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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Cost Accounting for Decision and Control | 30% | - Costing methods and analysis techniques - Rationale for costing - Application of costing to decisions |
| Topic 2: Budgeting and Budgetary Control | 25% | - Purpose and preparation of budgets - Budgetary control processes |
| Topic 3: Risk and Uncertainty in the Short Term | 15% | - Techniques for dealing with uncertainty - Risk management tools and concepts |
| Topic 4: Short-Term Commercial Decision-Making | 30% | - Limiting factors and CVP analysis - Relevant costing and contribution analysis |
CIMA P1 - Management Accounting Question Tutorial Sample Questions:
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 = 38,100 units
- B. The sales forecast for year 2 Quarter 4 = 35,100 units
- C. The sales forecast for year 2 Quarter 4 = 25,100 units
- D. The sales forecast for year 2 Quarter 4 = 22,600 units
Correct Answer: B 🗳️
Explanation: Only visible for PracticeVCE members. You can sign-up / login (it's free).
A medium-sized manufacturing company, which operates in the electronics industry, has employed a firm of consultants to carry out a review of the company's planning and control systems. The company presently uses a traditional incremental budgeting system and the inventory management system is based on economic order quantities (EOQ) and reorder levels. The company's normal production patterns have changed significantly over the previous few years as a result of increasing demand for customized products. This has resulted in shorter production runs and difficulties with production and resource planning.
The consultants have recommended the implementation of activity based budgeting and a manufacturing resource planning system to improve planning and resource management.
How will a manufacturing resource planning system improve the planning of purchases and production for the company?
Select ALL the correct answers.
- A. A manufacturing resource planning approach to the management of all the company's manufacturing
resources including inventory, labour and machine capacity. - B. The correct inventory management system relies on the assumption that there is constant demand. An MRP system begins with the setting of a master production schedule specifying both the timing and quantity demanded of each of the finished goods items and then works backwards to determine the resource requirements at each stage of the production process.
- C. It aims to generate an estimation of materials requirements after taking account of the number of employees quality and waste. The TQS model can be used within MRP provided that the major assumption in the TQS model of constant demand applies.
- D. It seeks to ensure that resources are available just before they are needed by the next stage of production or dispatch. It also seeks to ensure that resources are delivered only when required so that raw material inventory is kept to a minimum.
- E. The traditional approach to determine material requirements is to monitor inventories constantly; whenever they fall to a predetermined level, a preset order is placed to replenish them. This traditional approach (involving re-order levels and economic order quantity calculations originates in the pre-computer era.
- F. The technique will not enable managers to track orders through the manufacturing process and will not assist the purchasing and production control departments to move the right amount of material or sub- assemblies at the right time to the right place.
Correct Answer: A,B,D,E 🗳️
Explanation: Only visible for PracticeVCE members. You can sign-up / login (it's free).
Calculate the sensitivity of the investment decision to a change in the annual fixed costs.
By how much should the present value of the fixed cost increase, before this project is not viable?
- A. $9050
- B. $8675
- C. $6390
- D. $7698
Correct Answer: B 🗳️
Explanation: Only visible for PracticeVCE members. You can sign-up / login (it's free).
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 maximin criterion the project chosen would be:
- A. Project B
- B. Project C
- C. Project A
- D. Project D
Correct Answer: C 🗳️
Explanation: Only visible for PracticeVCE 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 traditional contribution approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:
- A. D, E, F
- B. F, D, F
- C. D, E, F
- D. E, D, F
Correct Answer: B 🗳️
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