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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

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

2. THS produces two products from different combinations of the same resources. Details of the products are shown below:

Identify, using graphical linear programming, the optimal production plan for products E and R to maximize THS's profit in the month.

A) The solution (from the graph0 is to produce 495 units of E and 670 units of R.
B) The solution (from the graph0 is to produce 375 units of E and 870 units of R.
C) The solution (from the graph0 is to produce 375 units of E and 750 units of R.
D) The solution (from the graph0 is to produce 475 units of E and 770 units of R.
E) The solution (from the graph0 is to produce 495 units of E and 470 units of R.
F) The solution (from the graph0 is to produce 675 units of E and 470 units of R.

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 identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
B) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
C) Operational analysis will provide information to management on how costs can be incurred and managed.
D) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
E) 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.

4. A medium-sized manufacturing company, which operates in the electronics industry, has employed a firm of consultants to carry out a review of the company's planning and control systems. The company presently uses a traditional incremental budgeting system and the inventory management system is based on economic order quantities (EOQ) and reorder levels. The company's normal production patterns have changed significantly over the previous few years as a result of increasing demand for customized products. This has resulted in shorter production runs and difficulties with production and resource planning. The consultants have recommended the implementation of activity based budgeting and a manufacturing resource planning system to improve planning and resource management.
What are the benefits for the company that could occur following the introduction of an activity based budgeting system?
Select ALL the correct answers.

A) Activity based techniques including activity based budgeting focus on the outputs of a process rather than the input to the process. This approach provides a clear framework for understanding the link between costs and the level of activity. It allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.
B) Activity Based Budgeting Systems present costs under functional headings i.e. the emphasis is on the nature of the cost. The weakness if this approach is that it gives little indication of the link between the level of activity and the cost incurred.
C) Under a traditional incremental budgeting system the focus is on existing resources and operations.
Adjustments are then made for changes in activity and price which results in past inefficiencies being perpetuated. Under an activity based budgeting system, only resources that are needed to perform activities required to meet the budgeted production and sales volumes are included.
D) The approach under an Activity based Budgeting System is to make arbitrary cuts in order to meet overall financial targets.
E) Under an activity based budgeting system, resource allocation is linked to the strategic plan and is prepared after considering alternative strategies. This approach ensures that new activities that are required to meet the company's strategic objectives are included in the budget.

5. TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively. TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
What was the material yield variance?

A) The material yield variance was $175 500 A
B) The material yield variance was $155 500 A
C) The material yield variance was $155 000 A
D) The material yield variance was $175 000 A
E) The material yield variance was $98 500 A

Solutions: