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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Short-Term Commercial Decision Making | 30% | - Make-or-buy and outsourcing decisions - Cost-volume-profit analysis - Limiting factor decisions - Pricing decisions - Relevant costing principles |
| Cost Accounting for Decision and Control | 30% | - Absorption and marginal costing - Standard costing and variance analysis - Activity-based costing (ABC) - Costing concepts and terminology - Throughput, target and lifecycle costing |
| Budgeting and Budgetary Control | 25% | - Flexible budgets and budget variances - Beyond budgeting and modern approaches - Purpose and types of budgets - Budget preparation techniques |
| Dealing with Uncertainty in the Short Term | 15% | - Expected value and probability analysis - Risk and uncertainty concepts - Decision trees and decision criteria - Sensitivity and scenario analysis |
CIMA P1 - Management Accounting Question Tutorial Sample Questions:
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. $0.23
- D. $0.27
Correct Answer: D 🗳️
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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.
What was the material price planning variance for ingredient B?
- A. The material price planning variance - Ingredient B was $54 000 F
- B. The material price planning variance - Ingredient B was $64 000 F
- C. The material price planning variance - Ingredient B was $59 000 F
- D. The material price planning variance - Ingredient B was $57 000 F
Correct Answer: A 🗳️
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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. 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.
- D. 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.
- E. 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.
Correct Answer: B,C 🗳️
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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 $245 000
- B. Total payments in March will be $323 000
- C. The total receipts in January will be $320 000
- D. The total payments in February will be $405 000
Correct Answer: B,C 🗳️
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A healthcare company specializes in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures.
Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries.
The company's existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company's accountant has initiated a project to implement an activity-based costing (ABC) system. The project team has collected the following data on each of the procedures.
Calculate the profit per procedure for each of the three procedures using activity-based costing.
What was the profit for the knee procedure, using ABC costing?
- A. $2305
- B. $781
- C. $1808
- D. $2466
Correct Answer: D 🗳️
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