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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 'Public sector organizations are often judged by their economy, efficiency and effectiveness. Consequently, they should use an approach to budgeting other than incremental budgeting.' Required:
Explain ONE advantage and TWO disadvantages of public sector organizations using incremental budgeting.
Select all true statements.

A) Public sector organizations tend to be fairly complex and in many cases outputs cannot be measured in monetary terms therefore the link between inputs and outputs is difficult to establish. An incremental approach can therefore provide a cost effective approach to budgeting.
B) An incremental; approach is not as easy and fast to implement than other forms of budgeting approaches e.g. zero based budgeting.
C) The main advantage of incremental budgeting is that the cost of past activities becomes fixed and any inefficiencies or wastage is perpetuated.
D) Under an incremental approach to budgeting, existing operations and the current budgeted allowance for these existing activities are taken as the base level for preparing the budget.
E) The incremental approach encourages managers in public sector organizations to look at the efficiency and effectiveness of activities undertaken.
F) The incremental approach means that budget holders in public sector organizations will be encouraged to use up this year's budget will be as high as possible.

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 mix variance for August is:

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

3. 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 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.
C) 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.
D) The budget acts as a variable mechanism, with actual results being compared with budget.
E) The budget provides an external benchmark against which performance against which performance can be evaluated.
F) Budgeting forces an organization's management to look ahead and set performance targets.
G) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.

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

5. RS is a travel company providing daily tours of a major European capital city. The market is highly competitive and RS has commissioned some market research to help with the pricing decision for a new tour. The research identified the probability of three possible market conditions and the number of tickets that would be sold each day at three different price levels.

Demonstrate, using a decision tree and based on expected value, which ticket price RS should choose.

A) RS should charge a ticket price of $80.
B) RS should charge a ticket price of $100.
C) RS should charge a ticket price of $70.
D) RS should charge a ticket price of $90.
E) RS should charge a ticket price of $75

Solutions: