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P1 Practice Questions

Question # 1


Calculate the sensitivity of the investment decision to a change in the annual fixed costs.
By how much should the present value of the fixed cost increase, before this project is not viable?
A. $7698
B. $6390
C. $9050
D. $8675


D. $8675


Question # 2
A company is forecasting sales volume using time series analysis. The following equation has been derived from past data and is considered to be a reliable predictor of future sales volume: y = 20,000+80x
Where y is the total sales units each quarter and x is the time period (the first quarter of year 1 is time period 1).



The following set of seasonal variations for each quarter has been calculated using the additive model.
What is the forecast sales units for the second quarter of year 3?
A. 21,200
B. 20,400
C. 21,520
D. 20,720


A. 21,200


Question # 3
Which THREE of the following are advantages of activity-based costing (ABC), in a multi- product environment, when compared with traditional absorption costing?
A. ABC provides a better understanding of overhead costs.
B. ABC provides more accurate product costs in a complex business environment.
C. ABC is cheaper to operate.
D. ABC results in increased unit profit for each product.
E. ABC leads to better product pricing decisions.


A. ABC provides a better understanding of overhead costs.
B. ABC provides more accurate product costs in a complex business environment.
E. ABC leads to better product pricing decisions.


Question # 4
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 # 5
A company uses an activity based costing system. The company manufactures three products, details of which are given below:
A. $0.23
B. $0.27
C. $0.31
D. $0.35


B. $0.27


Question # 6
A company is considering the use of Material V in a special order.

The material is used regularly and a sufficient quantity of the material is in inventory. It could also be sold, at just below the current market price, to a local competitor.

What is the relevant cost of Material V to be used in the special contract?
A. The replacement cost of the material.
B. The resale value of the material.
C. The historic cost of the material in inventory.
D. Nil


A. The replacement cost of the material.


Question # 7
Petco's material price standard was £8 per kg.
When looking over their accounts you calculate that in fact they they purchased 2,000kg at £6 per kg due to an overly abundant harvest that lowered global pet food prices.
You have been asked by your manager to analyse these figures and come to a conclusion. With that in mind which of the following statements are correct? Select ALL that apply.
A. The material price operational variance is £4,000
B. The material price planning variance is £4,000
C. Management had control over this variance
D. Management had no control over this variance


B. The material price planning variance is £4,000
D. Management had no control over this variance


Question # 8
A company's initial budget for month 3 includes sales of $100,000, a contribution to sales (C/S) ratio of 40% and fixed costs of $20,000.
If the budgeted sales volume in month 3 is reduced by 5% but contribution per unit, total fixed costs and sales mix are unchanged, which of the following statements, about the change to the budgeted profit or contribution in month 3 is true?
A. The revised budgeted profit would be lower by less than 5%.
B. The revised budgeted profit would be lower by more than 5%.
C. The revised budgeted contribution would be lower by less than 5%.
D. The revised budgeted contribution would be lower by more than 5%.


B. The revised budgeted profit would be lower by more than 5%.


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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: 24-Feb-2025

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