cima P1 exam track

Topics: Cash flow, Quake II, Cost accounting Pages: 34 (1633 words) Published: November 7, 2013
Exam Questions by Learning Outcomes

P1 - Performance
operations

May-10

Sep-10

Nov-10

Mar-11

May-11

Sep-11

Nov-11

Mar-12

May-12

Sep-12

Nov-12

Mar-13

Q1.2
2 marks

Q3a(i)
4 marks

May-13

Q3a(i)
4 marks

A - Cost accounting systems
(30%)
Q3b(i)
4 marks
Q3b(ii)
4 marks

1. Discuss costing methods
and their results
(a) compare and contrast marginal
(or variable), throughput and
absorption accounting methods in
respect of profit reporting and
stock valuation;
(b) discuss a report which
reconciles budget and actual profit
using absorption and/or marginal
costing principles;
(c) discuss activity-based costing
as compared with traditional
marginal and absorption costing
methods, including its relative
advantages and disadvantages as
a system of cost accounting;
disadvantages as a system of cost
accounting;
(d) apply standard costing
methods, within costing systems,
including the reconciliation of
budgeted and actual profit
margins;
(e) explain why and how
standards are set in
manufacturing and in service
industries with particular reference
to the maximisation of efficiency
and minimisation of waste;

(f) interpret material, labour,
variable overhead, fixed overhead
and sales variances,
distinguishing between planning
and operational variances;
(g) prepare reports using a range
of internal and external
benchmarks and interpret the
results;
Updated: June 2013

Q3a
5 marks

Q3a
4 marks

Q3a
13 marks

Q1.4
2 marks
Q1.5
2 marks

Q2f
5 marks

Q3c
6 marks

Q3c
6 marks

Q3b
13 marks
Q3c
7 marks

Q2e
5 marks

Q2d
5 marks

Q3a(ii)
12 marks
Q3b
3 marks
Q3c
6 marks

Q3b
14 marks
Q3C
7marks

Q3b
5 marks
Q3d
6 marks

Q3a
19 marks

Q3a
6 marks
Q3c
11 marks

Q3a
12 marks
Q3d
4 marks

Q3a
10 marks

Q3a
12 marks
Q3b
5 marks

Q2f
5 marks
Q3b
3 marks
Q3c
6 marks
Q3d
6 marks

Q1.3
2 marks
Q3a
11 marks

Q3a
17 marks

Q2a(iii)
5 marks

Q1.4
2 marks
Q1.6
3 marks
Q1.8
4 marks
Q3b
4 marks

Q3a(ii)
9 marks
Q3b
6 marks
Q3c
6 marks
Q1.4
2 marks
Q3a
11 marks

Q3b
6 marks

Q3a
19 marks

Q3b
6 marks
Q3c
6 marks

Q1.4
2 marks
Q1.5
2 marks

Q1.3
2 marks
Q1.4
2 marks

Q3e
5 marks

Q3b
5 marks
Q3d
3 marks

Q2c
5 marks

Q2c
5 marks

Q3 b, c, d
14 marks

1

Exam Questions by Learning Outcomes

P1 - Performance
operations
(h) explain the impact of just-intime manufacturing methods on cost accounting and the use of
‘back-flush accounting’ when workin-progress stock is minimal. 2. Explain the role of MRP and
ERP systems. 
(a) explain the role of MRP and
ERP systems in supporting
standard costing systems,
calculating variances and
facilitating the posting of ledger
entries.
3. Apply principles of
environmental costing
(a) apply principles of
environmental costing in
identifying relevant internalised
costs and externalised
environmental impacts of the
organisation’s activities.

May-10

Sep-10

Nov-10

Mar-11

May-11

Sep-11

Q2c
5 marks

Nov-11

Mar-12

May-12

Q3d
4 marks

Sep-12

Nov-12

Mar-13

Q3c
4 marks

May-13
Q1.2
2 marks

Q2c
5 marks

Q2d
5 marks

Q2d
5 marks

B - Forecasting and budgeting
techniques (10%)
1. explain the purposes of
forecasts, plans and budgets.

(a) explain why organisations
prepare forecasts and plans;
(b) explain the purposes of
budgets, including planning,
communication, co-ordination,
motivation, authorisation, control
and evaluation, and how these
may conflict.
2. prepare forecasts of financial
results. 
(a) calculate projected
product/service volumes
employing appropriate forecasting
techniques;
(b) calculate projected revenues
and costs based on
product/service volumes, pricing
strategies and cost structures.

Updated: June 2013

Q1.8
4 marks
Q2f
5 marks

Q2a
5 marks

Q2a
5 marks...
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