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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. PL currently earns an annual contribution of $2,880,000 from the sale of 90,000 units of product B. Fixed costs are $800,000 per annum.
The management of PL is considering reducing the selling price per unit to $48. The estimated levels of demand at the revised selling price and the probabilities of them occurring are as follows:

Calculate the probability that the profit will increase from its current level if the selling price is reduced to $48.

A) The probability therefore that the contribution will exceed $2,880,000 is 90%.
B) The probability therefore that the contribution will exceed $2,880,000 is 70%.
C) The probability therefore that the contribution will exceed $2,880,000 is 50%.
D) The probability therefore that the contribution will exceed $2,880,000 is 40%.

2. QR uses an activity based budgeting (ABB) system to budget product costs. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows:

The total budgeted cost of setting up the machines is $74,400.
Select TWO potential benefits of using an activity based budgeting system.

A) Activity based budgeting allows the identification of value added and non-value added activity and ensures that any budget cuts are made to non-value added activities.
B) Activity based budgeting provides a clear framework for understanding the link between turnover and the level of activity.
C) Activity based budgeting is useful for the review of quality systems utilization.
D) Activity based budgeting allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.

3. 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) 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.
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 an organization like a charity, the decision packages are not very disparate and difficult t compare.
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) It avoids the complacency inherent in the traditional incremental approach where it is assumed that future activities will be very similar to current ones.

4. 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 = $0.85; The fixed cost = $ 530 000
B) The variable cost per tray = $0.65; The fixed cost = $ 550 000
C) The variable cost per tray = $0.45; The fixed cost = $ 320 000
D) The variable cost per tray = $0.75; The fixed cost = $ 490 000

5. A company is preparing its annual budget and is estimating the number of units of Product A 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:
y = a + bx where
y = number of sales units in the quarter a = 10,000 units b = 3,000 units x = the quarter number where 1 = quarter 1 of year 1 Actual sales of Product A in Year 1 were affected by seasonal variations and were as follows:
Quarter 1:14,000 units Quarter2: 18,000 units Quarter 3: 18,000 units Quarter 4: 20,000 units Calculate the expected sales of Product A (in units) for each quarter of year 2, after adjusting for seasonal variations using the additive model.

A) The expected sales for year 2 Quarter 4 was 33000 units
B) The expected sales for year 2 Quarter 4 was 40000 units
C) The expected sales for year 2 Quarter 4 was 32000 units
D) The expected sales for year 2 Quarter 4 was 32700 units

Solutions: