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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk and Uncertainty in the Short Term | 15% | - Risk management tools and concepts - Techniques for dealing with uncertainty |
| Topic 2: Budgeting and Budgetary Control | 25% | - Purpose and preparation of budgets - Budgetary control processes |
| Topic 3: Short-Term Commercial Decision-Making | 30% | - Limiting factors and CVP analysis - Relevant costing and contribution analysis |
| Topic 4: Cost Accounting for Decision and Control | 30% | - Rationale for costing - Costing methods and analysis techniques - Application of costing to decisions |
Before You Register for CIMAPRO15-P01-X1-ENG: Read This First
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The CIMA P1 - Management Accounting Question Tutorial blueprint centers on these domains:
- Budgeting and Budgetary Control (25%)
- Cost Accounting for Decision and Control (30%)
- Short-Term Commercial Decision-Making (30%)
The full official outline lists further domains, and our bank covers them all.
According to current exam information, the CIMAPRO15-P01-X1-ENG exam presents 60 questions within a 90 minutes-minute limit. Timed practice sessions are the simplest way to make that constraint feel familiar before the real day.
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CIMA P1 - Management Accounting Question Tutorial Sample Questions:
XY, a not-for-profit charity organization which is funded by public donations, is concerned that it is not making the best use of its available funds. It has carried out a review of its budgeting system and is considering
replacing the current system with a zero-based budgeting system.
Select ALL the potential advantages AND disadvantages for the charity of a zero-based budgeting system.
- A. It discourages a questioning approach by focusing attention not only on the cost of the activity but on the benefits it provides. The charity managers will not articulate the benefits encouraging them to think clearly about the activities.
- B. It avoids the complacency inherent in the traditional incremental approach where it is assumed that future activities will be very similar to current ones.
- C. Preparation of the decision packages will normally require the environment of many employees. This environment may produce useful ideas and promote job satisfaction.
- D. In an organization like a charity, the decision packages are not very disparate and difficult t compare.
- E. The creation of decision packages and their subsequent ranking by top management is very time consuming and costly. The charity will need to assess whether the benefits of the system outweigh the costs involved.
- F. In applying traditional budgeting, 'activities' may result in functional departments rather than cross functional activities and thus distract attention from the real cost-reduction issues.
Correct Answer: B,C,E 🗳️
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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 a chance to make $506 000 profit.
- B. There may be a loss of $110 000.
- C. There is 65% chance that the project will fail.
- D. The overseas market should not be developed.
- E. The overseas market should be developed.
- F. There is 70% chance that the project will fail.
Correct Answer: E 🗳️
Explanation: Only visible for Lead2Passed members. You can sign-up / login (it's free).
A company has to choose between three mutually exclusive projects. Market research has shown that customers could react to the projects in three different ways depending on their preferences. There is a 30% chance that customers will exhibit preferences 1, a 20% chance they will exhibit preferences 2 and a 50% chance they will exhibit preferences 3. The company uses expected value to make this type of decision.
The net present value of each of the possible outcomes is as follows:
A market research company believes it can provide perfect information about the preferences of customers in this market.
What is the maximum amount that should be paid for the information from the market research company?
- A. $135 000
- B. $145 000
- C. $125 000
- D. $140 000
Correct Answer: D 🗳️
Explanation: Only visible for Lead2Passed members. You can sign-up / login (it's free).
XY can choose from four mutually exclusive projects. The projects will each last for one year and their net cash inflows will be determined by market conditions. The forecast net cash inflows for each of the possible outcomes are shown below.
If the company applies the maximax criterion the project chosen would be:
- A. Project A
- B. Project D
- C. Project B
- D. Project C
Correct Answer: C 🗳️
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TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:
The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively. TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Discuss the usefulness of the planning and operational variances calculated for TP's management.
Select ALL the TRUE statements.
- A. The use of planning and operational variances will enable TP's management to draw a distinction between variances caused by factors extraneous to the business and planning errors (planning variances) and variances caused by factors that are within the control of management (operational variances).
- B. Standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.
- C. The purchasing manager's performance can't be compared with the adjusted standards that reflect the conditions the manager actually operated under during the reporting period.
- D. If planning and operational variances are not distinguished, there is potential for dysfunctional behavior especially where the manager has been operating efficiently and performance is being judged by factors outside the manager's control. In the case of TP it became evident during the period that the prevailing market prices for materials were significantly less than those set during the budget process.
- E. Where a revision of standards is required due to environmental changes that were not foreseeable at the time the budget was prepared, the planning variances are controllable.
Correct Answer: A,B,D 🗳️
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