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

2. 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 85; Electrical 36; Homeware (28)
C) The profit or loss in $ was.... Clothing 192; Electrical (56); Homeware 148
D) The profit or loss in $ was.... Clothing 122; Electrical 56; Homeware (178)

3. A master budget comprises the...

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

4. A marketing manager is trying to decide which of four potential selling prices to charge for a new product. The state of the economy is uncertain and may show signs of recession, growth or boom. The manager has prepared a regret matrix showing the regret for each of the possible outcomes depending on the decision made.

If the manager applies the minimax regret criterion to make decisions, which selling price would be chosen?

A) $45
B) $55
C) $40
D) $50

5. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

Identify, using graphical linear programming, the weekly production schedule for products J and L that will maximize the profits of JRL during the next four weeks.

A) Optimum plan (including major customer order) is therefore:
W 900 units
R 700 units
X 2,100 units
B) Optimum plan (including major customer order) is therefore:
W 910 units
R 800 units
X 2,200 units
C) Optimum plan (including major customer order) is therefore:
W 950 units
R 750 units
X 2,300 units
D) Optimum plan (including major customer order) is therefore:
W 900 units
R 650 units
X 2,000 units
E) Optimum plan (including major customer order) is therefore:
W 1, 000 units
R 600 units
X 2,000 units

Solutions: