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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

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

A) 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.
B) 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.
C) The budget provides an external benchmark against which performance against which performance can be evaluated.
D) Budgeting forces an organization's management to look ahead and set performance targets.
E) The budget acts as a variable mechanism, with actual results being compared with budget.
F) 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.
G) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.

2. 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 yield variance for August is:

A) $1,840 A
B) $1,340 A
C) $1,590 A
D) $1,340 F
E) $1,740 A

3. 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) The variable cost per tray = $0.85; The fixed cost = $ 530 000
B) The variable cost per tray = $0.65; The fixed cost = $ 550 000
C) The variable cost per tray = $0.45; The fixed cost = $ 320 000
D) The variable cost per tray = $0.75; The fixed cost = $ 490 000

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.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A) If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.
B) Reporting against a fixed budget tells management nothing about the efficiency of operations.
C) If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.
D) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
E) The fixed budget however provides more insight into actual performance.
F) If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.

5. XY can choose from four mutually exclusive projects. The projects will each last for one year and their net cash inflows will be determined by market conditions. The forecast net cash inflows for each of the possible outcomes are shown below.

If the company applies the maximin criterion the project chosen would be:

A) Project A
B) Project B
C) Project D
D) Project C

Solutions: