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

Section	Weight	Objectives
Topic 1: Short-Term Commercial Decision Making	30%	- Make-or-buy and outsourcing decisions - Limiting factor decisions - Relevant costing principles - Pricing decisions - Cost-volume-profit analysis
Topic 2: Budgeting and Budgetary Control	25%	- Flexible budgets and budget variances - Beyond budgeting and modern approaches - Budget preparation techniques - Purpose and types of budgets
Topic 3: Cost Accounting for Decision and Control	30%	- Throughput, target and lifecycle costing - Standard costing and variance analysis - Absorption and marginal costing - Activity-based costing (ABC) - Costing concepts and terminology
Topic 4: Dealing with Uncertainty in the Short Term	15%	- Risk and uncertainty concepts - Sensitivity and scenario analysis - Decision trees and decision criteria - Expected value and probability analysis

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A master budget comprises the...

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

2. XY, a not-for-profit charity organization which is funded by public donations, is concerned that it is not making the best use of its available funds. It has carried out a review of its budgeting system and is considering
replacing the current system with a zero-based budgeting system.
Select ALL the potential advantages AND disadvantages for the charity of a zero-based budgeting system.

A) In an organization like a charity, the decision packages are not very disparate and difficult t compare.
B) It discourages a questioning approach by focusing attention not only on the cost of the activity but on the benefits it provides. The charity managers will not articulate the benefits encouraging them to think clearly about the activities.
C) Preparation of the decision packages will normally require the environment of many employees. This environment may produce useful ideas and promote job satisfaction.
D) In applying traditional budgeting, 'activities' may result in functional departments rather than cross functional activities and thus distract attention from the real cost-reduction issues.
E) The creation of decision packages and their subsequent ranking by top management is very time consuming and costly. The charity will need to assess whether the benefits of the system outweigh the costs involved.
F) It avoids the complacency inherent in the traditional incremental approach where it is assumed that future activities will be very similar to current ones.

3. 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 = 600 T = 710
B) Contract: R = 250, T = 360 and Market: R = 660 T = 720
C) Contract: R = 250, T = 360 and Market: R = 650 T = 710
D) Contract: R = 250, T = 360 and Market: R = 500 T = 710
E) Contract: R = 250, T = 360 and Market: R = 500 T = 700

4. A decision maker that makes decisions using the minimax regret criterion would be classified as:

A) Risk seeking
B) Risk neutral
C) Risk spreading
D) Risk averse

5. Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.

A) It provides a standard which managers may be motivated to achieve. It can also encourage inefficiency
and conflict between managers particularly if the budget is imposed from above, whereby it may act as a threat rather than as a challenge.
B) The budget is a useful device of influencing an operator's thoughts and motivating operators to perform in line with the organization's marketing budget.
C) Budgeting forces an organization's management to look ahead and set performance targets.
D) The budget acts as a variable mechanism, with actual results being compared with budget.
E) The budget ensures actions of different parts of the organization are coordinated are reconciled otherwise managers take actions for the benefit of their own part of organization that may not benefit the organization as a whole.
F) The budget provides an external benchmark against which performance against which performance can be evaluated.
G) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.