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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 relevant IFRS in a given context, to facilitate the preparation of financial statements
  • Apply the principles of corporate governance and ethics
  • Identify the impact of tax regulation on transactions, decisions and profits

Understanding function and technical aspects of Prepare information to support short-term decision-making

The following will be discussed in CIMA P1 exam dumps:

  • Apply appropriate techniques to deal with situations where there is risk and uncertainty
  • Apply appropriate techniques that support short-term decision-making
  • Explain factors that could influence short-term decisions
  • Identify relevant costs and benefits
  • Prepare information to support operational decisions

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CIMA P1 Exam Syllabus Topics:

TopicDetails
Topic 1
  • Understand the impact of individuals’ risk attitudes on decision-making in the short term
  • Understand the difference between direct costs and indirect costs
Topic 2
  • Understand relevant cash flows and their use in pricing decisions
  • Calculate the costs for products or services using activity-based costing
Topic 3
  • Determine causality in cost function estimates and impact on budgets
  • Identify inventory costs and period costs
Topic 4
  • Determine the activity that causes the change in cost
  • Understand the difference between variable costs and fixed costs
Topic 5
  • Calculate revenue and cost estimates using quantitative analyses
  • Calculate and interpret overall flexed budget variances
Topic 6
  • Understand how budgets can help energize and motive individuals and teams
  • Recognise how management accountants help make tactical business decisions
Topic 7
  • Calculate the breakeven point and output level required to meet income targets
  • Understand costing and the different reasons for calculating costs
Topic 8
  • Establish manufacturing standards for material, labour, variable overhead and fixed overhead
  • Understand the difference between financial accounting and cost accounting

Reference: https://www.cimaglobal.com/Qualifications/Professional-Qualification/Operational-level/

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