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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A company has budgeted to produce 5,000 units of Product B per month. The opening and closing inventories of Product B for next month are budgeted to be 400 units and 900 units respectively. The budgeted selling price and variable production costs per unit for Product B are as follows:

Total budgeted fixed production overheads are $29,500 per month. The company absorbs fixed production overheads on the basis of the budgeted number of units produced. The budgeted profit for Product B for next month, using absorption costing, is $20,700.
Prepare a marginal costing statement which shows the budgeted profit for Product B for next month.
What was the difference between the profit calculation using marginal costing and the profit calculation using absorption costing?

A) $2870
B) $2950
C) $3010
D) $2750
E) $3610

2. 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) 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.
B) Another purpose of a budget is to set targets to motivate managers and optimize their performance.
C) 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.
D) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
E) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
F) 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.

3. 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) No, the programme should not be advertised as there will be a loss $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) Yes, the programme should be advertised as the profit will be $92 000

4. Explain how probability analysis could be used to assess the risk of the evaluated projects.
Select all the true statements.

A) The probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole
B) The company can determine a range of possible outcomes for each of the cash flows in the project, for example, a high, low and medium estimate of each cash flow could be determined.
C) The net present value (NPV) of the project, if all high, low or medium estimates occurred, can be calculated along with the combined probabilities of their occurrence.
D) The NPVs of a sample range of possible outcomes and the probability of each NPV can be calculated. If a small sample is taken the distribution of outcomes can be used to calculate the zero activities deviation of the NPVs and the probability of success of the projects.

5. 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

Solutions:

Question # 1 Answer: B

Question # 2 Answer: A,B,C,E,F

Question # 3 Answer: C

Question # 4 Answer: A,B,C

Question # 5 Answer: D