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| Section | Objectives |
|---|---|
| Decision Making Techniques | - Short-term decision making
|
| Costing Methods | - Absorption costing
|
| Accounting for Materials, Labour and Overheads | - Material control
|
| Introduction to Cost Accounting | - Cost classification and behavior
|
| Budgeting and Forecasting | - Budget preparation
|
Data for the latest period for a company which makes and sells a single product are as follows:
There were no budgeted or actual changes in inventories during the period.
The sales volume contribution variance for the period was:
Correct Answer: C 🗳️
According to CIMA's Code of Ethics, CIMA members should not allow bias, conflict of interest of the influence of other people to override their professional judgement.
This is an example of:
Correct Answer: A 🗳️
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Which THREE of the following are parts of the master budget? (Choose three.)
Correct Answer: A,D,E 🗳️
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The following data are available for a company that produces and sells a single product.
The company's opening finished goods inventory was 2,500 units.
The fixed overhead absorption rate is $8.00 per unit.
The profit calculated using marginal costing is $16,000.
The profit calculated using absorption costing and valuing its inventory at standard cost is $22,400.
The company's closing finished goods inventory is:
Correct Answer: B 🗳️
A small airport's management accountant has prepared the following management report on the performance of its four retail outlets.
Which retail outlet has the highest contribution per square metre?
Correct Answer: B 🗳️
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