What do you learn in P1?
- Why costing is done and what it is used for, including appropriate costing methods and techniques and where digital costing might be used.
- How budgets are prepared and implemented across the organisation, the impact these have, and how techniques are applied to ensure sound short term decision making, against a backdrop of risk and uncertainty, by using appropriate risk management tools.
Reference: https://www.cimaglobal.com/Qualifications/Professional-Qualification/Operational-level/
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Understanding function and technical aspects of Analyse performance using financial and nonfinancial information
The following will be discussed in CIMA P1 exam dumps:
- Interpret variances to review functional and organisational performance
- Prepare performance reports for use by different functions and for different purposes in appropriate formats and media
- Explain company performance using KPIs
- Identify appropriate KPIs for different functions of the organisation
- Identify information that can enable managers to review performance
Difficulty in taking the CIMA Operational CIMA P1 Accounting
The CIMA CIMA P1 Management Accounting is a tricky little paper pass but it's one of the more interesting papers as it builds your knowledge of Management Accounting and the various concepts involved - and, after all, this is why we are studying for the CIMA qualification!
Over half (60%) of the CIMA P1 Management Accounting is concerned with;
- Cost accounting systems
- Short-Term Decision making
CIMA P1 practice exams can be a great way to prepare for this exam. With our experts, we produced the draft blueprints that provides a clearer direction on the approach to be taken in examinations.
CIMA P1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Dealing with Uncertainty in the Short Term | 15% | - Sensitivity analysis and simulation - Risk and uncertainty concepts - Expected values and decision trees - Basic internal control and risk management |
| Topic 2: Cost Accounting for Decision and Control | 30% | - Standard costing and variance analysis - Absorption, marginal and activity-based costing - Cost classification and behaviour - Costing methods and techniques |
| Topic 3: Short-Term Commercial Decision Making | 30% | - Working capital management - Pricing decisions and make-or-buy choices - Relevant costing and opportunity costs - Break-even and limiting factor analysis |
| Topic 4: Budgeting and Budgetary Control | 25% | - Flexible budgets and budgetary control - Behavioural aspects of budgeting - Quantitative analysis for forecasting - Budget preparation and approaches |
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