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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 = 22,600 units
B) The sales forecast for year 2 Quarter 4 = 25,100 units
C) The sales forecast for year 2 Quarter 4 = 38,100 units
D) The sales forecast for year 2 Quarter 4 = 35,100 units

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

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

3. 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.


Calculate, for the original budget, the budgeted fixed overhead costs, the budgeted variable overhead cost per tray and the budgeted total overheads costs.

A) The variable cost per tray = $0.65; The fixed cost = $ 550 000
B) The variable cost per tray = $0.45; The fixed cost = $ 320 000
C) The variable cost per tray = $0.75; The fixed cost = $ 490 000
D) The variable cost per tray = $0.85; The fixed cost = $ 530 000

4. A company is considering whether to develop an overseas market for its products. The cost of developing the new market is estimated to be $250,000. There is a 70% probability that the development of the new market will succeed and a 30% probability that the development of the new market will fail and no further expenditure will be incurred.
If the market development is successful, the profit from the new market will depend on prevailing exchange rates. There is a 50% chance that exchange rates will be in line with expectations and a profit of $500,000 will be made. There is a 20% chance that exchange rates will be favorable and a profit of $630,000 will be made and a 30% chance that exchange rates will be adverse and a profit of $100,000 will be made.
The profit figures stated are before taking account of the development costs of $250,000.
Use a decision tree to decide whether the company should develop an overseas market for its products.
Select one correct answer.

A) There is a chance to make $506 000 profit.
B) The overseas market should not be developed.
C) There is 65% chance that the project will fail.
D) There is 70% chance that the project will fail.
E) The overseas market should be developed.
F) There may be a loss of $110 000.

5. XY, a not-for-profit charity organization which is funded by public donations, is concerned that it is not making the best use of its available funds. It has carried out a review of its budgeting system and is considering
replacing the current system with a zero-based budgeting system.
Select ALL the potential advantages AND disadvantages for the charity of a zero-based budgeting system.

A) Preparation of the decision packages will normally require the environment of many employees. This environment may produce useful ideas and promote job satisfaction.
B) It avoids the complacency inherent in the traditional incremental approach where it is assumed that future activities will be very similar to current ones.
C) It discourages a questioning approach by focusing attention not only on the cost of the activity but on the benefits it provides. The charity managers will not articulate the benefits encouraging them to think clearly about the activities.
D) In applying traditional budgeting, 'activities' may result in functional departments rather than cross functional activities and thus distract attention from the real cost-reduction issues.
E) The creation of decision packages and their subsequent ranking by top management is very time consuming and costly. The charity will need to assess whether the benefits of the system outweigh the costs involved.
F) In an organization like a charity, the decision packages are not very disparate and difficult t compare.

Solutions: