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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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.


Calculate, for the original budget, the budgeted fixed overhead costs, the budgeted variable overhead cost per tray and the budgeted total overheads costs.

A) Original budget contribution = $172 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 221 960
B) Original budget contribution = $162 000, Flexed budget contribution = $ 178 200, Actual Contribution $ 201 960
C) Original budget contribution = $242 000, Flexed budget contribution = $ 148 200, Actual Contribution $ 121 960
D) Original budget contribution = $272 000, Flexed budget contribution = $ 248 200, Actual Contribution $ 321 960

2. A company sells and services photocopying machines. Its sales department sells the machines and consumables, including ink and paper, and its service department provides an after sales service to its customers. The after sales service includes planned maintenance of the machine and repairs in the event of a machine breakdown. Service department customers are charged an amount per copy that differs depending on the size of the machine.
The company's existing costing system uses a single overhead rate, based on total sales revenue from copy charges, to charge the cost of the Service Department's support activities to each size of machine. The Service Manager has suggested that the copy charge should more accurately reflect the costs involved. The company's accountant has decided to implement an activity-based costing system and has obtained the following information about the support activities of the service department:

Calculate the annual profit per machine for each of the three sizes of machine using activity-based costing.

A) Profit Per Machine using ABC: Small $166, Medium $1241, Large $746
B) Profit Per Machine using ABC: Small $176, Medium $1341, Large $946
C) Profit Per Machine using ABC: Small $196, Medium $1191, Large $1046
D) Profit Per Machine using ABC: Small $186, Medium $1441, Large $2046
E) Profit Per Machine using ABC: Small $1076, Medium $1041, Large $1946
F) Profit Per Machine using ABC: Small $376, Medium $2341, Large $986

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

A) 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.
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 probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole
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.

4. 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

5. 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 marginal costing profit for the next month?

A) $18 750
B) $18 600
C) $17 890
D) $17 750

Solutions: