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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Budgeting and Budgetary Control	25%	- Budgetary control processes - Purpose and preparation of budgets
Topic 2: Risk and Uncertainty in the Short Term	15%	- Techniques for dealing with uncertainty - Risk management tools and concepts
Topic 3: Cost Accounting for Decision and Control	30%	- Costing methods and analysis techniques - Rationale for costing - Application of costing to decisions
Topic 4: Short-Term Commercial Decision-Making	30%	- Relevant costing and contribution analysis - Limiting factors and CVP analysis

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

Question 1

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 950 units
R 750 units
X 2,300 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 900 units
R 650 units
X 2,000 units

Question 2

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.
How will a manufacturing resource planning system improve the planning of purchases and production for the company?
Select ALL the correct answers.

A. A manufacturing resource planning approach to the management of all the company's manufacturing
resources including inventory, labour and machine capacity.
B. The technique will not enable managers to track orders through the manufacturing process and will not assist the purchasing and production control departments to move the right amount of material or sub- assemblies at the right time to the right place.
C. It aims to generate an estimation of materials requirements after taking account of the number of employees quality and waste. The TQS model can be used within MRP provided that the major assumption in the TQS model of constant demand applies.
D. It seeks to ensure that resources are available just before they are needed by the next stage of production or dispatch. It also seeks to ensure that resources are delivered only when required so that raw material inventory is kept to a minimum.
E. The correct inventory management system relies on the assumption that there is constant demand. An MRP system begins with the setting of a master production schedule specifying both the timing and quantity demanded of each of the finished goods items and then works backwards to determine the resource requirements at each stage of the production process.
F. The traditional approach to determine material requirements is to monitor inventories constantly; whenever they fall to a predetermined level, a preset order is placed to replenish them. This traditional approach (involving re-order levels and economic order quantity calculations originates in the pre-computer era.

Question 3

CH is a building supplies company that sells products to trade and private customers.
Budget data for each of the six months to March are given below:

80% of the value of credit sales is received in the month after sale, 10% two months after sale and 8% three months after sale. The balance is written off as a bad debt.
75% of the value of credit purchases is paid in the month after purchase and the remaining 25% is paid two months after purchase.
All other operating costs are paid in the month they are incurred.
CH has placed an order for four new forklift trucks that will cost $25,000 each. The scheduled payment date is in February.
The cash balance at 1 January is estimated to be $15,000.
Prepare a cash budget for each of the THREE months of January, February and March.
Select All the correct answers.

A. The total receipts in January will be $245 000
B. Total payments in March will be $323 000
C. The total payments in February will be $405 000
D. The total receipts in January will be $320 000

Question 4

'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A. In a public sector body, for example, decision packages will relate to very disparate activities.
B. The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.
C. Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
D. Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
E. In a public sector body, for example, decision packages will relate profit making activities.
F. Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
G. Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
H. The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
I. Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.