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Cima P1 Exam Question No 58

Question No 58:

Why split sales volume variance to sales mix variance and sales quantity variance?Sales Volume Variance - Enables Management to identify contribution of sales team to acheive revised sales budget.
[Actual sales vol. - Budgeted sales vol.] × Budgeted Profit /unit

Sales Mix Variance - Enables management to see how much variance is due to actual sales mix differ from budgeted sales mix
[ Actual sales - Actual sales @ budget mix] × Budgeted Profit /unit

Sales Quantity Variance - Allows management to see how much variance is caused by difference between actual sales and budgeted sales.
[ Actual sales @ budget mix - Budgeted sales] × Budgeted Profit /unit

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UK-based CA Courses Get Popular with City Students

Accounting certifications offered by the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accounts (CIMA) issued by various agencies in the UK are gaining popularity among students.

Although public accountant (CA) course is sufficient to provide good employment opportunities, students who aspire to work abroad and take excellent opportunist available work multinationals are willing to spend a lot to ACCA study and CIMA in the institutes city accredited .

Many students who have completed class XII intend to seize these opportunities and start their careers. But industry experts suggest otherwise.

"ACCA is considered an internationally recognized financial certification and acceptance in more than 170 countries.The program them is consistent with that of International Financial Reporting Standards financière.Les chief financial officers (CFOs) in the world is a staff qualified ACCA" Paul said TJ, associate Director, Group VidyaBharathi institutions.

He said that while it was mandatory for students appearing for the examination of common competition (CPT) before proceeding with the AC, no such tests of access for ACCA. Unlike CA, ACCA has no system of group and students can write each item separately.

In addition, the general belief is that the Institute of Chartered Accountants of India (ICAI), the governing body imposes severe restrictions on the number of students who pass the exams each year. Students are very happy to accept CA. The mandatory three-year commitment after completing the course is not flattering, "he added.

Students who have completed class XII can follow the ACCA. 14 documents should stop. CIMA is more about management and accounting. Students appearing for this certification after class XII written 17 articles, including (14 documents and three case studies). ACCA and CIMA courses can be completed within three years.

According accredited institutions, CIMA is like a combination of ICWA and MBA courses offered in India. "The CIMA is higher than the ACCA level," Paul said. ACCA and CIMA provided by organizations in the UK.

The first three documents are computer ACCA exams. These tests are in sight and no restrictions of time or number of attempts. The rest of the documents are in write mode and carried out by an authorized inspection center for ACCA normally focuses the British Council worldwide. The service is available to Kochi. For CIMA, students can take the test at any time. But they can not study the case after finishing a pillar.

"Students can enroll in these courses online, and directly with the institutes to étranger.Les fees must be paid in sterling," Lakshya Jayakrishnan CA Campus, Kochi said. According to him, accredited institutes offering training costs about Rs 4 lakh for ACCA three years. "This includes the registration fee, examination and training," he added.

Cima P1 Exam Question No 57

Question No 57:

Which ONE of the following is NOT considered to be a cost of holding inventory?

A. Loss of goodwill as a result of being unable to complete customer orders due to lack of inventory
B. Insurance cost of inventory
C. Storage cost of inventory
D. Interest on cash invested in inventory

Answer: A

Cima P1 Exam Question No 56

Question No 56:

Which of the following is not a symptom of overtrading?

A. Increasing levels of inventory
B. Increasing levels of trade receivables
C. Increasing levels of current liabilities
D. Increasing levels of long term borrowings

Answer: D

Cima P1 Exam Question No 55

Question No 55:

Which ONE of the following is NOT considered to be a cost of holding inventory?

A. Loss of goodwill as a result of being unable to complete customer orders due to lack of inventory
B. Insurance cost of inventory
C. Storage cost of inventory
D. Interest on cash invested in inventory

Answer: A

Cima P1 Exam Question No 54

Question No 54:

Which ONE of the following is NOT considered to be a cost of holding inventory?

A. Loss of goodwill as a result of being unable to complete customer orders due to lack
of inventory
B. Insurance cost of inventory
C. Storage cost of inventory
D. Interest on cash invested in inventory

Answer: A

Better Decision Making Seminar by CIMA in Galway

Improve decision-making in business will be a series of half-day seminars Galway on Wednesday. The seminars, organized by the Institute of Management Accountants (CIMA), the challenges will be examined to make informed management decisions.

According to a report CIMA, information overload, excessive bureaucracy and lack of confidence were cited as contributing to the overall poor business decision. More than three quarters (80 percent) of 300 senior executives Board of Directors interviewed for the report of that incorrect information is used to make strategic decisions, while 42 percent admitted that his organization had lost a competitive advantage due to slow decision-making.

About 36 percent said their organization struggling with information overload, and 32 percent said large volumes of data has actually made things worse. Almost a third, 29 percent, said the biggest obstacle to making decisions is more effective coordination problems caused by compartmentalized and bureaucracy. Roger Acton, Head of CIMA Ireland, said that organizations need to treat the decision as to critical processes to continuously improve and professionalize business.

"We are in the era of big data and common wisdom is that more is better," he said. "However, our research has revealed that big data is actually making life more difficult for people responsible for making in many organizations, as they are unable to extract the relevant information and turn it into a decision tree.

"With a deep knowledge of financial and non-financial factors value of the company, the role of accounting and finance plays an essential role in connecting the right information with the right people to achieve a competitive advantage for companies."

Speakers at the event Galway, which takes place at the G Hotel, include controller of Nortel Networks Gerry Staunton, chief financial officer of Ingersoll Rand (operations Galway) Michael Stratford and financial supply chain advantage to Boston Scientific Dermot Bohan . The second event in the series will take place in Belfast on May 18

Cima P1 Exam Question No 53

Question No 53:

 A company is considering offering its customers an early settlement discount. The company currently receives payments from customers on average 65 days after the invoice date. The company is considering offering a 2% early settlement discount for payment within 30 days of the invoice date. The effective annual interest rate of the early settlement discount using compound interest methodology and assuming a 365 day year is:

A. 22.94%
B. 20.86%
C. 23.45%
D. 27.85%

Answer: C

Cima P1 Exam Question No 52

Question No 52:

A certificate of deposit is best described as:

A. A debt instrument which offers a fixed rate of interest over a fixed period of time and with a fixed redemption value.
B. A negotiable instrument which provides evidence of a fixed term deposit with a bank.
C. A document which sets out a commitment to deposit a sum of money at a specified point in time.
D. A certificate which shows ownership of part of the share capital of a company.

Answer: A

Cima P1 Exam Question No 51

Question No 51:

A company has a real cost of capital of 6% per annum and inflation is 3% per annum.
The company’s money cost of capital per annum is:

A. 9.00%
B. 2.91%
C. 3.00%
D. 9.18%

Answer: D

Cima P1 Exam Question No 50

Question No 50:

AB is preparing its cash budget for the next quarter. Which of the following items should NOT be included in the cash budget?
 
A. Payment of tax due on last year’s profits
B. Gain on the disposal of a piece of machinery
C. Repayment of the capital amount of a loan
D. Receipt of interest from short term investments

Answer: B

Cima P1 Exam Question No 49

Question No 49:

The details of four short term investments are as follows:

Investment A pays interest of 1.7% every 3 months
Investment B pays interest of 3.4% every 6 months
Investment C pays interest of 5.4% every 9 months
Investment D pays interest of 7.0% every 12 months
The investment that gives the highest effective annual rate of interest, assuming that the interest is reinvested, is:

A. Investment A
B. Investment B
C. Investment C
D. Investment D

Answer:

Investment A = (1.017)4 = 6.975%
Investment B = (1.034)2 = 6.916%
Investment C = (1.054)12/9 = 7.264%
Investment D = 7%

Answer: C

Cima P1 Exam Question No 48

Question No 48:

The committee of a new golf club is setting the annual membership fee. The number of members depends on the membership fee charged and economic conditions. The forecast annual cash inflows from membership fees are shown below.
 

If the minimax regret criterion is applied the fee set by the committee would be:

A. $600
B. $800
C. $900
D. $1,000

Answer: B

Cima P1 Exam Question No 47

Question No 47:

The committee of a new golf club is setting the annual membership fee. The number of members depends on the membership fee charged and economic conditions. The forecast annual cash inflows from membership fees are shown below.

If the maximin criterion is applied the fee set by the committee would be:

A. $600
B. $800
C. $900
D. $1,000

Answer: B

Cima P1 Exam Question No 46

Question No 46:

A company has a money cost of capital of 9%. The rate of inflation is 3%. The company’s real cost of capital is nearest to?

