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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. 'A zero-based budgeting system involves establishing decision packages that are then ranked in order of their relative importance in meeting the organization's objectives'.
Which of the following is true regarding he difficulties that a not-for-profit organization may experience when trying to rank decision packages.
Select ALL true statements.

A) Management may decide to reject packages even though the activity was done last year. In this way the organization is said to be starting from a zero base with each package given due consideration.
B) Each decision package is evaluated. Its costs are compared to its benefits and net present values or other measures calculated.
C) Management may decide to accept packages even though the activity was done last year. In this way the organization is said to be starting from a 100% cost base with each package given due consideration.
D) Some of these packages will be inclusive and will require operations to select the best solution to the issue involved.
E) In a public sector body, for example, decision packages will relate to very disparate activities.
F) The activities that are being proposed in a budget are described in variable packages. There will often be more less than one decision package proposed for an activity.
G) In a public sector body, for example, decision packages will relate profit making activities.
H) The activities that are being proposed in a budget are described in decision packages. There will often be more than one decision package proposed for an activity.
I) Some of these packages will be mutually inclusive and will require management to select the best solution to the issue involved.

2. Explain THREE benefits that organizations gain from using budgetary planning and control systems.
Select ALL the true statements.

A) The budget acts as a variable mechanism, with actual results being compared with budget.
B) Budgeting forces an organization's management to look ahead and set performance targets.
C) The budget ensures actions of different parts of the organization are coordinated are reconciled otherwise managers take actions for the benefit of their own part of organization that may not benefit the organization as a whole.
D) It provides a standard which managers may be motivated to achieve. It can also encourage inefficiency
and conflict between managers particularly if the budget is imposed from above, whereby it may act as a threat rather than as a challenge.
E) The budget is a useful device of influencing an operator's thoughts and motivating operators to perform in line with the organization's marketing budget.
F) The budget provides an external benchmark against which performance against which performance can be evaluated.
G) Another benefit of budgeting is to set targets to motivate managers and optimize their performance.

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

4. 'Public sector organizations are often judged by their economy, efficiency and effectiveness. Consequently, they should use an approach to budgeting other than incremental budgeting.' Required:
Explain ONE advantage and TWO disadvantages of public sector organizations using incremental budgeting.
Select all true statements.

A) Public sector organizations tend to be fairly complex and in many cases outputs cannot be measured in monetary terms therefore the link between inputs and outputs is difficult to establish. An incremental approach can therefore provide a cost effective approach to budgeting.
B) The main advantage of incremental budgeting is that the cost of past activities becomes fixed and any inefficiencies or wastage is perpetuated.
C) The incremental approach means that budget holders in public sector organizations will be encouraged to use up this year's budget will be as high as possible.
D) Under an incremental approach to budgeting, existing operations and the current budgeted allowance for these existing activities are taken as the base level for preparing the budget.
E) An incremental; approach is not as easy and fast to implement than other forms of budgeting approaches e.g. zero based budgeting.
F) The incremental approach encourages managers in public sector organizations to look at the efficiency and effectiveness of activities undertaken.

5. A master budget comprises the...

A) budgeted income statement and budgeted capital expenditure only
B) budgeted income statement and budgeted balance sheet only.
C) budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
D) budgeted income statement and budgeted cash flow statement only.

Solutions: