What do you learn in P1?
- 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.
- Why costing is done and what it is used for, including appropriate costing methods and techniques and where digital costing might be used.
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Reference: https://www.cimaglobal.com/Qualifications/Professional-Qualification/Operational-level/
Understanding function and technical aspects of Apply relevant financial reporting standards and corporate governance, ethical and tax principles
The following will be discussed in CIMA P1 exam dumps:
- Apply the principles of corporate governance and ethics
- Identify the impact of tax regulation on transactions, decisions and profits
- Apply relevant IFRS in a given context, to facilitate the preparation of financial statements
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Topics of CIMA Operational CIMA P1 Accounting
The following topics are a part of CIMA P1 Accounting module.
- Prepare budget information and assess its use for planning and control purposes
- Short term commercial decision making
- Prepare information to manage working capital
- Distinguish Between The Different Rationales For Costing
- Analyse performance using financial and nonfinancial information
- Apply relevant financial reporting standards and corporate governance, ethical and tax principles
- Budgeting and budgetary control
- Risk and uncertainty in the short term
- Cost Accounting for decision and control
- Prepare information to support short-term decision-making
CIMA P1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Cost Accounting for Decision and Control | 30% | - Cost classification and behaviour - Standard costing and variance analysis - Activity-based costing - Cost-volume-profit (CVP) analysis - Concepts and purposes of costing - Absorption and marginal costing |
| Topic 2: Budgeting and Budgetary Control | 25% | - Beyond budgeting and modern approaches - Flexible budgeting - Purposes and types of budgets - Budgetary control and performance reporting - Preparation of functional and master budgets |
| Topic 3: Short-Term Commercial Decision Making | 30% | - Product mix decisions - Make-or-buy and outsourcing decisions - Pricing strategies and decisions - Relevant costing principles - Limiting factor analysis |
| Topic 4: Dealing with Uncertainty in the Short Term | 15% | - Probability and expected values - Uncertainty in budgeting and decisions - Decision trees - Risk attitudes: maximin, maximax, minimax regret - Sensitivity analysis |
