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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. JL is preparing its cash budget for the next three quarters. The following data have been extracted from the operational budgets:

Additional information is available as follows:
* JL sells 20% of its goods for cash. Of the remaining sales value, 70% is received within the same quarter as sale and 30% is received in the following quarter. It is estimated that trade receivables will be $125,000 at the beginning of Quarter 1. No bad debts are anticipated.
* 50% of payments for direct material purchases are made in the quarter of purchase, with the remaining 50% in the quarter following purchase. It is estimated that the amount owing for direct material purchases will be
$60,000 at the beginning of Quarter 1.
* JL pays labour and overhead costs when they are incurred. It has been estimated that labour and overhead costs in total will be $303,600 per quarter. This figure includes depreciation of $19,600.
* JL expects to repay a loan of $100,000 in Quarter 3.
* The cash balance at the beginning of Quarter 1 is estimated to be $49,400 positive.
Required:
Prepare a cash budget for each of the THREE quarters.
What will the closing balance of cash flows in quarter THREE be?

A) $150 200
B) $170 400
C) $160 690
D) $100 200
E) $145 000
F) $130 200
G) $184 900

2. 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: $ 78 000 F
B) Labour efficiency variance: $ 88 000 F
C) Labour yield variance: $ 144 000 A
D) Labour efficiency variance: $ 78 000 A
E) Labour efficiency variance: $ 98 000 A
F) Labour mix variance: $ 63 000 A
G) Labour mix variance: $ 75 000 F
H) Labour mix variance: $ 66 000 F

3. A master budget comprises the...

A) budgeted income statement and budgeted balance sheet only.
B) budgeted income statement and budgeted cash flow statement only.
C) budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
D) budgeted income statement and budgeted capital expenditure only

4. 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 $70.
B) RS should charge a ticket price of $75
C) RS should charge a ticket price of $100.
D) RS should charge a ticket price of $80.
E) RS should charge a ticket price of $90.

5. A major company sells a range of electrical, clothing and homeware products through a chain of department stores. The main administration functions are provided from the company's head office. Each department store has its own warehouse which receives goods that are delivered from a central distribution center.
The company currently measures profitability by product group for each store using an absorption costing system. All overhead costs are charged to product groups based on sales revenue. Overhead costs account for approximately one-third of total costs and the directors are concerned about the arbitrary nature of the current method used to charge these costs to product groups.
A consultant has been appointed to analyses the activities that are undertaken in the department stores and to establish an activity based costing system.
The consultant has identified the following data for the latest period for each of the product groups for the X Town store:

Calculate the total profit for each of the product groups:
.... using the current absorption costing system;

A) The profit or loss in $ was.... Clothing (175); Electrical 86; Homeware 22
B) The profit or loss in $ was.... Clothing 122; Electrical 56; Homeware (178)
C) The profit or loss in $ was.... Clothing 85; Electrical 36; Homeware (28)
D) The profit or loss in $ was.... Clothing 192; Electrical (56); Homeware 148

Solutions: