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Prepare for the CIMA BA2 - Fundamentals of Management Accounting exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
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The questions for CIMAPRA17-BA2-1 were last updated on Feb 18, 2025.
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In an integrated cost and financial accounting system, the accounting entries for the purchase of raw material on credit would be:
Refer to the Exhibit.
Fabex Ltd manufactures a household detergent called "Clear". The standard data for one of the chemicals used in production (chemical XTC) is as follows:
(a) 50 litres used per 100 litres of 'Clear' produced
(b) Budgeted monthly production is 1000 litres of 'Clear'.
The closing inventory of chemical XTC for November valued at standard price was as follows:
Actual results for the period during December were as follows:
(a) 500 litres of chemical XTC was purchased for 1300.
(b) 550 litres of chemical XTC was used.
(c) 900 litres of 'Clear' was produced.
It is company policy to extract the material price variance at the time of purchase.
What is the total direct material price variance (to the nearest whole number)?
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 absorption of production overhead for the period would be:
A feature of a normal curve is that it is asymptotic, meaning that _______.
During the first financial period of this year a company posted profit of 340,000. However, their overheads were over absorbed by 20,000 in this period. As a result they tried to update their absorption rate for the current period and as such they ended up under absorbing their overheads by 12,000.
They have also reported a sales volume increase of 550 when comparing this period to last.
You have been given the following information on unit cost/prices:
Selling price = 95 per unit
Variable production cost per unit = 15
Variable selling cost per unit = 18
Fixed overhead per unit = 8
They have asked you to reconcile their profit between periods.
Based on the information you have been given, what is their profit for the current period?
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