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

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:

* Refer to your answer in the previous question.
The optimal solution to the previous question shows that the shadow prices of skilled labour and direct material A are as follows:
Skilled labour $ Nil Direct Material A $11.70
Explain the relevance of these values to the management of JRL.
Select ALL the true statements.

A. In a situation such as this, where a number of resources are scarce, the shadow price of any particular scarce resource will depend on whether or not the resource is not binding.
B. The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.
C. The shadow price for skilled labour is NIL because although there is a shortage of skilled labour it does have a constraining effect on output of JR as other resources are more scarce.
D. Since material A is one of the binding constraints, if the availability of material A could be increased by one unit, this would change the optimal plan.
E. The decrease in contribution as a result of this change is the value of the shadow price of material A. The shadow price thus represents the maximum premium that should be paid for an additional unit of material A.

Question 2

PL currently earns an annual contribution of $2,880,000 from the sale of 90,000 units of product B. Fixed costs are $800,000 per annum.
The management of PL is considering reducing the selling price per unit to $48. The estimated levels of demand at the revised selling price and the probabilities of them occurring are as follows:

Calculate the probability that the profit will increase from its current level if the selling price is reduced to $48.

A. The probability therefore that the contribution will exceed $2,880,000 is 90%.
B. The probability therefore that the contribution will exceed $2,880,000 is 70%.
C. The probability therefore that the contribution will exceed $2,880,000 is 50%.
D. The probability therefore that the contribution will exceed $2,880,000 is 40%.

Question 3

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

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

Question 4

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

Question 5

A company produces a product that requires two materials, Material A and Material B. Details of the material quantities and costs for August are given in the table below.

Budgeted and actual output of the product for August was 12,000 units.
The material mix variance for August is:

A. $ 1, 540 Favourable
B. $ 1, 540 Adverse
C. $ 1, 540 Adverse
D. $ 1, 288 Favourable

Solutions: