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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. A flexible budget is a budget that is:

A) set prior to the control period and not subsequently changed in response to changes in activity period has expired
B) changed in response to changes in costs
C) changed in response to changes in the level of activity
D) continuously updated by adding a further accounting period when the earliest accounting period has expired

2. '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) 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.
B) 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.
C) The main advantage of incremental budgeting is that the cost of past activities becomes fixed and any inefficiencies or wastage is perpetuated.
D) The incremental approach encourages managers in public sector organizations to look at the efficiency and effectiveness of activities undertaken.
E) 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.
F) An incremental; approach is not as easy and fast to implement than other forms of budgeting approaches e.g. zero based budgeting.

3. A university is trying to decide whether or not to advertise a new post-graduate degree programme. The number of students starting the programme is dependent on economic conditions. If conditions are poor, it is expected that the programme will attract 40 students without advertising. There is a 60% chance that economic conditions will be poor. If economic conditions are good it is expected that the programme will attract only 20 students without advertising. There is a 40% chance that economic conditions will be good.
If the programme is advertised and economic conditions are poor, there is a 65% chance that the advertising will stimulate further demand and student numbers will increase to 50. If economic conditions are good, there is a 25% chance the advertising will stimulate further demand and numbers will increase to 25 students.
The profit expected, before deducting the cost of advertising, at different levels of student numbers are as follows:

The cost of advertising the programme will be $15,000.
Required:
Demonstrate, using a decision tree, whether the programme should be advertised.

A) Yes, the programme should be advertised as the profit will be $82 000
B) No, the programme should not be advertised as there will be a loss $82 000
C) Yes, the programme should be advertised as the profit will be $92 000
D) No, the programme should not be advertised as there will be a loss $92 000

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 provides a clear framework for understanding the link between turnover and the level of activity.
B) Activity based budgeting allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.
C) Activity based budgeting is useful for the review of quality systems utilization.
D) 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.

5. A company's budget for the next period shows that it would breakeven at sales revenue of $800,000 and fixed costs of $320,000.
The sales revenue needed to achieve a profit of $200,000 in the next period would be:

A) $1,390,000
B) $1,780,000
C) $1,300,000
D) $1,950,000
E) $1,400,000

Solutions: