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 P1 Dumps with Practice Exam Questions Answers

Questions: 180 questions

Last Update: Jul 20, 2024

CIMA Certification Exam P1 has been designed to measure your skills in handling the technical tasks mentioned in the certification syllabus

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P1 Questions and Answers

Question # 1

A company manufactures a single product. The cost card for a unit of this product is as follows:

During month 6, finished goods inventory increased by 350 units.

By how much would the profit differ in month 6 if finished goods inventory was valued at standard marginal cost rather than standard absorption cost?


$1,050 lower


$1,050 higher


$2,450 lower


$2,450 higher

Question # 2

A company is preparing its annual budget and is estimating the number of units of Product A that it will sell in each quarter of year 2. Past experience has shown that the trend for sales of the product is represented by the following relationship:

y = a + bx where

y = number of sales units in the quarter a = 10,000 units b = 3,000 units x = the quarter number where 1 = quarter 1 of year 1

Actual sales of Product A in Year 1 were affected by seasonal variations and were as follows:

Quarter 1:14,000 units Quarter2: 18,000 units Quarter 3: 18,000 units Quarter 4: 20,000 units

Calculate the expected sales of Product A (in units) for each quarter of year 2, after adjusting for seasonal variations using the additive model.


The expected sales for year 2 Quarter 4 was 32700 units


The expected sales for year 2 Quarter 4 was 32000 units


The expected sales for year 2 Quarter 4 was 33000 units


The expected sales for year 2 Quarter 4 was 40000 units

Question # 3

A company manufactures three products X, Y and Z.

The company is currently operating at full capacity and is unable to meet the full sales demand for Product Z.

According to the latest management accounts, Product Y is loss making, whilst X and Z both make strong positive contributions.

Which of the following is relevant when making a decision on whether or not to discontinue the manufacture of Product Y?


The salary of the sales manager who deals with all three products.


The rent and rates of the factory used to make the three products.


The contribution from additional sales of Product Z.


The cost of market research carried out last month to establish if sales of Product Y are likely to improve.

Question # 4

Which THREE of the following are advantages of activity-based costing (ABC), in a multi-product environment, when compared with traditional absorption costing?


ABC provides a better understanding of overhead costs.


ABC provides more accurate product costs in a complex business environment.


ABC is cheaper to operate.


ABC results in increased unit profit for each product.


ABC leads to better product pricing decisions.

Question # 5

Christian the management accountant at a car manufacturer has been given a list of costs that have been incurred due to accidents and errors either occurring or being prevented.

Which of the following are examples of non-conformance costs? Select ALL that apply.


Cost of scrap


Loss of goodwill


Cost of repairs to products


Inspection costs


Cost of repairs to equipment