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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 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.


Calculate, for the original budget, the budgeted fixed overhead costs, the budgeted variable overhead cost per tray and the budgeted total overheads costs.

A) The variable cost per tray = $0.45; The fixed cost = $ 320 000
B) The variable cost per tray = $0.85; The fixed cost = $ 530 000
C) The variable cost per tray = $0.65; The fixed cost = $ 550 000
D) The variable cost per tray = $0.75; The fixed cost = $ 490 000

2. A company has budgeted to produce 5,000 units of Product B per month. The opening and closing inventories
of Product B for next month are budgeted to be 400 units and 900 units respectively. The budgeted selling price and variable production costs per unit for Product B are as follows:

Total budgeted fixed production overheads are $29,500 per month.
The company absorbs fixed production overheads on the basis of the budgeted number of units produced. The budgeted profit for Product B for next month, using absorption costing, is $20,700.
Prepare a marginal costing statement which shows the budgeted profit for Product B for next month.
What was the marginal costing profit for the next month?

A) $17 890
B) $18 600
C) $17 750
D) $18 750

3. Assume that you have made profit calculations based on standard profit calculation methods and activity based costing methods.
In which ways will this information be beneficial to the management team?
Select all the true statements.

A) The identification of cost drivers provides information to management to enable them to take actions to improve the overall profitability of the company.
B) Through the tracing of costs to product in this way ABC establishes less accurate costs for the product or service.
C) Under an activity based costing system the various support activities that are involved in the process of making products or providing services are identified.
D) Operational analysis will provide information to management on how costs can be incurred and managed.
E) The cost drivers that cause a change to the cost of activities are also identified and used as the basis to attach activity costs to a particular product or service.

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

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

5. A flexible budget is a budget that is:

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

Solutions: