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P1 Exam Dumps : Management Accounting

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Management Accounting Questions and Answers

Question 1

A company manufactures a single product. The following budgeted data applies to month 6:

What was the budgeted fixed production overhead for month 6?

Give your answer to the nearest whole $ (in '000s).

Options:

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Question 2

Demand for two products, A and B is 1,000 units and 2,000 units respectively. Each unit of Product A requires 8 kg of material and each unit of Product B requires 5 kg of material. The maximum availability of material is 17,200 kg. Contribution per unit of A is $10 and per unit of B is $9.

Place the production volumes of Product A and Product B, that will maximize contribution, in the table.

Options:

Question 3

A company produces trays of pre-prepared meals that are sold to restaurants and food retailers. Three varieties of meals are sold: economy, premium and deluxe. 

Discuss the benefits of flexible budgeting for planning and control purposes.

Select all the true statements.

Options:

A.

A fixed budget will provide meaningful control information when actual activity differs from budget and variable costs are significant.

B.

If actual sales revenue is compared to a fixed budget it is possible to tell whether a favourable sales variance is due to an increase in units sold or an increase in sales price.

C.

If sales volumes were well above budget, adverse variable cost variances will probably be reported, against the fixed budget, since more variable costs have to be incurred to support the higher level of activity.

D.

Reporting against a fixed budget tells management nothing about the efficiency of operations.

E.

If a flexible budget is prepared then the budget variances calculated will provide a better indication of performance since actual results will be compared against an appropriate benchmark.

F.

The fixed budget however provides more insight into actual performance.