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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. XY can choose from four mutually exclusive projects. The projects will each last for one year and their net cash inflows will be determined by market conditions. The forecast net cash inflows for each of the possible outcomes are shown below.

If the company applies the maximin criterion the project chosen would be:

A) Project D
B) Project B
C) Project C
D) Project A

2. 'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
B) The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
C) In a public sector body, for example, decision packages will relate to very disparate activities.
D) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
E) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
F) Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
G) Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.
H) In a public sector body, for example, decision packages will relate profit making activities.
I) The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.

3. A company is considering whether to develop an overseas market for its products. The cost of developing the new market is estimated to be $250,000. There is a 70% probability that the development of the new market will succeed and a 30% probability that the development of the new market will fail and no further expenditure will be incurred.
If the market development is successful, the profit from the new market will depend on prevailing exchange rates. There is a 50% chance that exchange rates will be in line with expectations and a profit of $500,000 will be made. There is a 20% chance that exchange rates will be favorable and a profit of $630,000 will be made and a 30% chance that exchange rates will be adverse and a profit of $100,000 will be made.
The profit figures stated are before taking account of the development costs of $250,000.
Use a decision tree to decide whether the company should develop an overseas market for its products.
Select one correct answer.

A) The overseas market should be developed.
B) There may be a loss of $110 000.
C) The overseas market should not be developed.
D) There is 70% chance that the project will fail.
E) There is a chance to make $506 000 profit.
F) There is 65% chance that the project will fail.

4. 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) 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.
B) It avoids the complacency inherent in the traditional incremental approach where it is assumed that future activities will be very similar to current ones.
C) In an organization like a charity, the decision packages are not very disparate and difficult t compare.
D) 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.
E) Preparation of the decision packages will normally require the environment of many employees. This environment may produce useful ideas and promote job satisfaction.
F) 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.

5. RT produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of the products are shown below:

Market research shows that the maximum demand for products R and T during June 2010 is 500 units and
800 units respectively. This does not include an order that RT has agreed with a commercial customer for the supply of 250 units of R and 350 units of T at selling prices of $100 and $135 per unit respectively. Although the customer will accept part of the order, failure by RT to deliver the order in full by the end of June will cause RT to incur a $10,000 financial penalty. At a recent meeting of the purchasing and production managers to discuss the production plans of RT for June, the following resource restrictions for June were identified:
Direct labour hours 7,500 hours
Material A 8,500 kgs
Material B 3,000 litres
Machine hours 7,500 hours
Assuming that RT completes the order with the commercial customer, prepare calculations to show, from a financial perspective, the optimum production plan for June 2010 and the contribution that would result from adopting this plan.
The contribution per unit for R and T will be...?

A) R = $45 per unit. T = $66 per unit
B) R = $47 per unit. T = $61 per unit
C) R = $51 per unit. T = $61 per unit
D) R = $47 per unit. T = $65 per unit

Solutions: