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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1.
Select the benefits to a company of using sensitivity analysis in investment appraisal.
(Select all the true statements.)

A) Sensitivity analysis enables a company to assess the risk associated with a project.
B) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.
C) Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance.
D) Sensitivity analysis enables identification of fixed costs that are of special significance.

2. A medium-sized manufacturing company, which operates in the electronics industry, has employed a firm of consultants to carry out a review of the company's planning and control systems. The company presently uses a traditional incremental budgeting system and the inventory management system is based on economic order quantities (EOQ) and reorder levels. The company's normal production patterns have changed significantly over the previous few years as a result of increasing demand for customized products. This has resulted in shorter production runs and difficulties with production and resource planning.
The consultants have recommended the implementation of activity based budgeting and a manufacturing resource planning system to improve planning and resource management.
Select ALL the benefits for the company that could occur following the introduction of an activity based budgeting system.

A) The approach under an activity based system is to make arbitrary cuts in order to meet overall financial targets.
B) Under an activity based budgeting system the focus is on existing resources and operations. Adjustments are then made for changes in activity and price which results in past inefficiencies being perpetuated.
Under a traditional budgeting system, only resources that are needed to perform activities required to meet the budgeted production and sales volumes are included.
C) Under an activity based budgeting system, resource allocation is linked to the strategic plan is prepared after considering alternative strategies. This approach ensures that new activities that are required to meet the company's strategic objectives are included in the budget.
D) ABB systems present costs under functional headings i.e. the emphasis is on the nature of the cost. The weakness of this approach is that it gives little indication of the link between the level of activity and the cost incurred.
E) Activity based techniques including activity based budgeting focus on the outputs of a process rather than the input to the process. This approach provides a clear framework for understanding the link between costs and the level of activity. It allows the ranking of activities and the determination of how limited resources should be allocated across competing activities.
F) Activity based budgeting allows the identification of value added and non-value added activities and ensures that cuts are made to non-value added activities. ABB is also useful for review of capacity utilization.

3. Explain how probability analysis could be used to assess the risk of the evaluated projects.
Select all the true statements.

A) The company can determine a range of possible outcomes for each of the cash flows in the project, for example, a high, low and medium estimate of each cash flow could be determined.
B) The net present value (NPV) of the project, if all high, low or medium estimates occurred, can be calculated along with the combined probabilities of their occurrence.
C) The NPVs of a sample range of possible outcomes and the probability of each NPV can be calculated. If a small sample is taken the distribution of outcomes can be used to calculate the zero activities deviation of the NPVs and the probability of success of the projects.
D) The probabilities can be combined to calculate the expected value of each cash flow element and of the project as a whole

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

5. A company is considering whether to develop an overseas market for its products. The cost of developing the new market is estimated to be $250,000. There is a 70% probability that the development of the new market will succeed and a 30% probability that the development of the new market will fail and no further expenditure will be incurred.
If the market development is successful, the profit from the new market will depend on prevailing exchange rates. There is a 50% chance that exchange rates will be in line with expectations and a profit of $500,000 will be made. There is a 20% chance that exchange rates will be favorable and a profit of $630,000 will be made and a 30% chance that exchange rates will be adverse and a profit of $100,000 will be made.
The profit figures stated are before taking account of the development costs of $250,000.
Use a decision tree to decide whether the company should develop an overseas market for its products.
Select one correct answer.

A) There is 70% chance that the project will fail.
B) The overseas market should be developed.
C) There is a chance to make $506 000 profit.
D) There may be a loss of $110 000.
E) There is 65% chance that the project will fail.
F) The overseas market should not be developed.

Solutions: