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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:


Calculate the following variances for October, taking account of the more detailed information regarding the labour mix:
(i) The total labour efficiency variance
(ii) The total labour mix variance
(iii) The total labour yield variance
Select the correct statements.

A) Labour efficiency variance: $ 98 000 A
B) Labour mix variance: $ 66 000 F
C) Labour efficiency variance: $ 78 000 F
D) Labour efficiency variance: $ 78 000 A
E) Labour yield variance: $ 144 000 A
F) Labour mix variance: $ 63 000 A
G) Labour efficiency variance: $ 88 000 F
H) Labour mix variance: $ 75 000 F

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 40%.
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 90%.

3. A company produces three products D, E and F. The statement below shows the selling price and product costs per unit for each product, based on a traditional absorption costing system.

Each of the products is produced using Process A which has a maximum capacity of 2,500 hours per period.
If a traditional contribution approach is used, the ranking of products, in order of priority, for the profit maximizing product mix will be:

A) E, D, F
B) D, E, F
C) F, D, F
D) D, E, F

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

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

5. 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) Reporting against a fixed budget tells management nothing about the efficiency of operations.
B) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
C) 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.
D) The fixed budget however provides more insight into actual performance.
E) 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.
F) 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.

Solutions: