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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

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) The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.
B) 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.
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) 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.
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.

2. GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:

Prepare a statement that reconciles the budgeted contribution with the actual contribution for October. Your statement should show the variances in as much detail as possible.
What was the actual contribution for October?

A) $ 1,324,000
B) $ 1,494,000
C) $ 1,414,000
D) $ 1,594,000
E) $ 1,198,000

3. 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.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield.
What was the material price planning variance for ingredient A?

A) The Material price planning variance - Ingredient A was $72 000 F
B) The Material price planning variance - Ingredient A was $75 000 F
C) The Material price planning variance - Ingredient A was $73 000 F
D) The Material price planning variance - Ingredient A was $71 000 F

4.
Select the benefits to a company of using sensitivity analysis in investment appraisal.
(Select all the true statements.)

A) Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance.
B) Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.
C) Sensitivity analysis enables identification of fixed costs that are of special significance.
D) Sensitivity analysis enables a company to assess the risk associated with a project.

5. 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, 288 Favourable
B) $ 1, 540 Adverse
C) $ 1, 540 Adverse
D) $ 1, 540 Favourable

Solutions: