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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. Explain why sensitivity analysis is useful when dealing with uncertainty in project appraisal.
Select all the true statements.

A) In project appraisal, in analysis can be made of all the key variables to ascertain by how much each variable would need to change before the net present value (NPV) reaches 100% i.e. the maximum point.
B) In project appraisal, an analysis can be made if all the key variables to ascertain by how much variable would need to change before the net present value (NPV) reaches zero i.e. the indifference point.
C) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome
D) Sensitivity analysis enables a company to determine the effect of changes to fixed costs on the planned outcome

2. A healthcare company specializes in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures.
Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries.
The company's existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company's accountant has initiated a project to implement an activity-based costing (ABC) system.
The project team has collected the following data on each of the procedures.

Calculate the profit per procedure for each of the three procedures, using the current basis for charging the costs of support activities to procedures.
What was the profit for the knee procedure?

A) $1485
B) $1390
C) $1510
D) $1210

3. A company produces a product that requires two materials, Material A and Material B. Details of the material quantities and costs for August are given in the table below.

Budgeted and actual output of the product for August was 12,000 units.
The material mix variance for August is:

A) $ 1, 540 Favourable
B) $ 1, 540 Adverse
C) $ 1, 288 Favourable
D) $ 1, 540 Adverse

4. LM operates a parcel delivery service. Last year its employees delivered 15,120 parcels and travelled 120,960 kilometers. Total costs were $194,400.
LM has estimated that 70% of its total costs are variable with activity and that 60% of these costs vary with the number of parcels and the remainder vary with the distance travelled.
LM is preparing its budget for the forthcoming year using an incremental budgeting approach and has produced the following estimates:
* All costs will be 3% higher than the previous year due to inflation
* Efficiency will remain unchanged
* A total of 18,360 parcels will be delivered and 128,800 kilometers will be travelled.
Calculate the following costs to be included in the forthcoming year's budget:
(i) the total variable costs related to the number of parcels delivered.
(ii) the total variable costs related to the distance travelled.

A) Parcel related cost for next year = $105,306; Distance related costs for next year = $30,590
B) Parcel related cost for next year = $109,118; Distance related costs for next year = $89,699
C) Parcel related cost for next year = $115,306; Distance related costs for next year = $31,590
D) Parcel related cost for next year = $112,308; Distance related costs for next year = $79,590
E) Parcel related cost for next year = $112,118; Distance related costs for next year = $59,699

5. 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.


Discuss the benefits of flexible budgeting for planning and control purposes.
Select all the true statements.

A) If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.
B) If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.
C) If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.
D) A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.
E) The fixed budget however provides more insight into actual performance.
F) Reporting against a fixed budget tells management nothing about the efficiency of operations.

Solutions: