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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 = $0.75; The fixed cost = $ 490 000
C) The variable cost per tray = $0.65; The fixed cost = $ 550 000
D) The variable cost per tray = $0.45; The fixed cost = $ 320 000

2. GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:


Calculate the following variances for October, taking account of the more detailed information regarding the labour mix:
(i) The total labour efficiency variance
(ii) The total labour mix variance
(iii) The total labour yield variance
Select the correct statements.

A) Labour efficiency variance: $ 98 000 A
B) Labour yield variance: $ 144 000 A
C) Labour efficiency variance: $ 78 000 F
D) Labour efficiency variance: $ 88 000 F
E) Labour mix variance: $ 75 000 F
F) Labour mix variance: $ 63 000 A
G) Labour mix variance: $ 66 000 F
H) Labour efficiency variance: $ 78 000 A

3. 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) Original budget contribution = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960
B) Original budget contribution = $172 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 221 960
C) Original budget contribution = $162 000, Flexed budget contribution = $ 178 200, Actual Contribution $ 201 960
D) Original budget contribution = $242 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 121 960

4. A university is trying to decide whether or not to advertise a new post-graduate degree programme. The number of students starting the programme is dependent on economic conditions. If conditions are poor, it is expected that the programme will attract 40 students without advertising. There is a 60% chance that economic conditions will be poor. If economic conditions are good it is expected that the programme will attract only 20 students without advertising. There is a 40% chance that economic conditions will be good.
If the programme is advertised and economic conditions are poor, there is a 65% chance that the advertising will stimulate further demand and student numbers will increase to 50. If economic conditions are good, there is a 25% chance the advertising will stimulate further demand and numbers will increase to 25 students.
The profit expected, before deducting the cost of advertising, at different levels of student numbers are as follows:

The cost of advertising the programme will be $15,000.
Required:
Demonstrate, using a decision tree, whether the programme should be advertised.

A) Yes, the programme should be advertised as the profit will be $92 000
B) No, the programme should not be advertised as there will be a loss $82 000
C) Yes, the programme should be advertised as the profit will be $82 000
D) No, the programme should not be advertised as there will be a loss $92 000

5. Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.

A) The budget ensures actions of different parts of the organization are coordinated are reconciled otherwise managers take actions for the benefit of their own part of organization that may not benefit the organization as a whole.
B) Budgeting forces an organization's management to look ahead and set performance targets.
C) The budget provides an external benchmark against which performance against which performance can be evaluated.
D) It provides a standard which managers may be motivated to achieve. It can also encourage inefficiency
and conflict between managers particularly if the budget is imposed from above, whereby it may act as a threat rather than as a challenge.
E) The budget acts as a variable mechanism, with actual results being compared with budget.
F) The budget is a useful device of influencing an operator's thoughts and motivating operators to perform in line with the organization's marketing budget.
G) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.

Solutions: