CIMA P1 Test Questions

Cima P1

Management

Accounting

What is Accounting?

Management accountants play a vital role in managing business opportunities. They

inform the strategy and help secure the future of your business.

CIMA management accountants redefine how business is done.

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Not all accounting is the same

Management accounting combines

accounting, finance and management

with the leading edge techniques needed

to drive successful businesses.

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How CIMA benefit your business

Analysis - Understanding the history behind numbers and use it to make business

decisions

Strategy – Using the insight from analysis to help formulate business strategy to create

wealth and shareholder value.

Risk - The application of analytical skills to observe business processes end end a pair

identify and manage risks.

Planning – using accounting techniques to plan and budget.

Communication – knowing what information management needs and explaining

the numbers to non-financial managers.

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Question No 1:

N prepares budgets on an annual basis by using the budget from the previous year, and then adjusting it for growth

and inflation.

This is an example of:

A. An incremental budget

B. A rolling budget

C. A flexed budget

D. Zero based budgeting

Answer: A

Question No 2:

What type of budget is prepared on an annual basis taking current year operating results and adjusting them for

expected growth and inflation?

A. Rolling budget

B. Incremental budget

C. Flexed budget

D. Zero-based budget

Answer: B

Question No 3:

Which of the following would cause an adverse fixed overhead volume variance?

A. Actual output was higher than budgeted

B. Actual output was lower than budgeted

C. Actual expenditure was higher than budgeted

D. Actual expenditure was lower than budgeted

Answer: B

Question No 4:

Which one of the following would NOT be included in a decision to close a division of an organization?

A. Head office overheads absorbed on the basis of the number of

units produced

B. Sale of unwanted non-current assets

C. Redundancy pay for employees of the division

D. Fixed costs directly attributable to the division

Answer: A

Question No 5:

A company manufactures a single product. The cost card for a unit of this product is as follows:

During month 6, finished goods inventory increased by 350 units.

A. $1,050 lower

B. $1,050 higher

C. $2,450 lower

D. $2,450 higher

Answer: A

By how much would the profit differ in month 6 if finished goods inventory

was valued at standard marginal cost rather than standard absorption cost?

Question No 6:

A manufacturing company uses activity-based costing to charge overheads to its three products. One of the main

activities is quality inspection. The cost driver is the number of inspections and the budgeted cost is $211,200.

Additional budgeted data.

What is the budgeted quality inspection cost for a unit of product F?

A. $6.60

B. $3.30

C. $9.60

D. $4.80

Answer: A

Question No 7:

Which of the statements about allocation of joint costs to products are true and which are false?

Answer:

Question No 8:

State whether the following costs are relevant or non-relevant in the context of short-term decision making scenarios.

Answer:

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CIMA P1 Test Questions