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Cima Past Papers




Here you find Cima's all level Past Papers for last

5 years

Operational Level:

Cima P1 November 2014

Cima E1 November 2014

Cima F1 November 2014

Management Level:




Strategic Level:




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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 SECTIONInstructions for answering Section A:The answers to the eight sub-questions in Section A should ALL be written in your answerbook.Your answers should be clearly numbered with the sub-question number then ruled off, sothat 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 havechosen. 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 themethod you use to answer these sub-questions.

Question One1.1 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[You are advised to spend no longer than 36 minutes on this question.]ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTIONInstructions for answering Section A:The answers to the eight sub-questions in Section A should ALL be written in your answerbook.Your answers should be clearly numbered with the sub-question number then ruled off, sothat 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 havechosen. You do not need to start a new page for each sub-question.

Question One1.1 Which ONE of the following is NOT associated with the internal governance of acompany?A. The use of non-executive directors (NEDs)B. Annual environmental reportingC. The operation of remuneration committeesD. The operation of audit committees(2 marks)

For Complete File: Cima E1 Past Papers

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 SECTIONInstructions for answering Section A:The answers to the eight sub-questions in Section A should ALL be written in your answerbook.Your answers should be clearly numbered with the sub-question number then ruled off, sothat 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 havechosen. You do not need to start a new page for each sub-question.

Question One1.1 The effective incidence of a tax is:A. the date the tax is actuallyB. the person or entity that finally bears the cost of theC. the date the tax assessment isD. the person or entity paying the tax(2 marks)

For Complete File: Cima F1 Past Papers

Operational 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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OnePK is a large public company in the telecommunications sector. One of its main planning andcontrol tools is the preparation and use of traditional annual budgets. Whilst this may beappropriate for the Sales and Manufacturing divisions, it draws criticisms from the directors ofdivisions such as Training and Education, Advertising and Publicity, and Research andDevelopment who are responsible for large amounts of discretionary expenditure. Thesedirectors have submitted a joint report to the Finance Director which suggests that Zero- BasedBudgeting (ZBB) should be used for their respective divisions.The Finance Director has agreed to use the Research and Development division as a pilot forZBB for the next financial year.Question TwoCD manufactures and sells a number of products. All of its products have a life cycle of lessthan one year. CD uses a four stage life cycle model (Introduction, Growth, Maturity andDecline).



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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OneFZP Pharmaceutical Company has a published mission statement which refers to itscommitment to act in a socially responsible manner. At a recent Board meeting the ChiefExecutive presented a number of proposals outlining what she thinks the company should doto live up to its stated mission, including the recommendation that the company should havean eco-balance sheet which includes financial data on environmental costs. She hascommented that at present the company is simply complying with legislation.The Chief Executive’s proposals include the introduction of a number of social responsibilityspecific objectives linked to reducing carbon emissions in production processes, recycling andwaste disposal. These actions will require investment in clean production technologies. Shealso wants to support the local economy through making financial donations and secondingstaff to help local charities.Not all members of the Board support the Chief Executive’s proposal. In particular, she is facingstrong opposition from the Finance Director. He is concerned about the investment required toimplement the proposals and has suggested they could have a negative impact on thecompany’s financial performance and ultimately shareholder value.



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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OneNB operates a defined benefit pension plan for its employees. At 1 April 2013 the fair value ofthe pension plan assets was $8,200,000 and the present value of the pension plan liabilitieswas $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 incontributions to the pension plan in the year to 31 March 2014. The actuary estimated thatthe 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 planto all of its members. The actuary estimated that the past service cost associated with theseimprovements was $2 million.At 31 March 2014 the fair value of the pension plan assets was $10,200,000 and the presentvalue of the pension plan liabilities (including the past service costs) was$12,500,000.



Management Level:










Strategic 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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OneSome of Y’s most popular products contain peanuts. This creates a problem for Y becausemany people are allergic to peanuts and some can suffer life-threatening reactions if they areexposed to the slightest trace of peanuts. The products that contain peanuts are clearlyidentified on the packaging but there is a danger that there can be ‘cross contamination’amongst products. This can occur if Y’s equipment has been used to produce a product thatcontains peanuts and it is then used for other products or if production staff have handledpeanuts and have not changed their gloves or overalls before working on another product.Problems can also occur because some of Y’s bought-in ingredients contain peanut oil. Again,small traces of those ingredients can be very dangerous to allergy sufferers. Y requiressuppliers to identify which of the ingredients that they supply contain peanut oil.Y’s board has classified the risks associated with peanuts as high impact and high likelihood. Y’sboard requires that the risks are kept under constant review. It would be impossible toeliminate peanuts from the production process altogether because too many products containpeanuts or ingredients that include peanut oil.The purchase of cocoa is one of Y’s biggest expenses.



Strategic 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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OneY intends to continue to develop through the delivery of the two strategic objectives (pre-seenpage 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 Y’s markets and products through a wide variety of sales The focus of this ison the delivery of products the customer demands, where they are required and when theyare wanted.

• Strategic objective 2 (SO2): To enhance the customer experience through strong andeffective customer relationship The focus of this is on clear and consistent branding andmarketing to encourage customer retention and loyalty all the year round.

Y’s sales development strategiesY currently operates its own retail stores and a number of franchise outlets on the high streetsof towns and cities throughout Europe. Due to the continued challenges to the Europeaneconomy, Y’s sales on the high street have been reducing annually for the last 5 years. Despitethis,



Strategic 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. YOUSHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.Question OneY implemented a number of changes to the business during 2014 in an attempt to boostrevenues, including a shift in focus from selling its products through its own stores to sellingthrough external supermarkets. As a result, Y closed many of its own stores. It also heavilypromoted its products for sale through external supermarkets by commissioning televisionadverts 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 goodssold and total revenue in the first 9 months of 2014. However, there has been a negative effecton profit margins which fell markedly. Taking the one-off costs into account, revised forecastresults for the year ending 31 December 2014 show a lower profit after tax figure than in theprevious year.Once they were aware of the situation, the directors recognised that they had an obligation toinform 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 yearwould



Strategic Level:










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