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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A company uses an activity based costing system. The company manufactures three products, details of which are given below:

A) $0.31
B) $0.35
C) $0.27
D) $0.23

2. 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) Optimum plan (including major customer order) is therefore:
W 910 units
R 800 units
X 2,200 units
B) Optimum plan (including major customer order) is therefore:
W 900 units
R 650 units
X 2,000 units
C) Optimum plan (including major customer order) is therefore:
W 1, 000 units
R 600 units
X 2,000 units
D) Optimum plan (including major customer order) is therefore:
W 900 units
R 700 units
X 2,100 units
E) Optimum plan (including major customer order) is therefore:
W 950 units
R 750 units
X 2,300 units

3. 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 $ 1 285 000
B) The total budgeted production overhead cost was $ 2 195 000
C) The total budgeted production overhead cost was $ 1 305 000
D) The total budgeted production overhead cost was $ 1 258 000
E) The total budgeted production overhead cost was $ 1 188 000

4. A master budget comprises the...

A) budgeted income statement and budgeted capital expenditure only
B) budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
C) budgeted income statement and budgeted balance sheet only.
D) budgeted income statement and budgeted cash flow statement only.

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.
Discuss the usefulness of the planning and operational variances calculated for TP's management.
Select ALL the TRUE statements.

A) If planning and operational variances are not distinguished, there is potential for dysfunctional behavior especially where the manager has been operating efficiently and performance is being judged by factors outside the manager's control. In the case of TP it became evident during the period that the prevailing market prices for materials were significantly less than those set during the budget process.
B) The purchasing manager's performance can't be compared with the adjusted standards that reflect the conditions the manager actually operated under during the reporting period.
C) The use of planning and operational variances will enable TP's management to draw a distinction between variances caused by factors extraneous to the business and planning errors (planning variances) and variances caused by factors that are within the control of management (operational variances).
D) Where a revision of standards is required due to environmental changes that were not foreseeable at the time the budget was prepared, the planning variances are controllable.
E) Standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.

Solutions: