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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. RT produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of the products are shown below:

Market research shows that the maximum demand for products R and T during June 2010 is 500 units and
800 units respectively. This does not include an order that RT has agreed with a commercial customer for the supply of 250 units of R and 350 units of T at selling prices of $100 and $135 per unit respectively. Although the customer will accept part of the order, failure by RT to deliver the order in full by the end of June will cause RT to incur a $10,000 financial penalty. At a recent meeting of the purchasing and production managers to discuss the production plans of RT for June, the following resource restrictions for June were identified:
Direct labour hours 7,500 hours
Material A 8,500 kgs
Material B 3,000 litres
Machine hours 7,500 hours
(Refer to previous 2 questions.)
You have now presented your optimum production plan to the purchasing and production managers of RT.
During your presentation it became clear that the predicted resource restrictions were rather optimistic. In fact, the managers agreed that the availability of all of the resources could be as much as 10% lower than their original predictions.
Assuming that RT completes the order with the commercial customer, and using linear programming, show the optimum production plan for RT for June 2010 on the basis that the availability of all resources is 10% lower than originally predicted.

A) The optimal plan is to produce 550 units of Product R and 650 units of product T in addition to the contract.
B) The optimal plan is to produce 520 units of Product R and 620 units of product T in addition to the contract.
C) The optimal plan is to produce 560 units of Product R and 670 units of product T in addition to the contract.
D) The optimal plan is to produce 450 units of Product R and 690 units of product T in addition to the contract.
E) The optimal plan is to produce 510 units of Product R and 720 units of product T in addition to the contract.
F) The optimal plan is to produce 500 units of Product R and 550 units of product T in addition to the contract.

2. A decision maker that makes decisions using the minimax regret criterion would be classified as:

A) Risk seeking
B) Risk averse
C) Risk neutral
D) Risk spreading

3. '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) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
B) 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.
C) 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.
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) 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.
F) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
G) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
H) In a public sector body, for example, decision packages will relate to very disparate activities.
I) In a public sector body, for example, decision packages will relate profit making activities.

4. RT produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of the products are shown below:

Market research shows that the maximum demand for products R and T during June 2010 is 500 units and 800 units respectively. This does not include an order that RT has agreed with a commercial customer for the supply of 250 units of R and 350 units of T at selling prices of $100 and $135 per unit respectively. Although the customer will accept part of the order, failure by RT to deliver the order in full by the end of June will cause RT to incur a $10,000 financial penalty. At a recent meeting of the purchasing and production managers to discuss the production plans of RT for June, the following resource restrictions for June were identified:
Direct labour hours 7,500 hours
Material A 8,500 kgs
Material B 3,000 litres
Machine hours 7,500 hours
Assuming that RT completes the order with the commercial customer, prepare calculations to show, from a financial perspective, the optimum production plan for June 2010 and the contribution that would result from adopting this plan.
The optimum production plan will be:

A) Contract: R = 250, T = 360 and Market: R = 500 T = 700
B) Contract: R = 250, T = 360 and Market: R = 500 T = 710
C) Contract: R = 250, T = 360 and Market: R = 650 T = 710
D) Contract: R = 250, T = 360 and Market: R = 600 T = 710
E) Contract: R = 250, T = 360 and Market: R = 660 T = 720

5. 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) Reporting against a fixed budget tells management nothing about the efficiency of operations.
B) The fixed budget however provides more insight into actual performance.
C) 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.
D) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
E) 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.
F) 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.

Solutions: