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P1 Practice Questions

Question # 1
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. 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.
C. 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.
D. 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.
E. Standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.


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).
C. 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. Standards that failed to anticipate known market trends when they were set will reflect faulty standard setting.


Question # 2
A university is trying to decide whether or not to advertise a new post-graduate degree programme. The number of students starting the programme is dependent on economic conditions. If conditions are poor, it is expected that the programme will attract 40 students without advertising. There is a 60% chance that economic conditions will be poor. If economic conditions are good it is expected that the programme will attract only 20 students without advertising. There is a 40% chance that economic conditions will be good.
If the programme is advertised and economic conditions are poor, there is a 65% chance that the advertising will stimulate further demand and student numbers will increase to 50. If economic conditions are good, there is a 25% chance the advertising will stimulate further demand and numbers will increase to 25 students.
The profit expected, before deducting the cost of advertising, at different levels of student numbers are as follows:

The cost of advertising the programme will be $15,000. Required:
Demonstrate, using a decision tree, whether the programme should be advertised.
A. Yes, the programme should be advertised as the profit will be $82 000
B. Yes, the programme should be advertised as the profit will be $92 000
C. No, the programme should not be advertised as there will be a loss $82 000
D. No, the programme should not be advertised as there will be a loss $92 000


A. Yes, the programme should be advertised as the profit will be $82 000


Question # 3
A museum charges a reduced entrance fee for students in full-time education. The budgeted cost per customer is the same regardless of the entrance fee paid. 4,000 customers were budgeted to visit the museum during period 6, with 25% of customers paying the reduced fee. 3,000 customers visited the museum during period 6 and 1,000 of these paid the reduced entrance fee. Costs were as budgeted but the actual full-priced entrance fee was $2 higher than budgeted. Which of the following statements is true?
A. The sales mix variance is adverse and the sales quantity variance is adverse.
B. The sales mix variance is zero and the sales quantity variance is favourable.
C. The sales mix variance is adverse and the sales quantity variance is favourable.
D. The sales mix variance is zero and the sales quantity variance is adverse.


A. The sales mix variance is adverse and the sales quantity variance is adverse.


Question # 4
Changing to a just-in-time, from a traditional, manufacturing environment can affect cost accounting systems.
Which of the following statements is correct?
A. Larger volumes of inventory must be recorded
B. A greater number of individual supplier records must be maintained
C. More frequent, smaller deliveries from suppliers must be recorded
D. Less frequent, larger deliveries from suppliers must be recorded


C. More frequent, smaller deliveries from suppliers must be recorded


Question # 5
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. $1510
B. $1210
C. $1390
D. $1485


B. $1210


Question # 6
A company’s budget for the next period shows that it would breakeven at sales revenue of $800,000 and fixed costs of $320,000.
The sales revenue needed to achieve a profit of $200,000 in the next period would be:
A. $1,950,000
B. $1,780,000
C. $1,400,000
D. $1,300,000
E. $1,390,000


D. $1,300,000


Question # 7
A company makes Product A and Product B. The production process for both products uses one type of material, one type of labour, and utilises one machine. All three of these resources will be limited in November. The company has performed a linear programming model and the constraints and optimal solution, to maximise contribution, are as follows:
Constraints:


For November, which of the above constraints are binding, and which are non-binding?

Question # 8
Your company operates using TQM. As the accountant you have been tasked with producing a quality report so that management can understand how well their new range of products is being received and how the quality of the products has improved. In order to produce the report you have requested information from different departments, but you soon realise not all the information is relevant. You have information regarding the following:
Cost of downtime Training costs Environmental costs Customer returns and refunds Number of defects per unit
Which pieces of information are relevant to your report? Select ALL that apply.
A. Customer returns and refunds
B. Number of defects per unit
C. Cost of downtime
D. Training costs
E. Environmental costs


A. Customer returns and refunds
B. Number of defects per unit


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CIMA P1 Exam Dumps

Exam Name: Management Accounting
Certification Name: CIMA Operational P1 - Management Accounting

CIMA P1 exam dumps are created by industry top professionals and after that its also verified by expert team. We are providing you updated Management Accounting exam questions answers. We keep updating our CIMA Operational P1 - Management Accounting practice test according to real exam. So prepare from our latest questions answers and pass your exam.

  • Total Questions: 180
  • Last Updation Date: 16-Jan-2025

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