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Chartered Management Accountants (CIMA)
The Chartered Institute of Management Accountants (CIMA)
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Past Paper
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Flexible budget is a budget with the following features
A. Changes with variable expenses.
B. Changes with fixed expenses.
C. Changes with volume of production.
D. Remains the same.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Break Even can be calculated as under
A. FC I- VC TR.
B. ______VC_______ FC - TR TC.
C. All of these.
D. None of these.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Sales budget must be prepared
A. Depending on production capacity.
B. Based on marketing efforts.
C. Based on average market volume.
D. Based on Sales forecasts of market.
Jamal Khan
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Fixed Cost
A. remains the same if rent increase.
B. changes with production.
C. Never changes even if production capacity is doubled.
D. None of these.
Jamal Khan
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Conversion cost is equal to
A. Labour Cost + Overhead Cost.
B. Direct Labour + Material Cost.
C. Material Cost + Overhead Cost.
D. None of these.
Jamal Khan
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Process Costing method is related to
A. Flour industry.
B. Furniture industry.
C. Cement industry.
D. All of these.
Jamal Khan
MANAGEMENT SCIENCES
-
Cost & Management Accounting
A good Cost Accounting System is
A. If it enables management to increase productivity and rationalize cost structure.
B. If it cannot be reconciled with financial accounts.
C. If it computes estimated cost only.
D. If it only calculate cost figures.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Financial Management
Sources of funds can be increased by
A. Increasing selling prices.
B. decreasing revenues.
C. Increasing expenses.
D. None of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Taxation Management
For which taxpayer Income Tax rates are the same
A. Banking companies in pakistan.
B. Limited liability companies.
C. Partnerships.
D. None of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Taxation Management
If a firm has paid super-tax, its partners may follow any one of the following behaviors
A. No need to pay income tax, even if the income exceeds the taxable limit.
B. Pay income tax as required under the law.
C. Pay income tax, even if the income does not exceed the taxable income.
D. None of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Taxation Management
Income Tax is levied on
A. Premptive income.
B. Presemptive income.
C. Superlative income.
D. Luxurious income.
Bashir Farooqi
MANAGEMENT SCIENCES
-
Financial Management
Economic resources of a business that are expected to be of benefit in the future are referred to as
A. Assets.
B. Liabilities.
C. Owner's equity.
D. None of these.
Bashir Farooqi
MANAGEMENT SCIENCES
-
Financial Management
An owner investment of land into the business would
A. Increase owner’s equity.
B. Increase withdrawls.
C. Decrease liabilities.
D. None of these.
Bashir Farooqi
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Net income plus operating expenses is equal to
A. Cost of goods available for sale.
B. Net sales.
C. Gross profit.
D. None of these.
Bashir Farooqi
MANAGEMENT SCIENCES
-
Cost & Management Accounting
The maximum number of partners in Pakistan can be fixed at the following
A. 10.
B. 20.
C. 30.
D. 40.
Bashir Farooqi
MANAGEMENT SCIENCES
-
Public Finance
Rapid Financing Instrument” and “Rapid Credit Facility” are related to the provisions of lending by which one of the following
A. United Nations Environment Programme Finance Initiative.
B. International Monetary Fund.
C. Asian Development Bank.
D. World Bank.
Fani Warraich
MANAGEMENT SCIENCES
-
Public Finance
With reference to the “G20 Common Framework”, consider the following statements. 1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct?
A. 1 only.
B. 2 only.
C. Both 1 and 2.
D. None of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Cost & Management Accounting
The master budget comprises of
A. A balance sheet.
B. An income statement.
C. Cash budget.
D. All of above.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Cost volume profit analysis is the method used to estimate the impact on profit is of changes in
A. Sale volume.
B. Unit sale price.
C. Unit variable cost.
D. All of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Cost & Management Accounting
In a manufacturing company product cost include
A. Material + Labour + Overhead cost.
B. Labor + overhead cost.
C. All of these.
D. None of these.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Cost & Management Accounting
When purchase merchandise is returned under a perpetual inventory system a credit would be made to
A. Purchases.
B. Purchase return.
C. Carriage in.
D. Stock.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Which of the fallowing accounts would not be included in the computation of the cost of goods sold
A. Purchases.
B. Freight in.
C. Purchase discount lost.
D. Purchase discount.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Cost & Management Accounting
Total manufacturing cost for a period includes all of the fallowing except
A. Total material cost.
B. Total labour cost.
C. Total overhead cost.
D. Cost of finished goods.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Financial Management
Quick Asset includes which of the fallowing
A. Cash.
B. Marketable securities.
C. Debtors.
D. A & B above.
Muhammad Tayyab Ikhlas
MANAGEMENT SCIENCES
-
Public Finance
Pakistan follows the following budgeting system at Federal level
A. Procedural budgeting.
B. Cost benefit budgeting.
C. Incremental / decremental budgeting.
D. None of these.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
What is the primary purpose of calculating the Cost of Goods Sold (COGS)?
A. To determine the cost of producing goods.
B. To determine the selling price of goods.
C. To determine the profit margin of goods sold.
D. To determine the value of inventory.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
A company has the following costs: Direct Materials: Rs. 100,000 Direct Labor: Rs. 150,000 Overheads: Rs. 50,000 (25% of which is fixed) Opening Inventory: Rs. 20,000 Closing Inventory: Rs. 30,000 What is the COGS?
A. 250,000.
B. 240,000.
C. 260,000.
D. None of the above.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
A company has two products, A and B. The cost of producing one unit of A is Rs. 100, and the cost of producing one unit of B is Rs. 150. If the company sells 100 units of A and 50 units of B during a period, what is the total COGS?
A. 20,000.
B. 22,000.
C. 30,000.
D. 40,000.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
What is the effect on COGS if the opening inventory is overvalued?
A. COGS remains the same.
B. COGS is understated.
C. COGS is overstated.
D. COGS is not affected.
Fani Warraich
MANAGEMENT SCIENCES
-
Ethical & Professional Standards & Responsibilities
An analyst at a financial firm receives a non-public tip about an upcoming merger from a friend who works at the target company. According to the CFA Institute Standards of Professional Conduct, how should the analyst proceed?
A. Buy shares in the target company before the merger is publicly announced to benefit from the insider information..
B. Share the information with clients, ensuring they have the opportunity to invest before the news becomes public..
C. Report the information to their supervisor and the firm's compliance department, and refrain from trading on it..
D. Disclose the information to a reputable financial news outlet to ensure a level playing field for all investors..
Fani Warraich
MANAGEMENT SCIENCES
-
Ethical & Professional Standards & Responsibilities
A portfolio manager receives a gift from a client valued at $200 after achieving substantial returns for the client’s portfolio. According to the CFA Institute Standards, how should the portfolio manager handle this situation?
A. Accept the gift and thank the client, as the value is less than $500 and considered reasonable..
B. Accept the gift, but report it to their employer in accordance with the firm's policies on gifts and entertainment..
C. Politely decline the gift to avoid any appearance of a conflict of interest or preferential treatment..
D. Return the gift and inform the client that accepting gifts violates the CFA Institute's ethical standards..
Fani Warraich
MANAGEMENT SCIENCES
-
Ethical & Professional Standards & Responsibilities
Which of the following best describes a requirement for firms to comply with GIPS standards?
A. Firms must present all individual performance figures to clients, including those that are hypothetical or back-tested..
B. Firms must adhere to the specific performance calculation and presentation standards prescribed by GIPS..
C. Firms are required to verify their GIPS compliance through a third-party auditor every year..
D. Firms must ensure that all employees receive GIPS training annually..
Fani Warraich
MANAGEMENT SCIENCES
-
Ethical & Professional Standards & Responsibilities
A financial advisor discovers that a junior analyst in their team has inadvertently shared a client’s confidential information with a third party. According to the CFA Institute's Standards of Professional Conduct, what should the financial advisor do first?
A. Terminate the junior analyst’s employment immediately to prevent further breaches..
B. Inform the client about the breach and take steps to mitigate any potential damage..
C. Report the incident to their compliance department and follow the firm's protocols for handling such breaches..
D. Contact the third party and request them to delete or return the confidential information..
Contributor(4)
Fani Warraich
Bashir Farooqi
Jamal Khan
Muhammad Tayyab Ikhlas