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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Budgeting and Budgetary Control | 25% | - Budgetary control processes - Purpose and preparation of budgets |
| Topic 2: Short-Term Commercial Decision-Making | 30% | - Relevant costing and contribution analysis - Limiting factors and CVP analysis |
| Topic 3: Cost Accounting for Decision and Control | 30% | - Costing methods and analysis techniques - Application of costing to decisions - Rationale for costing |
| Topic 4: Risk and Uncertainty in the Short Term | 15% | - Techniques for dealing with uncertainty - Risk management tools and concepts |
CIMA P1 - Management Accounting Question Tutorial Sample Questions:
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. The solution from the graph is to produce 330 units of J and 280 units of L. (A simplex solution shows the true optimum to be 332.333 units of J and 283.333 units of L.)
- B. The solution from the graph is to produce 312 units of J and 295 units of L. (A simplex solution shows the true optimum to be 312.333 units of J and 294.999 units of L.)
- C. The solution from the graph is to produce 310 units of J and 280 units of L. (A simplex solution shows the true optimum to be 308.333 units of J and 283.333 units of L.)
- D. The solution from the graph is to produce 330 units of J and 290 units of L. (A simplex solution shows the true optimum to be 332.333 units of J and 293.333 units of L.)
- E. The solution from the graph is to produce 317 units of J and 270 units of L. (A simplex solution shows the true optimum to be 316.666 units of J and 269.666 units of L.)
- F. The solution from the graph is to produce 315 units of J and 290 units of L. (A simplex solution shows the true optimum to be 316.333 units of J and 293.333 units of L.)
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Explain why sensitivity analysis is useful when dealing with uncertainty in project appraisal.
Select all the true statements.
- A. Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome
- B. Sensitivity analysis enables a company to determine the effect of changes to fixed costs on the planned outcome
- C. In project appraisal, in analysis can be made of all the key variables to ascertain by how much each variable would need to change before the net present value (NPV) reaches 100% i.e. the maximum point.
- D. In project appraisal, an analysis can be made if all the key variables to ascertain by how much variable would need to change before the net present value (NPV) reaches zero i.e. the indifference point.
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Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.
- A. 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. - B. The budget provides an external benchmark against which performance against which performance can be evaluated.
- C. The budget acts as a variable mechanism, with actual results being compared with budget.
- D. 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.
- E. Another benefit of budgeting is to set targets to motivate managers and optimize their performance.
- F. Budgeting forces an organization's management to look ahead and set performance targets.
- G. 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.
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'Public sector organizations are often judged by their economy, efficiency and effectiveness. Consequently, they should use an approach to budgeting other than incremental budgeting.' Required:
Explain ONE advantage and TWO disadvantages of public sector organizations using incremental budgeting.
Select all true statements.
- A. The incremental approach means that budget holders in public sector organizations will be encouraged to use up this year's budget will be as high as possible.
- B. Under an incremental approach to budgeting, existing operations and the current budgeted allowance for these existing activities are taken as the base level for preparing the budget.
- C. The incremental approach encourages managers in public sector organizations to look at the efficiency and effectiveness of activities undertaken.
- D. The main advantage of incremental budgeting is that the cost of past activities becomes fixed and any inefficiencies or wastage is perpetuated.
- E. Public sector organizations tend to be fairly complex and in many cases outputs cannot be measured in monetary terms therefore the link between inputs and outputs is difficult to establish. An incremental approach can therefore provide a cost effective approach to budgeting.
- F. An incremental; approach is not as easy and fast to implement than other forms of budgeting approaches e.g. zero based budgeting.
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A company has to choose between three mutually exclusive projects. Market research has shown that customers could react to the projects in three different ways depending on their preferences. There is a 30% chance that customers will exhibit preferences 1, a 20% chance they will exhibit preferences 2 and a 50% chance they will exhibit preferences 3. The company uses expected value to make this type of decision.
The net present value of each of the possible outcomes is as follows:
A market research company believes it can provide perfect information about the preferences of customers in this market.
What is the maximum amount that should be paid for the information from the market research company?
- A. $145 000
- B. $140 000
- C. $135 000
- D. $125 000
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