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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A) The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
B) Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
C) The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.
D) In a public sector body, for example, decision packages will relate profit making activities.
E) Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.
F) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
G) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
H) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.
I) In a public sector body, for example, decision packages will relate to very disparate activities.

2.
Calculate the sensitivity of the investment decision to a change in the annual fixed costs.
By how much should the present value of the fixed cost increase, before this project is not viable?

A) $7698
B) $8675
C) $6390
D) $9050

3. The term 'budgetary slack' refers to the:

A) Lead time between the preparation of the functional budgets and the approval of the master budget by senior management
B) Intentional over estimation of costs and/or under estimation of revenue in a budget
C) Difference between the budgeted output and the actual output
D) Difference between budgeted capacity utilization and full capacity

4. 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) 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.
B) 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.
C) 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.
D) The approach under an activity based system is to make arbitrary cuts in order to meet overall financial targets.
E) 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.
F) 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.

5. RT produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of the products are shown below:

Market research shows that the maximum demand for products R and T during June 2010 is 500 units and 800 units respectively. This does not include an order that RT has agreed with a commercial customer for the supply of 250 units of R and 350 units of T at selling prices of $100 and $135 per unit respectively. Although the customer will accept part of the order, failure by RT to deliver the order in full by the end of June will cause RT to incur a $10,000 financial penalty. At a recent meeting of the purchasing and production managers to discuss the production plans of RT for June, the following resource restrictions for June were identified:
Direct labour hours 7,500 hours
Material A 8,500 kgs
Material B 3,000 litres
Machine hours 7,500 hours
Assuming that RT completes the order with the commercial customer, prepare calculations to show, from a financial perspective, the optimum production plan for June 2010 and the contribution that would result from adopting this plan.
The optimum production plan will be:

A) Contract: R = 250, T = 360 and Market: R = 650 T = 710
B) Contract: R = 250, T = 360 and Market: R = 660 T = 720
C) Contract: R = 250, T = 360 and Market: R = 500 T = 710
D) Contract: R = 250, T = 360 and Market: R = 600 T = 710
E) Contract: R = 250, T = 360 and Market: R = 500 T = 700

Solutions: