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Operational Level: Cima P1 November 2014 Cima E1 November 2014 Cima F1 November 2014

Management Level: Cima P2 November 2014 Cima E2 November 2014 Cima F2 November 2014

Strategic Level: Cima P3 November 2014

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Cima E3 November 2014 Cima F3 November 2014

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Operational Level

Cima P1 November 2014

Operational Level: Cima P1 November 2014 Cima E1 November 2014 Cima F1 November 2014

SECTION A – 20 MARKS [You are advised to spend no longer than 36 minutes on this question.]

ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION Instructions for answering Section A: The answers to the eight sub-questions in Section A should ALL be written in your answer book.

Your answers should be clearly numbered with the sub-question number then ruled off, so that 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 have chosen. 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 the method you use to answer these sub-questions.

Question One 1.1 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

Cima E1 November 2014

Operational Level: Cima P1 November 2014

SECTION A – 20 MARKS [You are advised to spend no longer than 36 minutes on this question.]

ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION Instructions for answering Section A: The answers to the eight sub-questions in Section A should ALL be written in your answer book.

Your answers should be clearly numbered with the sub-question number then ruled off, so that 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 have chosen. You do not need to start a new page for each sub-question.

Cima E1 November 2014 Cima F1 November 2014

Question One 1.1 Which ONE of the following is NOT associated with the internal governance of a company?

A. The use of non-executive directors (NEDs) B. Annual environmental reporting C. The operation of remuneration committees D. The operation of audit committees (2 marks) For Complete File: Cima E1 Past Papers

Cima F1 November 2014

Operational Level: Cima P1 November 2014

SECTION A – 20 MARKS [You are advised to spend no longer than 36 minutes on this question.]

ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION Instructions for answering Section A: The answers to the eight sub-questions in Section A should ALL be written in your answer book.

Your answers should be clearly numbered with the sub-question number then ruled off, so that 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 have chosen. You do not need to start a new page for each sub-question.

Cima E1 November 2014 Cima F1 November 2014 Question One 1.1 The effective incidence of a tax is: A. the date the tax is actually B. the person or entity that finally bears the cost of the C. the date the tax assessment is D. the person or entity paying the tax (2 marks) For Complete File: Cima F1 Past Papers

Management Level

Cima P2 November 2014

Management Level: Cima P2 November 2014 Cima E2 November 2014 Cima F2 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One PK is a large public company in the telecommunications sector. One of its main planning and control tools is the preparation and use of traditional annual budgets. Whilst this may be appropriate for the Sales and Manufacturing divisions, it draws criticisms from the directors of divisions such as Training and Education, Advertising and Publicity, and Research and Development who are responsible for large amounts of discretionary expenditure. These directors have submitted a joint report to the Finance Director which suggests that Zero- Based Budgeting (ZBB) should be used for their respective divisions.

The Finance Director has agreed to use the Research and Development division as a pilot for ZBB for the next financial year.

Question Two CD manufactures and sells a number of products. All of its products have a life cycle of less than one year. CD uses a four stage life cycle model (Introduction, Growth, Maturity and Decline).

For Complete File: Cima P2 Past Papers

Cima E2 November 2014

Management Level: Cima P2 November 2014 Cima E2 November 2014 Cima F2 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One FZP Pharmaceutical Company has a published mission statement which refers to its commitment to act in a socially responsible manner. At a recent Board meeting the Chief Executive presented a number of proposals outlining what she thinks the company should do to live up to its stated mission, including the recommendation that the company should have an eco-balance sheet which includes financial data on environmental costs. She has commented that at present the company is simply complying with legislation.

The Chief Executive’s proposals include the introduction of a number of social responsibility specific objectives linked to reducing carbon emissions in production processes, recycling and waste disposal. These actions will require investment in clean production technologies. She also wants to support the local economy through making financial donations and seconding staff to help local charities.

Not all members of the Board support the Chief Executive’s proposal. In particular, she is facing strong opposition from the Finance Director. He is concerned about the investment required to implement the proposals and has suggested they could have a negative impact on the company’s financial performance and ultimately shareholder value.

For Complete File: Cima E2 Past Papers

Cima F2 November 2014

Management Level: Cima P2 November 2014 Cima E2 November 2014 Cima F2 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One NB operates a defined benefit pension plan for its employees. At 1 April 2013 the fair value of the pension plan assets was $8,200,000 and the present value of the pension plan liabilities was $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 in contributions to the pension plan in the year to 31 March 2014. The actuary estimated that the 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 plan to all of its members. The actuary estimated that the past service cost associated with these improvements was $2 million.

At 31 March 2014 the fair value of the pension plan assets was $10,200,000 and the present value of the pension plan liabilities (including the past service costs) was $12,500,000.

For Complete File: Cima F2 Past Papers

Strategic Level

Cima P3 November 2014

Strategic Level: Cima P3 November 2014 Cima E3 November 2014 Cima F3 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One Some of Y’s most popular products contain peanuts. This creates a problem for Y because many people are allergic to peanuts and some can suffer life-threatening reactions if they are exposed to the slightest trace of peanuts. The products that contain peanuts are clearly identified 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 that contains peanuts and it is then used for other products or if production staff have handled peanuts 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 requires suppliers 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’s board requires that the risks are kept under constant review. It would be impossible to eliminate peanuts from the production process altogether because too many products contain peanuts or ingredients that include peanut oil.

The purchase of cocoa is one of Y’s biggest expenses.

For Complete File: Cima P3 Past Papers

Cima E3 November 2014

Strategic Level: Cima P3 November 2014 Cima E3 November 2014 Cima F3 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One Y intends to continue to develop through the delivery of the two strategic objectives (pre-seen page 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 is on the delivery of products the customer demands, where they are required and when they are wanted.

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

Y’s sales development strategies Y currently operates its own retail stores and a number of franchise outlets on the high streets of towns and cities throughout Europe. Due to the continued challenges to the European economy, Y’s sales on the high street have been reducing annually for the last 5 years. Despite this,

For Complete File: Cima E3 Past Papers

Cima F3 November 2014

Strategic Level: Cima P3 November 2014 Cima E3 November 2014 Cima F3 November 2014

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. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One Y implemented a number of changes to the business during 2014 in an attempt to boost revenues, including a shift in focus from selling its products through its own stores to selling through external supermarkets. As a result, Y closed many of its own stores. It also heavily promoted its products for sale through external supermarkets by commissioning television adverts 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 goods sold and total revenue in the first 9 months of 2014. However, there has been a negative effect on profit margins which fell markedly. Taking the one-off costs into account, revised forecast results for the year ending 31 December 2014 show a lower profit after tax figure than in the previous year.

Once they were aware of the situation, the directors recognised that they had an obligation to inform 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 year would For Complete File: Cima F3 Past Papers

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