CIMA P1 - Management Accounting Question Tutorial : CIMAPRO15-P01-X1-ENG

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CIMA CIMAPRO15-P01-X1-ENG Exam Syllabus Topics:

CIMA P1 - Management Accounting Question Tutorial Sample Questions:

Question 1

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

* Refer to your answer in the previous question.
The optimal solution to the previous question shows that the shadow prices of skilled labour and direct material A are as follows:
Skilled labour $ Nil Direct Material A $11.70
Explain the relevance of these values to the management of JRL.
Select ALL the true statements.

A. Since material A is one of the binding constraints, if the availability of material A could be increased by one unit, this would change the optimal plan.
B. The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.
C. The shadow price for skilled labour is NIL because although there is a shortage of skilled labour it does have a constraining effect on output of JR as other resources are more scarce.
D. In a situation such as this, where a number of resources are scarce, the shadow price of any particular scarce resource will depend on whether or not the resource is not binding.
E. The decrease in contribution as a result of this change is the value of the shadow price of material A. The shadow price thus represents the maximum premium that should be paid for an additional unit of material A.

Question 2

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 is 65% chance that the project will fail.
C. There may be a loss of $110 000.
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.

Question 3

A company uses a standard costing system.
The company's sales budget for the latest period includes 1,500 units of a product with a selling price of $400 per unit.
The product has a budgeted contribution to sales ratio of 30%.
Actual sales for the period were 1,630 units at a selling price of $390 per unit.
The actual contribution to sales ratio was 28%.
The sales volume contribution variance for the product for the latest period is:

A. $55, 600 F
B. $15, 600 F
C. $17, 800 F
D. $32, 900 F

Question 4

THS produces two products from different combinations of the same resources. Details of the products are shown below:

Identify, using graphical linear programming, the optimal production plan for products E and R to maximize THS's profit in the month.

A. The solution (from the graph0 is to produce 375 units of E and 870 units of R.
B. The solution (from the graph0 is to produce 495 units of E and 470 units of R.
C. The solution (from the graph0 is to produce 675 units of E and 470 units of R.
D. The solution (from the graph0 is to produce 375 units of E and 750 units of R.
E. The solution (from the graph0 is to produce 495 units of E and 670 units of R.
F. The solution (from the graph0 is to produce 475 units of E and 770 units of R.

Question 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 contribution per unit for R and T will be...?

A. R = $47 per unit. T = $61 per unit
B. R = $47 per unit. T = $65 per unit
C. R = $51 per unit. T = $61 per unit
D. R = $45 per unit. T = $66 per unit

Solutions: