.

5. A company produces a product that requires two materials, Material A and Material B. Details of the material quantities and costs for August are given in the table below.

Budgeted and actual output of the product for August was 12,000 units.
The material mix variance for August is:

A) $ 1, 540 Favourable
B) $ 1, 540 Adverse
C) $ 1, 540 Adverse
D) $ 1, 288 Favourable

Solutions: