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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Budgeting and Budgetary Control | 25% | - Purpose and types of budgets - Flexible budgets and budget variances - Budget preparation techniques - Beyond budgeting and modern approaches |
| Topic 2: Short-Term Commercial Decision Making | 30% | - Cost-volume-profit analysis - Limiting factor decisions - Make-or-buy and outsourcing decisions - Relevant costing principles - Pricing decisions |
| Topic 3: Dealing with Uncertainty in the Short Term | 15% | - Decision trees and decision criteria - Risk and uncertainty concepts - Sensitivity and scenario analysis - Expected value and probability analysis |
| Topic 4: Cost Accounting for Decision and Control | 30% | - Standard costing and variance analysis - Activity-based costing (ABC) - Throughput, target and lifecycle costing - Costing concepts and terminology - Absorption and marginal costing |
CIMA P1 - Management Accounting Question Tutorial Sample Questions:
'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. Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
- B. 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.
- C. In a public sector body, for example, decision packages will relate to very disparate activities.
- D. In a public sector body, for example, decision packages will relate profit making activities.
- E. Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
- 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. 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.
- 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 inclusive and will require operations to select the best solution to the issue involved.
Correct Answer: A,B,C,E,G 🗳️
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A decision maker that makes decisions using the minimax regret criterion would be classified as:
- A. Risk seeking
- B. Risk neutral
- C. Risk spreading
- D. Risk averse
Correct Answer: D 🗳️
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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. $ 1,324,000
- B. $ 1,414,000
- C. $ 1,198,000
- D. $ 1,494,000
- E. $ 1,594,000
Correct Answer: B 🗳️
Explanation: Only visible for DumpsMaterials members. You can sign-up / login (it's free).
A company produces three products D, E and F. The statement below shows the selling price and product costs per unit for each product, based on a traditional absorption costing system.
Each of the products is produced using Process A which has a maximum capacity of 2,500 hours per period.
If a throughput accounting approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:
- A. D, E, F
- B. D, F, E
- C. F, D, E
- D. E, D, F
Correct Answer: C 🗳️
The term 'budgetary slack' refers to the:
- A. Difference between budgeted capacity utilization and full capacity
- B. Lead time between the preparation of the functional budgets and the approval of the master budget by senior management
- C. Intentional over estimation of costs and/or under estimation of revenue in a budget
- D. Difference between the budgeted output and the actual output
Correct Answer: C 🗳️
Explanation: Only visible for DumpsMaterials members. You can sign-up / login (it's free).
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