A. 6.0%
B. 12.0%
C. 12.3%
D. 5.8%

Answer: D

Cima P1 Exam Question No 45

Question No 45:

The correct definition of a bill of exchange is?

A. A negotiable instrument which provides evidence of a fixed-term deposit with a bank
B. A document setting out a commitment to pay a sum of money at a specified point in time
C. A debt obligation with a long term maturity usually issued by companies and governments
D. A legal document showing the right to receive interest and capital repayment

Answer: B

Cima P1 Exam Question No 44

Question No 44:

FP has decided not to use the EOQ and has decided to order 2,600 calculators each time an order is placed. The total ordering and holding costs per annum will be:

A. $5,240
B. $19,800
C. $208,014
D. $3,420

Answer: D

Cima P1 Exam Question No 43

Question No 43:

The economic order quantity (EOQ) for this model of calculator will be?

A. 2,438 units
B. 771 units
C. 67 units
D. 2,060 units

Answer: A

Cima P1 Exam Question No 42

Question No 42:

A company’s management is considering investing in a project with an expected life of 4 years. It has a positive net present value of $180,000 when cash flows are discounted at 8% per annum. The project’s cash flows include a cash outflow of $100,000 for each of the four years. No tax is payable on projects of this type.
The percentage increase in the annual cash outflow that would cause the company’s management to reject the project from a financial perspective is, to the nearest 0.1%:

A. 54.3%
B. 45.0%
C. 55.6%
D. 184.0%

Answer: A

Cima P1 Exam Question No 41

Question No 41:

A decision maker who makes decisions using the maximin criterion would be classified as?

A. Risk averse
B. Risk seeking
C. Risk neutral
D. Risk spreading

Answer: D

Cima P1 Exam Question No 40

Question No 40:

Which ONE of the following transactions will affect the overall amount of working capital?

A. Receipt of the full amount of cash from a trade receivable
B. Payment of an account payable
C. Sale of a non-current asset on credit at its net book value
D. Purchase of inventory on credit

Answer: C

Cima P1 Exam Question No 39

Question No 39:

Using an additive time series model, the amount of the seasonal variation for Quarter 2 would be?

A. - 2,680
B. - 2,360
C. + 2,680
D. + 2,360

Answer: B

Cima P1 Exam Question No 38

Question No 38:

FP has decided not to use the EOQ and has decided to order 2,600 calculators each time an order is placed. The total ordering and holding costs per annum will be:

A. $5,240
B. $19,800
C. $208,014
D. $3,420

Answer: D

Cima P1 Exam Question No 37

Question No 37:

The economic order quantity (EOQ) for this model of calculator will be?

A. 2,438 units
B. 771 units
C. 67 units
D. 2,060 units

Answer: A

Cima P1 Exam Question No 36

Question No 36:

A company’s management is considering investing in a project with an expected life of 4 years. It has a positive net present value of $180,000 when cash flows are discounted at 8% per annum. The project’s cash flows include a cash outflow of $100,000 for each of the four years. No tax is payable on projects of this type.
 
The percentage increase in the annual cash outflow that would cause the company’s management to reject the project from a financial perspective is, to the nearest 0.1%:

A. 54.3%
B. 45.0%
C. 55.6%
D. 184.0%

Answer: A

Cima P1 Exam Question No 35

Question No 35:

A decision maker who makes decisions using the expected value criterion would be classified as:

A. Risk averse
B. Risk seeking
C. Risk neutral
D. Risk spreading

Answer: C

How much does the average qualified management accountant in Scotland earn?

The qualified Chartered Institute of Management Accountants members earn an average base salary of £ 55,720 in 2015, more than double the national average wage in the UK of £ 27,200, a survey conducted by the professional association found.

CIMA added that on top of the basic salary, 56 percent of students in Scotland CIMA expects to receive a bonus in 2015, with the average payment is 8 percent of annual salary.

Cima P1 Exam Question No 34

Question No 34:

The correct definition of a bill of exchange is?

A. A negotiable instrument which provides evidence of a fixed-term deposit with a bank
B. A document setting out a commitment to pay a sum of money at a specified point in time
C. A debt obligation with a long term maturity usually issued by companies and governments
D. A legal document showing the right to receive interest and capital repayment

Answer: B