CIMA CIMAPRO15-P01-X1-ENG Value Pack (Frequently Bought Together)

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Precise predication of the real exam

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

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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 50%.
B) The probability therefore that the contribution will exceed $2,880,000 is 40%.
C) The probability therefore that the contribution will exceed $2,880,000 is 90%.
D) The probability therefore that the contribution will exceed $2,880,000 is 70%.

2. Explain the advantages of management participation in budget setting and the potential problems that may arise in the use of the resulting budget as a control mechanism.
Select all the correct answers.

A) Another purpose of a budget is to set targets to motivate managers and optimize their performance.
B) Participation in budget setting can reduce the information asymmetry gap that can arise when targets are imposed by senior management. Imposed targets are likely to make managers feel demotivated and alienated and result in poor performance.
C) Managers will not 'empire build' because they don't believe that the size of their budget reflects their importance within the organization.
D) Participation in budget setting can cause problems; in particular, managers may attempt to negotiate budgets that they feel are easy to achieve which gives rise to "budget padding" or budgetary slack.
E) A purposes of budgeting is to act as a control mechanism, with actual results being compared against budget.
F) The participation of managers in the budget setting process has several advantages. Managers are more likely to be motivated to achieve the target if they have participated in setting process has several advantages. managers are more likely to be motivated to achieve the target if they have participated in setting the target.

3. A decision maker that makes decisions using the minimax regret criterion would be classified as:

A) Risk neutral
B) Risk spreading
C) Risk averse
D) Risk seeking

4. A company is preparing its annual budget and is estimating the number of units of Product A that it will sell in each quarter of year 2. Past experience has shown that the trend for sales of the product is represented by the following relationship:
y = a + bx where
y = number of sales units in the quarter a = 10,000 units b = 3,000 units x = the quarter number where 1 = quarter 1 of year 1 Actual sales of Product A in Year 1 were affected by seasonal variations and were as follows:
Quarter 1:14,000 units Quarter2: 18,000 units Quarter 3: 18,000 units Quarter 4: 20,000 units Calculate the expected sales of Product A (in units) for each quarter of year 2, after adjusting for seasonal variations using the additive model.

A) The expected sales for year 2 Quarter 4 was 32700 units
B) The expected sales for year 2 Quarter 4 was 40000 units
C) The expected sales for year 2 Quarter 4 was 32000 units
D) The expected sales for year 2 Quarter 4 was 33000 units

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

Solutions: