ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 47  May 2024 CPALE  17 February 2024  8 – 11 AM

MANAGEMENT SERVICES FIRST PRE-BOARD EXAMINATION

SOURCES: ReSA (20 items), Foreign Test Banks (25 items), CMA Materials (25 items)
INSTRUCTIONS: Select the correct answer for each of the questions. Mark only one
answer for each item by shading the box corresponding to the letter of your choice on
the answer sheet provided. STRICTLY NO ERASURES ALLOWED. Use pencil no. 2 only.
Set A
1. Safety margin + break-even sales =
B a. Fixed cost
b. Actual sales
c. Variable cost
d. Contribution margin

2. Tennis Company ledger shows a credit balance in the ‘Materials Quantity Variance’
account. This simply means that:
A a. Actual quantity used is less than standard quantity allowed
b. Actual quantity used is more than standard quantity allowed
c. Actual quantity purchased is less than standard quantity allowed
d. Actual quantity purchased is more than standard quantity allowed

Items 3 to 5 are based on the following information

Nadal Company has budgeted its activity for March:
 Sales are P 550,000. All sales are cash.
 Merchandise inventory on February 28 is P 300,000
 Budgeted depreciation for March is P 35,000.
 Cash in bank on March 1 is P 25,000.
 Selling & administrative expenses are budgeted at P 60,000 for March and are
paid in cash.
 The planned merchandise inventory on March 31 is P 270,000.
 The invoice cost for merchandise purchases represents 75% of sales price. All
purchases are paid for in cash.

3. The budgeted cash receipts for March are:

D a. P 412,500
b. P 137,500
c. P 585,000
d. P 550,000

4. The budgeted cash disbursements for March are:

B a. P 382,500
b. P 442,500
c. P 472,500
d. P 477,500

5. The budgeted net income for March is:

C a. P 107,500
b. P 137,500
c. P 42,500
d. P 77,500

6. A company will most likely consider this as a Key Performance Indicator (KPI)
for ‘Learning & Growth’ perspective of the balanced scorecard.
C a. Profit
b. Market share
c. Employee turnover
d. Manufacturing cycle efficiency

7. Consider the following production and cost data for two products, L and C:
Product L Product C
Contribution margin per unit P 130 P 120
Machine set-ups needed per unit 10 set-ups 8 set-ups
The company can only perform 65,000 machine set-ups each period due to limited
skilled labor and there is unlimited demand for each product. What is the largest
possible total contribution margin that can be realized each period?
B a. P 845,000.
b. P 975,000.
c. P 910,000.
d. P 1,820,000.

Page 1 of 12 0915-2303213  resacpareview@[Link]

MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

8. Absorption costing and variable costing differ in treatment of

C a. Indirect labor
b. Indirect materials
c. Straight-line factory depreciation
d. Straight-line office building depreciation

9. Federer, Inc. incurred the following expenses during February 2024:

Fixed manufacturing costs P 90,000
Fixed non-manufacturing costs P 70,000
Unit selling price P 200
Unit variable cost P 40

What will be the break-even point?

A a. 1,000 units
b. 666.67 units
c. 562.5 units
d. 437.5 units

10. For a hospital, what type of position (line vs. staff) is each of the following?
C a. Emergency room manager (staff); Human resources manager (staff)
b. Emergency room manager (staff); Human resources manager (line)
c. Emergency room manager (line); Human resources manager (staff)
d. Emergency room manager (line); Human resources manager (line)

11. Sampras Company, which sells a single product, provided the following data:
2024 2023
Unit Sold 150,000 180,000
Sales P 750,000 P 720,000
In an analysis of variation of gross profit between two years, what would be the
effects of changes in sales price and sales volume?
Sales Price Sales Volume
A a. P 150,000 F P 120,000 U
b. P 150,000 U P 120,000 F
c. P 180,000 F P 150,000 U
d. P 180,000 U P 150,000 F

12. In linear programming, the expression “10A + 20B ≤ 500” is most likely
C a. The objective function
b. The only constraint function
c. One of the constraint functions
d. The optimal mix that meets the objective function

13. Agassi Manufacturing uses a standard costing system. The actual hours of
production were 10,900 hours to produce 22,000 units. The standard variable
overhead rate is P 2.50 for one unit or 1/2 hour at P 5.00 per direct labor hour.
The actual variable overhead costs for the year were P 55,100. The variable
overhead spending variance is
D a. P 100 F
b. P 100 U
c. P 500 F
d. P 600 U

14. The main focal point of financial management in a firm is the

B a. Profit earned by the firm
b. Creation of value for shareholders
c. Minimization of the amount of taxes paid by the firm
d. The number and types of products or services provided by the firm

15. Williams Manufacturing uses target costing and sells a product for P 36 per unit.
The company seeks a profit margin equal to 25% of sales. If the current
manufacturing cost is P 29 per unit, the firm will need to implement a cost
reduction of:
A a. P 2
b. P 9
c. P 20
d. P 27

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam
16. In responsibility accounting, revenue centers may include this performance
measure in their respective performance report.
C a. Residual income
b. Income statement
c. Variance analysis
d. Economic value added

17. Graf Company prepares the following distribution of cash flow forecasts for a
possible investment under various economic conditions and the probability of
those conditions. If the investment requires an initial investment of P 240,000,
should Graf make the investment?
Economic Condition Cash inflow Probability
Robust Growth P 1,000,000 25%
Moderate Growth P 400,000 55%
Recession P 100,000 20%
B a. Yes, because the expected net cash flow from the investment is
P260,000.
b. Yes, because the expected net cash flow from the investment is
P250,000.
c. No, because there is a chance that the net cash flow from the
investment will be an outflow of P140,000.
d. Yes, because the most likely net cash flow from the investment is
P160,000.

18. A proper sequence in a typical budget preparation shall be:

D a. Sales, balance sheet, direct labor
b. Production, sales, income statement
c. Direct materials purchases, cash, sales
d. Sales, production, manufacturing overhead

19. When volume reached 4,000 units, fixed costs amounted to P 20,000 and total cost
amounted to P 60,000. If volume were to increase to a level of 5,000 units, total
cost would be:
A a. P 70,000
b. P 75,000
c. P 100,000
d. P 120,000

20. Under variable costing, fixed manufacturing overhead costs are best described as
C a. Direct period costs
b. Direct product costs
c. Indirect period costs
d. Indirect product costs

21. For the period just ended, Seles Company generated the following operating
results in percentages:
Revenues 100%
Cost of sales:
Variable 50%
Fixed 10% 60%
Gross profit (P 1.2 M) 40%
Operating expenses:
Variable 20%
Fixed 15% 35%
Net operating income 5%
What is the degree of operating leverage?
B a. 8.0 times
b. 6.0 times
c. 5.0 times
d. 2.6 times

22. Computing for labor efficiency variance does not require

A a. Actual labor rate
b. Actual labor hours
c. Standard labor rate
d. Standard labor hours

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam
23. Budgeted sales for the first six months the year for Becker Corporation are
listed below:
January February March April May June
Units: 6,000 7,000 8,000 7,000 5,000 4,000

Becker Corporation has a policy of maintaining an inventory of finished goods

equal to 40 percent of the next month’s budgeted sales. How many units has Becker
Corporation budgeted to produce in the first quarter of the year?
A a. 21,400 units
b. 20,600 units
c. 19,000 units
d. 23,000 units

24. Under standard costing, insignificant amounts of standard cost variances are
generally closed to the
A a. Cost of goods sold only
b. Cost of goods sold and finished goods inventory
c. Cost of goods sold and work in process inventory
d. Cost of goods sold, finished goods inventory and work in process
inventory

Items 25 and 26 are based on the following information

The following data pertain to Hingis Company's operations last year:
Sales P 900,000
Net operating income 36,000
Contribution margin 150,000
Average operating assets 180,000
Stockholders’ equity 100,000
Plant, property, & equipment 120,000

25. Hingis's return on investment for the year was:

C a. 4%
b. 15%
c. 20%
d. 36%

26. If the residual income for the year was P 9,000, the minimum required rate of
return must have been:
B a. 4%
b. 15%
c. 20%
d. 36%

27. Both high-low method and least-squares regression method always come up with a
A a. Cost function
b. Fixed cost that is equal to the variable cost
c. Fixed cost that is lower than the variable cost
d. Fixed cost that is higher than the variable cost

28. Rod Laver Products Company manufactures applesauce. To get the perfect flavor,
color and consistency, the company must mix two types of apples, red and yellow.
Rod Laver Products Company collected the following direct materials input
standards to produce two tons of applesauce.
Amount of red apples allowed 3.50 tons
Amount of yellow apples allowed 1.50 tons
Price per ton of red apples P 125
Price per ton of yellow apples P 100

During July, 8 tons of applesauce are produced using 18.50 tons of apples (14
red, 4.5 yellow). All variances are related to direct materials used. Red apples
actually cost P 150 per ton and yellow apples cost P 100 per ton.

What is the total materials price variance?

A a. P 350 unfavorable
b. P 350 favorable
c. P 25 unfavorable
d. P 0

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam
29. Under regression analysis, which is an invalid value for the coefficient of
determination?
C a. 0%
b. 50%
c. -50%
d. 100%

30. Murray’s Corporation anticipates the following sales during the last six months
of the year:
July P 460,000
August 500,000
September 525,000
October 500,000
November 480,000
December 450,000

20% of Murray’s sales are for cash. The balance is subject to the collection
pattern shown below:
Percentage of balance collected in the month of sale 40%
Percentage of balance collected in the month following sale 30%
Percentage of balance collected in the second month following sale 25%
Percentage of balance uncollectible 5%

What is the planned net accounts receivable balance as of December 31?

A a. P 294,000.
b. P 312,000.
c. P 198,000.
d. P 367,500.

31. Profit under absorption costing is higher than variable costing profit when
A a. Inventory level increases during the period
b. Units produced are lower than units sold
c. Just-in-time system is implemented
d. Capacity variance is favorable

32. Products A, B, and C are produced from a single raw material input. The raw
material costs P 90,000, from which 5,000 units of A, 10,000 units of B, and
15,000 units of C can be produced each period. Product A can be sold at the
split-off point for P 2 per unit, or it can be processed further at a cost of
P12,500 and then sold for P 5 per unit. Product A should be:
B a. sold at the split-off since further processing would result in a loss
of P 0.50 per unit.
b. processed further since this will increase profits by P 2,500 each
period.
c. sold at the split-off point since further processing will result in
a loss of P 2,500 each period.
d. processed further since this will increase profits by P 12,500 each
period.

33. Profit maximization as the goal of the firm is NOT ideal because
B a. profits are only accounting measures.
b. profit maximization does not consider risk.
c. cash flows are more representative of financial strength.
d. profits today are less desirable than profits earned in future years.

34. A company has the following information:

Units produced and sold 15,000
Variable costs per unit P 12
Fixed manufacturing expense P 48,000
Fixed selling and administrative expenses P 72,000

What selling price will result in operating income of P 300,000?

C a. P 20
b. P 28
c. P 40
d. P 48

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam
35. The best transfer price is usually
A a. A reliable market price
b. Actual cost plus a percentage markup
c. Budgeted full cost plus a percentage markup
d. Budgeted variable cost plus a percentage markup

36. Rafa Manufacturing can make 100 units of a necessary component part with the
following costs:
Direct Materials P 80,000
Direct Labor 13,000
Variable Overhead 40,000
Fixed Overhead 27,000
If Rafa purchases the component externally, P 20,000 of the fixed costs can be
avoided. At what external price for the 100 units is the company indifferent
between making or buying?
C a. P 113,000
b. P 133,000
c. P 153,000
d. P 160,000

