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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. QR uses an activity based budgeting (ABB) system to budget product costs. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows:

The total budgeted cost of setting up the machines is $74,400.
What was the budgeted machine set up cost per unit of product Q?

A) $0.39 per unit
B) $0.48 per unit
C) $0.56 per unit
D) $0.37 per unit

2. 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 optimum production plan will be:

A) Contract: R = 250, T = 360 and Market: R = 500 T = 700
B) Contract: R = 250, T = 360 and Market: R = 600 T = 710
C) Contract: R = 250, T = 360 and Market: R = 500 T = 710
D) Contract: R = 250, T = 360 and Market: R = 660 T = 720
E) Contract: R = 250, T = 360 and Market: R = 650 T = 710

3. 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 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.
B) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
C) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
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) Operational analysis will provide information to management on how costs can be incurred and managed.

4. EF manufactures and sells three products, X, Y and Z. The following production overhead costs are budgeted for next year:

Required:
Calculate the total budgeted production overhead cost for each product using activity based budgeting.

A) The total budgeted production overhead cost was $ 1 305 000
B) The total budgeted production overhead cost was $ 1 188 000
C) The total budgeted production overhead cost was $ 2 195 000
D) The total budgeted production overhead cost was $ 1 285 000
E) The total budgeted production overhead cost was $ 1 258 000

5. A company produces trays of pre-prepared meals that are sold to restaurants and food retailers. Three varieties of meals are sold: economy, premium and deluxe.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A) If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.
B) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
C) Reporting against a fixed budget tells management nothing about the efficiency of operations.
D) The fixed budget however provides more insight into actual performance.
E) If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.
F) If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.

Solutions: