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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A master budget comprises the...

A) budgeted income statement and budgeted capital expenditure only
B) budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
C) budgeted income statement and budgeted cash flow statement only.
D) budgeted income statement and budgeted balance sheet only.

2. Assume that you have made profit calculations based on standard profit calculation methods and activity based costing methods.
In which ways will this information be beneficial to the management team?
Select all the true statements.

A) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
B) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
C) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
D) Operational analysis will provide information to management on how costs can be incurred and managed.
E) The cost drivers that cause a change to the cost of activities are also identified and used as the basis to attach activity costs to a particular product or service.

3. EF manufactures and sells three products, X, Y and Z. The following production overhead costs are budgeted for next year:

Required:
Calculate the total budgeted production overhead cost for each product using activity based budgeting.

A) The total budgeted production overhead cost was $ 1 305 000
B) The total budgeted production overhead cost was $ 1 285 000
C) The total budgeted production overhead cost was $ 1 188 000
D) The total budgeted production overhead cost was $ 2 195 000
E) The total budgeted production overhead cost was $ 1 258 000

4. Explain the advantages of management participation in budget setting and the potential problems that may arise in the use of the resulting budget as a control mechanism.
Select all the correct answers.

A) The participation of managers in the budget setting process has several advantages. Managers are more likely to be motivated to achieve the target if they have participated in setting process has several advantages. managers are more likely to be motivated to achieve the target if they have participated in setting the target.
B) Another purpose of a budget is to set targets to motivate managers and optimize their performance.
C) Participation in budget setting can reduce the information asymmetry gap that can arise when targets are imposed by senior management. Imposed targets are likely to make managers feel demotivated and alienated and result in poor performance.
D) Participation in budget setting can cause problems; in particular, managers may attempt to negotiate budgets that they feel are easy to achieve which gives rise to "budget padding" or budgetary slack.
E) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
F) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.

5.
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) $7698
B) $8675
C) $6390
D) $9050

Solutions: