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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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
(Refer to previous 2 questions.)
You have now presented your optimum production plan to the purchasing and production managers of RT.
During your presentation it became clear that the predicted resource restrictions were rather optimistic. In fact, the managers agreed that the availability of all of the resources could be as much as 10% lower than their original predictions.
Assuming that RT completes the order with the commercial customer, and using linear programming, show the optimum production plan for RT for June 2010 on the basis that the availability of all resources is 10% lower than originally predicted.

A) The optimal plan is to produce 560 units of Product R and 670 units of product T in addition to the contract.
B) The optimal plan is to produce 450 units of Product R and 690 units of product T in addition to the contract.
C) The optimal plan is to produce 550 units of Product R and 650 units of product T in addition to the contract.
D) The optimal plan is to produce 500 units of Product R and 550 units of product T in addition to the contract.
E) The optimal plan is to produce 520 units of Product R and 620 units of product T in addition to the contract.
F) The optimal plan is to produce 510 units of Product R and 720 units of product T in addition to the contract.

2. A company uses a standard costing system.
The company's sales budget for the latest period includes 1,500 units of a product with a selling price of $400 per unit.
The product has a budgeted contribution to sales ratio of 30%.
Actual sales for the period were 1,630 units at a selling price of $390 per unit.
The actual contribution to sales ratio was 28%.
The sales volume contribution variance for the product for the latest period is:

A) $17, 800 F
B) $32, 900 F
C) $55, 600 F
D) $15, 600 F

3.
Select the benefits to a company of using sensitivity analysis in investment appraisal.
(Select all the true statements.)

A) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.
B) Sensitivity analysis enables identification of fixed costs that are of special significance.
C) Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance.
D) Sensitivity analysis enables a company to assess the risk associated with a project.

4. QR uses an activity based budgeting (ABB) system to budget product costs. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows:

The total budgeted cost of setting up the machines is $74,400.
Select TWO potential benefits of using an activity based budgeting system.

A) Activity based budgeting allows the identification of value added and non-value added activity and ensures that any budget cuts are made to non-value added activities.
B) Activity based budgeting is useful for the review of quality systems utilization.
C) Activity based budgeting provides a clear framework for understanding the link between turnover and the level of activity.
D) Activity based budgeting allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.

5. The term 'budgetary slack' refers to the:

A) Lead time between the preparation of the functional budgets and the approval of the master budget by senior management
B) Difference between the budgeted output and the actual output
C) Difference between budgeted capacity utilization and full capacity
D) Intentional over estimation of costs and/or under estimation of revenue in a budget

Solutions: