CIMA BA2

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CIMA Fundamentals of management accounting Sample Questions:

1. Refer to the exhibit.

The prime cost of product 'Z' is as follows:
Overheads are absorbed at £4.00 per labor hour in Department 1 and £6.00 per labor hour in Department 2.
The production cost of Product Z, to the nearest £, will be:
Give your answer to 2 decimal places.

2. A manufacturing company uses an absorption based costing system. At the start of the period they planned to make 30,000 units at a selling price of £900 per unit Fixed overheads were expected to be £900,000. The variable cost per unit is £300.
At the end of the period actual overheads were £858,000, and 33,000 units were produced, of which 32,000 were sold.
Which of the following statements are TRUE? Select ALL that apply.

A) The fixed overhead absorption rate is £30 per unit.
B) Overheads were over-absorbed by £132,000.
C) The Gross Profit was £18,240,000.
F, The Gross Profit was £19,200,000.
D) Overheads were under-absorbed by £2,000.
E) The Net Profit was £18,342,000.
F) The fixed overhead absorption rate is £26.00 per unit.
G) The Net Profit was £18,372,000.

3. Refer to the exhibit.

A company currently manufactures a component which has the following costs per unit:
If the fixed overhead costs are unavoidable costs, what is the maximum price the company should be willing to pay to buy-in the component?
Give your answer to 2 decimal places.

4. A company uses an integrated accounting system and absorbs production overhead using a predetermined rate of $6 per machine hour.
Last period a total of 25,500 machine hours were worked and the actual production overhead incurred was
$158,000.
The accounting entries for the production overhead under- or over-absorbed for the period would be:

A) Debit: income statement $5,000
Credit: production overhead control account $5,000
B) Debit: work in progress control account $5,000
Credit: income statement $5,000
C) Debit: work in progress control account $5,000
Credit: production overhead control account $5,000
D) Debit: production overhead control account $5,000
Credit: income statement $5,000

5. FL uses an absorption costing system. The overhead absorption rate for production overheads is $8.60 per direct labour hour.
Budgeted production overhead costs for the year were $473,000 and actual costs incurred were $468,000.
56,000 labour hours were used.
Which ONE of the following statements is correct?

A) Overheads were over-absorbed by $13,600
B) Overheads were under-absorbed by $5,000
C) Overheads were over-absorbed by $8,600
D) Overheads were under-absorbed by $8,600

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