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Operational Level:
Cima P1 November 2014
Cima E1 November 2014
Cima F1 November 2014
Management Level:
Strategic Level:
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Operational Level
Operational Level:
SECTION A 20 MARKS
[You are advised to spend no longer than 36 minutes on this question.]
ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION
Instructions for answering Section A:
The answers to the eight sub-questions in Section A should ALL be written in your answer
book.
Your answers should be clearly numbered with the sub-question number then ruled off, so
that the markers know which sub-question you are answering. For multiple choice questions,
you need only write the sub-question number and the letter of the answer option you have
chosen. You do not need to start a new page for each sub-question.
For sub-questions 1.6 to 1.8 you should show your workings as marks are available for the
method you use to answer these sub-questions.
Question One
1.1 The economic order quantity is the order quantity which results in:
A. the lowest cost of ordering inventory.
B. the highest discount from suppliers.
C. the lowest combined total costs of ordering and holding inventory.
D. the lowest cost of holding inventory.
(2 marks)
For Complete File: Cima P1 Past Papers
Operational Level:
SECTION A 20 MARKS
book.

Question One
1.1 Which ONE of the following is NOT associated with the internal governance of a
company?
A. The use of non-executive directors (NEDs)
B. Annual environmental reporting
C. The operation of remuneration committees
D. The operation of audit committees
(2 marks)
For Complete File: Cima E1 Past Papers
Operational Level:
SECTION A 20 MARKS
book.

Question One
1.1 The effective incidence of a tax is:
A. the date the tax is actually
B. the person or entity that finally bears the cost of the
C. the date the tax assessment is
D. the person or entity paying the tax
(2 marks)
For Complete File: Cima F1 Past Papers
Management Level
Management Level:
SECTION A 50 MARKS
[You are advised to spend no longer than 18 minutes on each question in this section.]
ANSWER ALL FIVE QUESTIONS IN THIS SECTION. EACH QUESTION IS WORTH 10 MARKS. YOU
SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.
Question One
PK is a large public company in the telecommunications sector. One of its main planning and
control tools is the preparation and use of traditional annual budgets. Whilst this may be
appropriate for the Sales and Manufacturing divisions, it draws criticisms from the directors of
divisions such as Training and Education, Advertising and Publicity, and Research and
Development who are responsible for large amounts of discretionary expenditure. These
directors have submitted a joint report to the Finance Director which suggests that Zero- Based
Budgeting (ZBB) should be used for their respective divisions.
The Finance Director has agreed to use the Research and Development division as a pilot for
ZBB for the next financial year.
Question Two
CD manufactures and sells a number of products. All of its products have a life cycle of less
than one year. CD uses a four stage life cycle model (Introduction, Growth, Maturity and
Decline).
Management Level:
SECTION A 50 MARKS
Question One
FZP Pharmaceutical Company has a published mission statement which refers to its
commitment to act in a socially responsible manner. At a recent Board meeting the Chief
Executive presented a number of proposals outlining what she thinks the company should do
to live up to its stated mission, including the recommendation that the company should have
an eco-balance sheet which includes financial data on environmental costs. She has
commented that at present the company is simply complying with legislation.
The Chief Executives proposals include the introduction of a number of social responsibility
specific objectives linked to reducing carbon emissions in production processes, recycling and
waste disposal. These actions will require investment in clean production technologies. She
also wants to support the local economy through making financial donations and seconding
staff to help local charities.
Not all members of the Board support the Chief Executives proposal. In particular, she is facing
strong opposition from the Finance Director. He is concerned about the investment required to
implement the proposals and has suggested they could have a negative impact on the
companys financial performance and ultimately shareholder value.
Management Level:
SECTION A 50 MARKS
Question One
NB operates a defined benefit pension plan for its employees. At 1 April 2013 the fair value of
the pension plan assets was $8,200,000 and the present value of the pension plan liabilities
was $8,500,000.
The actuary estimated that the service cost for the year to 31 March 2014 was
$2,100,000. The pension plan paid $500,000 to retired members and NB paid $1,900,000 in
contributions to the pension plan in the year to 31 March 2014. The actuary estimated that
the relevant discount rate for the year to 31 March 2014 was 6%.
On 31 March 2014 NB announced improvements to the benefits offered by the pension plan
to all of its members. The actuary estimated that the past service cost associated with these
improvements was $2 million.
At 31 March 2014 the fair value of the pension plan assets was $10,200,000 and the present
value of the pension plan liabilities (including the past service costs) was
$12,500,000.
Strategic Level
Strategic Level:
SECTION A 50 MARKS
Question One
Some of Ys most popular products contain peanuts. This creates a problem for Y because
many people are allergic to peanuts and some can suffer life-threatening reactions if they are
exposed to the slightest trace of peanuts. The products that contain peanuts are clearly
identified on the packaging but there is a danger that there can be cross contamination
amongst products. This can occur if Ys equipment has been used to produce a product that
contains peanuts and it is then used for other products or if production staff have handled
peanuts and have not changed their gloves or overalls before working on another product.
Problems can also occur because some of Ys bought-in ingredients contain peanut oil. Again,
small traces of those ingredients can be very dangerous to allergy sufferers. Y requires
suppliers to identify which of the ingredients that they supply contain peanut oil.
Ys board has classified the risks associated with peanuts as high impact and high likelihood. Ys
board requires that the risks are kept under constant review. It would be impossible to
eliminate peanuts from the production process altogether because too many products contain
peanuts or ingredients that include peanut oil.
The purchase of cocoa is one of Ys biggest expenses.
Strategic Level:
SECTION A 50 MARKS
Question One
Y intends to continue to develop through the delivery of the two strategic objectives (pre-seen
page 3) to ensure the continued growth of the business. The two strategic objectives are:
Strategic objective 1 (SO1): To engage with the widest range of customers through the
development of Ys markets and products through a wide variety of sales The focus of this is
on the delivery of products the customer demands, where they are required and when they
are wanted.
Strategic objective 2 (SO2): To enhance the customer experience through strong and
effective customer relationship The focus of this is on clear and consistent branding and
marketing to encourage customer retention and loyalty all the year round.
Ys sales development strategies
Y currently operates its own retail stores and a number of franchise outlets on the high streets
of towns and cities throughout Europe. Due to the continued challenges to the European
economy, Ys sales on the high street have been reducing annually for the last 5 years. Despite
this,
Strategic Level:
SECTION A 50 MARKS
Question One
Y implemented a number of changes to the business during 2014 in an attempt to boost
revenues, including a shift in focus from selling its products through its own stores to selling
through external supermarkets. As a result, Y closed many of its own stores. It also heavily
promoted its products for sale through external supermarkets by commissioning television
adverts and paying for prominent displays at the ends of aisles and near to points of sale.
There have therefore been some large one-off costs in the first half of 2014.
The shift in business strategy has resulted in a significant increase in both the volume of goods
sold and total revenue in the first 9 months of 2014. However, there has been a negative effect
on profit margins which fell markedly. Taking the one-off costs into account, revised forecast
results for the year ending 31 December 2014 show a lower profit after tax figure than in the
previous year.
Once they were aware of the situation, the directors recognised that they had an obligation to
inform investors of revised profit after tax expectations for the year ending 31 December 2014.
Six months earlier they had indicated to the market that results for the current financial year
would
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