PDF Version DemoWhat 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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Certification Path for CIMA Operational CIMA P1 Accounting
The CIMA Professional Qualification is suited for anybody who wants to pursue a career in finance focusing on accounting, reporting and business strategy. It is quite different than the conventional courses which concentrate more on accounting, taxation and audit.
CBAs are available for all the papers of the Certificate Level and can be taken at any time of the year, allowing students to progress through CIMA papers at their own pace.
CBA uses computers to deliver questions and receive answers. Objective test questions are used in the assessment (the most common type is multiple choice but there are other formats).
The CBA system has many benefits:
- You will receive individual performance feedback after the assessment, if you are unsuccessful this will help you to identify the areas of the syllabus where you require a better understanding of the topics.
- Upon successfully completing an exam by computer based assessment you will receive a ‘Certificate of Achievement' from the centre. Your student record will automatically be updated by CIMA and an exemption will be awarded for the appropriate paper based subject.
- You can also re-sit assessments as and when you are ready.
- You will receive your results immediately after you finish the assessment, because the computer can mark it instantly.
- You can sit computer based assessment whenever you wish - you aren't restricted to the two paper based exam sittings per year.
- CBA can be taken at any time of the year, provided that you are a registered CIMA student. However, if you are using CBA to fast track through to the Intermediate level papers you need to be aware of CIMA's registration, exam entry and exemption deadlines.
- CBA allows for a wide range of the syllabus to be covered so you can be confident that you have a sound grounding in business and accounting in preparation for the Intermediate level exams.
Understanding function and technical aspects of Distinguish Between The Different Rationales For Costing
The following will be discussed in CIMA P1 exam dumps:
- Control the activities (e.g.) control amount of materials being used for production
- Apply different costing methods to produce costing information suitable for managers' needs
- Use appropriate technologies to gather data for costing purposes, from digital and other sources.
- Compare different costing methods and systems to determine the most suitable for use by the organisation for different purposes
- Plan the activities (e.g.) plan number of units to produce this year
- Evaluate the activities (e.g.) evaluate whether more/less materials were used per unit in comparison to the original plan
- Explain costing information to operational and senior management using appropriate formats and media
- Make decisions regarding activities (e.g.) purchase materials required for production
- Identify the cost information required for digital cost objects
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Topics of CIMA Operational CIMA P1 Accounting
The following topics are a part of CIMA P1 Accounting module.
- Prepare information to manage working capital
- Short term commercial decision making
- Apply relevant financial reporting standards and corporate governance, ethical and tax principles
- Prepare budget information and assess its use for planning and control purposes
- Risk and uncertainty in the short term
- Analyse performance using financial and nonfinancial information
- Prepare information to support short-term decision-making
- Distinguish Between The Different Rationales For Costing
- Cost Accounting for decision and control
- Budgeting and budgetary control
CIMA CIMAPRO19-P01-1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Budgeting and Budgetary Control | 25% | - Beyond budgeting and modern approaches - Budgetary control and performance reporting - Flexible budgeting - Purposes and types of budgets - Preparation of functional and master budgets |
| Topic 2: Cost Accounting for Decision and Control | 30% | - Cost-volume-profit (CVP) analysis - Cost classification and behaviour - Activity-based costing - Concepts and purposes of costing - Absorption and marginal costing - Standard costing and variance analysis |
| Topic 3: Dealing with Uncertainty in the Short Term | 15% | - Uncertainty in budgeting and decisions - Sensitivity analysis - Probability and expected values - Decision trees - Risk attitudes: maximin, maximax, minimax regret |
| Topic 4: Short-Term Commercial Decision Making | 30% | - Pricing strategies and decisions - Relevant costing principles - Limiting factor analysis - Make-or-buy and outsourcing decisions - Product mix decisions |
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