37. The direct materials usage budget is based on the

D a. Budgeted sales
b. Amount of labor hours worked
c. Predetermined factory overhead rate
d. Units to be produced during a period

38. Roger Corporation provides the following information for the month of February
based on the production of 20,000 units:
Direct materials P 50,000
Direct labor 30,000
Variable factory overhead costs 20,000
Fixed factory overhead costs 25,000
Variable selling and administrative expenses 40,000
Fixed selling and administrative expenses 15,000
How many units were sold if variable costing profit is higher than absorption
costing profit by P 2,500?
D a. 18,000 units
b. 18,889 units
c. 21,111 units
d. 22,000 units

39. Variances should be investigated, except when:

C a. Costs incurred must be reduced
b. Better decisions are required by the organization
c. Expected costs of investigation exceed expected benefits
d. The cost-benefit test is met relative to the investigation

40. Carlos Company earned P 100,000 on sales of P 800,000. It earned P 140,000 on

sales of P 900,000. Variable costs as a percentage of sales are
C a. 30%
b. 40%
c. 60%
d. 70%

41. The controller is commonly responsible for

A a. Tax administration
b. Investor relations
c. Banking and custody
d. Managing credit activities

42. Alcaraz Company is in the business of designing and producing specialty hats.
The material used for hats costs P 4.50 per unit, and Alcaraz pays each of its
two full-time employees P 250 per week. If the employees make 50 hats in one
week, what is the fixed cost per hat?
C a. P 4.50
b. P 5.00
c. P 10.00
d. P 14.50
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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam
43. Which of the following sets of information must be available to estimate a linear
cost function with regression analysis?
D a. Historical total cost and data outliers
b. Historical cost and projected total cost
c. Cost driver level data and independent variables
d. Historical cost data & a cost driver within the relevant range

44. Sinner Corporation manufactures two products: X and Y. The company has 4,000
hours of machine time available and can sell no more than 800 units of product
X. Other pertinent data follow.
Product X Product Y
Selling price P 8.00 P 19.00
Variable cost 3.00 5.00
Fixed cost 3.50 6.25
Machine time per unit 2 hours 3 hours
Which of the following is the right objective function?
B a. Maximize Z = 8X + 19Y
b. Maximize Z = 5X + 14Y
c. Maximize Z = 1.50X + 7.75Y
d. Minimize Z = 6.50X + 11.25Y

45. Which of the following should be focused on by management to avoid pitfalls of

relevant-cost analysis?
D a. Only long-run fixed costs should be considered
b. Items anticipated as future revenues or cost only
c. Items that differ only according to alternatives should be considered
d. Anticipated revenues and costs and items that differ according to
alternatives should be considered.

46. Steffi Company has three booth rental options at the bridal fair where it plans
to sell a new product. The booth rental options are:
Option 1: P 4,000 fixed rate
Option 2: P 3,000 fixed fee + 5% of all revenues generated at the fair
Option 3: 20% of all revenues generated at the fair.

The product sells for P 150 per unit. Steffi can purchase the units for P 50.00
each.

Which option should Steffi choose to maximize income, assuming there is a 40%
probability that 70 units will be sold and a 60% probability that 40 units will
be sold?
C a. Option one with expected income of P 1,200
b. Option two with expected income of P 1,810
c. Option three with expected income P 3,640
d. Option three with expected income of P 4,060

47. For production budget purposes, goods available for sale that not in ending
inventory are
B a. Not accounted for until next year
b. Included in the cost of goods sold for the year
c. Included in the goods available for sale at year-end
d. Included in the work-in-process inventory at year-end

48. Monica Company had a P 550 favorable direct labor rate variance and a P 720
unfavorable labor efficiency variance. Monic paid P 6,650 for 800 hours of labor.
What was the standard direct labor wage rate?
C a. P 8.10
b. P 8.31
c. P 9.00
d. some other number

49. The break-even point in CVP analysis is defined as

D a. The point where output units equal input units
b. Where revenues minus variable costs equal operating income
c. Where the unit contribution margin equals the selling price less the
unit variable cost
d. The point where unit contribution margin equals fixed costs divided
by number of break-even units
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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

50. Pete, Inc. is preparing its cash budget for the month of May. Fire pays 60% of
purchases in the month of purchase and the remainder the next month. Operational
information follows:
Beginning inventory, May 1 P 20,000
Estimated May cost of goods sold 100,000
Estimated May ending inventory 35,000
April purchases 90,000

What are Pete’s estimated cash payments in May?

B a. P 115,000
b. P 105,000
c. P 87,000
d. P 70,000

51. At sales levels beyond the break-even point,

A a. Profit is positive
b. Profit is negative
c. Variable costs are zero
d. Fixed costs are not recovered

52. The following are the operating results of the two segments of Martina
Corporation.
Segment A Segment B Total
Sales P 10,000 P 15,000 P 25,000
Variable CGS 4,000 8,500 12,500
Fixed CGS 1,500 2,500 4,000
Gross margin 4,500 4,000 8,500
Variable S&A 2,000 3,000 5,000
Fixed S&A 1,500 1,500 3,000
Operating income (loss) P 1,000 (P 500) P 500

Variable costs of goods sold are directly related to the operating segments.
Fixed costs of goods sold are allocated to each segment based on the number of
employees. Fixed selling and administrative expenses are allocated equally. If
Segment B is eliminated, P 1,500 of fixed selling and administrative expenses
would be eliminated. Assuming Segment B is closed, the effect on operating income
would be:
D a. an increase of P 500
b. a decrease of P 2,500
c. an increase of P 2,000
d. a decrease of P 2,000

53. What conclusion can be made if the actual quantity of high-quality materials
purchased is higher than the actual quantity of materials used but is lower than
the standard quantity of materials allowed for the actual production?
A a. Materials usage variance is favorable
b. Materials quantity variance is unfavorable
c. Materials price usage variance is favorable
d. Materials purchase price variance is favorable

54. The following cost data for different hours of operations are made available to
you by Andre Manufacturing Company for your analysis:
Number of Months 10
Sum of Hours 350
Sum of Costs 1,000
Sum of Hours x Costs 39,200
Sum of Hours Squared 14,250

Using the least-squares method, what is the value of the constant slope of the
cost line?
A a. P 2.10 per hour
b. P 26.50 per month
c. P 316.00 per year
d. P 735.00 for 10 months

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

55. Simple regression differs from multiple regression in that

B a. Simple regression uses only one dependent variable and multiple
regression uses more than one dependent variable.
b. Simple regression uses only one independent variable and multiple
regression uses more than one independent variable.
c. Multiple regression uses all available data to estimate the cost
function, whereas simple regression only uses simple data.
d. Simple regression is limited to the use of only the dependent
variables and multiple regression can use both dependent and
independent variables.

Items 56 & 57 are based on the following information

The Division B of Wimbledon Corporation uses 5,000 carburetors per month in its
production of automotive engines. It presently buys all the carburetors it needs
from two outside suppliers at an average cost of P 100. The Division S of
Wimbledon Corporation manufactures the exact type of carburetor that the Division
B requires. The Division S is presently operating at its capacity of 15,000 units
per month and sells all its output to a foreign car manufacturer at P 106 per
unit. Its cost structure (on 15,000 units) is:
Variable production costs P 70
Variable selling costs 10
All fixed costs 10

Assume that the Division S would not incur any variable selling costs on units
that are transferred internally.

56. What is the maximum of the transfer price range for a transfer between the two
divisions?
B a. P 106
b. P 100
c. P 90
d. P 70

57. What is the minimum of the transfer price range for a transfer between the two
divisions?
C a. P 70
b. P 90
c. P 96
d. P 106

58. A one-time-only special-order decision

B a. Involves selling products at a percentage over retail price due to
the short period involved
b. Must involve unused plant capacity to avoid lost profits on regularly
priced items
c. Allows a company to sell products at prices which only cover fixed
costs
d. Has no role in segregating special and regular customers

59. ATP Company expects credit sales for June to be P 60,000. Cash sales are expected
to be P 10,000. The company expects credit and cash sales to increase 15% each
month. Credit sales are collected in the month following the month in which sales
are made. How much is the projected total cash receipts in July?
B a. P 80,500
b. P 71,500
c. P 70,000
d. P 11,500

60. Controllability and variable costs are different in that

C a. Managers have more influence over variable costs than over
controllable costs
b. Variable costs may be with production or administrative, whereas
controllable costs are only production-related costs
c. Managers have controllability over more than just variable costs
d. Variable costs are only short-run costs

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

61. Determine the most accurate statement about variances.

D a. Managers attempt to maintain unfavorable variances.
b. Favorable variances are typically not preferred by management.
c. Unfavorable variances normally have a credit balance in the ledger.
d. A favorable variance is not always beneficial for an organization.

62. Roland Garros (RG) Company is subject to a 40% income tax rate. The following
data pertain to the company’s production and sales of 45,000 units:
Sales revenue P 1,350,000
Variable costs 810,000
Fixed costs 432,000
How many units must RG Company sell to earn an after-tax profit of P180,000?
D a. 42,000
b. 45,000
c. 51,000
d. 61,000

63. Changing conditions call for changes in plans. Hence, budgets must be
A a. Flexible
b. Administered rigidly
c. Developed for a very short period
d. Required for every organization including all departments

64. Melbourne Manufacturing Company uses target costing. Melbourne’s marketing team
has determined that customers would be willing to pay P 20 each for an electric
pencil sharpener. Melbourne plans to make and sell 10,000 sharpeners and desires
to earn a gross profit that is equal to 25% of cost of goods sold. Based on this
information, the total target cost for the 10,000 sharpeners is
B a. P 150,000
b. P 160,000
c. P 200,000
d. P 250,000

65. A component of an entity (e.g., product line, branch) shall be discontinued when
C a. It has a net loss for the period
b. Current sales are above shutdown point
c. Contribution margin is less than avoidable fixed costs
d. Its break-even point and product elimination point are the same

66. The Flashing Meadows Company has a standard variable overhead rate of P 5 per
machine hour, with each completed unit expected to take three machine hours to
produce. The company's accounting records show:
Actual production: 19,500 units
Variable-overhead efficiency variance: P 9,000 U
Variable-overhead spending variance: P 21,000 F
What was the actual variable overhead during the period?
B a. P 262,500
b. P 280,500
c. P 304,500
d. P 322,500

67. In strategy mapping, which balanced scorecard perspective usually comes first?
C a. Customer perspective
b. Financial perspective
c. Learning & Growth perspective
d. Internal Business Processes perspective

68. Grand Slam Company estimates that the company can sell 200,000 units of a product
next period and earn a profit of P 360,000 before 40% income tax. Fixed costs
are estimated at P 480,000 for the period. Variable costs are equal to two
thirds of sales revenue. To meet this objective, what price must be charged for
each unit of product?
A a. P 12.60
b. P 17.25
c. P 23.60
d. P 34.40

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

69. Which set of terms more accurately describes management accounting information
rather than financial accounting information?
C a. Historical, precise, useful
b. Required, estimated, internal
c. Budgeted, informative, adaptable
d. Comparable, verifiable, monetary

70. If profit ratio is 20% and contribution margin ratio is 50%, then break even
ratio must be:
D a. 2.5%
b. 10%
c. 40%
d. 60%

- END of EXAMINATION –

NOTE: Summary of answers as well as

solutions and clarifications to selected items are found on page 12.

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MANAGEMENT SERVICES
ReSA Batch 47 – May 2024 CPALE Batch
17 February 2024  8:00 AM to 11:00 AM MS First Pre-Board Exam

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