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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

Identify, using graphical linear programming, the weekly production schedule for products J and L that will maximize the profits of JRL during the next four weeks.

A) Optimum plan (including major customer order) is therefore:
W 1, 000 units
R 600 units
X 2,000 units
B) Optimum plan (including major customer order) is therefore:
W 950 units
R 750 units
X 2,300 units
C) Optimum plan (including major customer order) is therefore:
W 910 units
R 800 units
X 2,200 units
D) Optimum plan (including major customer order) is therefore:
W 900 units
R 700 units
X 2,100 units
E) Optimum plan (including major customer order) is therefore:
W 900 units
R 650 units
X 2,000 units

2. JL is preparing its cash budget for the next three quarters. The following data have been extracted from the operational budgets:

Additional information is available as follows:
* JL sells 20% of its goods for cash. Of the remaining sales value, 70% is received within the same quarter as sale and 30% is received in the following quarter. It is estimated that trade receivables will be $125,000 at the beginning of Quarter 1. No bad debts are anticipated.
* 50% of payments for direct material purchases are made in the quarter of purchase, with the remaining 50% in the quarter following purchase. It is estimated that the amount owing for direct material purchases will be
$60,000 at the beginning of Quarter 1.
* JL pays labour and overhead costs when they are incurred. It has been estimated that labour and overhead costs in total will be $303,600 per quarter. This figure includes depreciation of $19,600.
* JL expects to repay a loan of $100,000 in Quarter 3.
* The cash balance at the beginning of Quarter 1 is estimated to be $49,400 positive.
Required:
Prepare a cash budget for each of the THREE quarters.
What will the closing balance of cash flows in quarter THREE be?

A) $160 690
B) $145 000
C) $130 200
D) $100 200
E) $184 900
F) $150 200
G) $170 400

3. TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively.
TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield.
What was the material price planning variance for ingredient A?

A) The Material price planning variance - Ingredient A was $75 000 F
B) The Material price planning variance - Ingredient A was $73 000 F
C) The Material price planning variance - Ingredient A was $71 000 F
D) The Material price planning variance - Ingredient A was $72 000 F

4. 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 $ 1 188 000
B) The total budgeted production overhead cost was $ 2 195 000
C) The total budgeted production overhead cost was $ 1 258 000
D) The total budgeted production overhead cost was $ 1 305 000
E) The total budgeted production overhead cost was $ 1 285 000

5. 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) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
B) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
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) 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.
E) 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.
F) Another purpose of a budget is to set targets to motivate managers and optimize their performance.

Solutions: