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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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) Operational analysis will provide information to management on how costs can be incurred and managed.
D) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
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.

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

3. A healthcare company specializes in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures.
Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries.
The company's existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company's accountant has initiated a project to implement an activity-based costing (ABC) system.
The project team has collected the following data on each of the procedures.

Calculate the profit per procedure for each of the three procedures, using the current basis for charging the costs of support activities to procedures.
What was the profit for the knee procedure?

A) $1485
B) $1510
C) $1210
D) $1390

4. A major company sells a range of electrical, clothing and homeware products through a chain of department stores. The main administration functions are provided from the company's head office. Each department store has its own warehouse which receives goods that are delivered from a central distribution center.
The company currently measures profitability by product group for each store using an absorption costing system. All overhead costs are charged to product groups based on sales revenue. Overhead costs account for approximately one-third of total costs and the directors are concerned about the arbitrary nature of the current method used to charge these costs to product groups.
A consultant has been appointed to analyses the activities that are undertaken in the department stores and to establish an activity based costing system.
The consultant has identified the following data for the latest period for each of the product groups for the X Town store:

Calculate the total profit for each of the product groups:
.... using the current absorption costing system;

A) The profit or loss in $ was.... Clothing 85; Electrical 36; Homeware (28)
B) The profit or loss in $ was.... Clothing (175); Electrical 86; Homeware 22
C) The profit or loss in $ was.... Clothing 122; Electrical 56; Homeware (178)
D) The profit or loss in $ was.... Clothing 192; Electrical (56); Homeware 148

5. The term 'budgetary slack' refers to the:

A) Difference between budgeted capacity utilization and full capacity
B) Difference between the budgeted output and the actual output
C) Lead time between the preparation of the functional budgets and the approval of the master budget by senior management
D) Intentional over estimation of costs and/or under estimation of revenue in a budget

Solutions: