Management Information – Page 2

PM – Mar/Jul 2020 – L2 – Q6 – Performance Measurement Systems

Explains types of information required by different management levels and the qualities of good information.

Question

Performance management incorporates activities that aim to ensure that goals are consistently met in an effective and efficient manner. In order to achieve this, management requires reliable systems to support them in decision making.

Required:
Explain, with examples, the common types of information that are required by various levels of management for effective decision making, stating the qualities needed to classify such information as good. (20 marks)

Answer

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Tags: Decision Making, Information Quality, Management Information, Operational, Performance Management, Strategic, Tactical
Level: Level 2

Topic: Management Information Systems
Series: MAR/JULY 2020

MI – Nov 2019 – L1 – SA – Q20 – Electronic Business and E-Commerce

This question asks to identify which of the following is not a type of web hosting.

Question

Which of the following is NOT a type of web hosting?
A. Co-location
B. Reseller
C. Bandwidth
D. Dedicated
E. Free

Answer

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Tags: E-commerce, Management Information, MCQ, Web Hosting
Level: Level 1

Topic: Electronic Business and E-Commerce
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q19 – Information Systems

This question asks to identify the term for a standard that enables the connection, communication, and data transfer between computing endpoints.

Question

A convention or standard that controls or enables the connection, communication and data transfer between computing endpoints is called:
A. Internet
B. Computer network
C. Protocol
D. System architectures
E. Packet switching

Answer

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Tags: Communication Systems, Management Information, MCQ, Networking, Protocols
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q18 – Computer Hardware, Software, and Data Life Cycle

This question asks to identify the input device that recognizes text or illustrations printed on paper and converts them into a digital format.

Question

An input device that recognizes text or illustration printed on paper and translates the information into a format which the computer can use is called:
A. MICR
B. OCR
C. OMR
D. Barcodes

Answer

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Tags: Input Devices, Management Information, MCQ, OCR
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q17 – Information Systems

This question asks to identify the correct description related to closed loop systems.

Question

Which of the following is NOT correct?
A. A closed loop system responds to changes in the environment
B. The comparator is one of the elements of a control system
C. Deterministic systems use predetermined rules
D. Cybernetic systems adapt to the environment
E. Business systems are probabilistic systems

Answer

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Tags: Closed Loop Systems, Control Systems, Management Information, MCQ
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q16 – Computer Hardware, Software, and Data Life Cycle

This question asks to identify the term for the physical part of a computer system and its connected peripherals.

Question

The physical part of a computer system and all the peripheral equipment connected to the CPU for input, output, and storage is known as:
A. Mainframe
B. Human ware
C. Hardware
D. Firmware
E. Computer architecture

Answer

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Tags: Computer Systems, Hardware, Management Information, MCQ
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q13 – Business Process Technologies

This question asks to identify a disadvantage of using expert systems in an organization.

Question

Which of the following is NOT an advantage gained from the use of an expert system?
A. Allows non-experts to make expert decisions
B. Reduction in staff costs, that is, fewer experts are required
C. Improved allocation of human resources: experts concentrate on the more complex issues
D. Possible user resistance for higher-level experts
E. Fast, accurate, and consistent advice

Answer

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Tags: AI, Expert Systems, Management Information, MCQ
Level: Level 1

Topic: Business Process Technologies
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q10 – Information Systems

This question asks to identify the requirement under which integrated accounts are generally prepared.

Question

The integrated accounts are generally prepared in line with ………. requirement:
A. Cost accounting
B. Responsibility accounting
C. Control account
D. Management account
E. Financial accounting

Answer

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Tags: Financial Accounting, Integrated Accounts, Management Information, MCQ
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q9 – Accounting for Cost Elements

This question asks to identify a factor not considered in calculating the economic order quantity (EOQ).

Question

Economic order quantity is a quantity of materials and components to be ordered which takes into account the optimum combination of all the following, EXCEPT:
A. Stockholding costs
B. Amount of costs tied up in inventory
C. Order delivery time
D. Cost of processing the order
E. Warehouse rent

Answer

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Tags: EOQ, Inventory Management, Management Information, MCQ
Level: Level 1

Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

Question

The amount of wages paid to some set of employees who are not directly engaged in the process of converting raw materials into finished product is called:

A. Labour cost
B. Direct wages cost
C. Variable cost
D. Indirect labour cost
E. Wages and salaries

Answer

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Tags: Indirect Costs, Labour Costs, Management Information, MCQ
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q7 – Costing Methods

This question asks for the system designed to suit the way goods are manufactured or services are provided.

Question

The system designed to suit the ways goods are manufactured or processed or the way services are provided is referred to as:
A. Job costing
B. Specific order costing
C. Costing methods
D. Process costing
E. Batch costing

Answer

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Tags: Costing Systems, Management Information, Manufacturing, MCQ
Level: Level 1

Topic: Costing Methods
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q6 – Accounting for Cost Elements

This question asks to calculate the minimum inventory level for a company's production process.

Question

What is the minimum inventory level?
A. 360,000 units
B. 240,000 units
C. 180,000 units
D. 160,000 units
E. 120,000 units

Answer

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Tags: Inventory Management, Management Information, MCQ, Minimum Inventory Level
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q5 – Accounting for Cost Elements

This question asks to calculate the re-order level for a company's inventory management.

Question

XBA Company uses a single material to produce its final product called COCOAB. The usage for the production ranges between 30,000 units and 60,000 units a day with the delivery period from 3 and 5 days. Calculate the re-order level:
A. 90,000 units
B. 150,000 units
C. 180,000 units
D. 240,000 units
E. 330,000 units

Answer

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Tags: Inventory Management, Management Information, MCQ, Re-order Level
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q4 – Costing Techniques

This question asks to identify the costing technique primarily used for short-term tactical decisions.

Question

The costing technique used primarily for short-term tactical decisions is called:
A. Standard costing technique
B. Absorption costing technique
C. Budgetary control
D. Marginal costing technique
E. Responsibility accounting

Answer

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Tags: Management Information, Marginal Costing, MCQ, Short-Term Decisions
Level: Level 1

Topic: Costing Techniques
Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q3 – Costing Techniques

This question asks to identify the standard that assumes no wastage or machine breakdown in perfect operating conditions.

Question

A standard that can be attained under the perfect operating conditions with no allowance for wastages, idle time and machine breakdown is known as:
A. Current Standard
B. Regular Standard
C. Ideal Standard
D. Attainable Standard
E. Basic Standard

Answer

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Tags: Costing, Management Information, MCQ, Standard Costing
Level: Level 1

Series: NOV 2019

MI – Nov 2019 – L1 – SA – Q1 – Cost Classifications

This question asks to identify the term for the process of grouping costs according to their common characteristics.

Question

The process of grouping costs according to their common characteristics is known as:
A. Cost divisions
B. Cost Allocation
C. Cost Accumulation
D. Cost Classification
E. Cost Absorption

Answer

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Tags: Cost Grouping, Costing, Management Information, MCQ
Level: Level 1

Topic: Cost Classifications
Series: NOV 2019

MI – Mar-Jul 2020 – L1 – SA – Q1 – Basic Variance Analysis

Identify which option is not a typical cause of material variances in a manufacturing setup.

Question

Which of the following is NOT a typical cause of material variances?

A. Paying higher or lower prices than planned
B. Losing or gaining quantity discounts
C. Buying complementary materials due to availability of planned material
D. Buying lower or higher quality than planned
E. Greater or lower yield from materials than planned

Answer

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Tags: Basic Variance Analysis, Cost Management, Management Information, Material variances, Variances
Level: Level 1

Topic: Basic Variance Analysis
Series: MAR/JULY 2020

MA – May 2018 – L2 – Q2c – Other aspects of performance measurement

Explain two limitations of management information in providing guidance for managerial decision-making.

Question

Explain TWO limitations of management information in providing guidance for
managerial decision-making.

Answer

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Tags: Decision Making, Information Limitations, Management Accounting, Management Information
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: MAY 2018

IMAC – MAR 2023 – L1 – Q3 – Marginal Costing and Absorption Costing | Scope of Management Accounting

Explain qualities of management accounting information, and differences between marginal and absorption costing.

Question

a) Management accounting systems obtain information from both internal and external sources. Cost accounting system is one major source of management accounting information, and such information is only useful to managers if it possesses certain qualities.

Required:
In reference to the statement above, explain FIVE (5) qualities of management accounting information.
(10 marks)

b) Explain the following briefly:
i) Cost center (2.5 marks)
ii) Profit center (2.5 marks)

c) Explain TWO (2) differences between a marginal costing system and an absorption costing system.
(5 marks)

Answer

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Tags: Absorption Costing, Cost Center, Management Information, Marginal Costing, Profit Center
Level: Level 1

Topic: Marginal Costing and Absorption Costing, Scope of Management Accounting
Series: MAR 2023

IMAC – NOV 2019 – L1 – Q3 – Scope of Management Accounting

Identify features of operational information, features of a control system, and features of specific order costing.

Question

The role of Management Accounting is to assist managers at all levels of management (Strategic, Tactical, and Operational) of an organization in decision-making.

Required:
i) With examples from a manufacturing company, identify FIVE (5) features of information that is provided at the operational level of management. (10 marks)

ii) State TWO (2) features of a control system that is used at the tactical level of management in a commercial entity. (5 marks)

b) State and explain FIVE (5) features of specific order costing methods used in cost ascertainment. (5 marks)

Answer

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Tags: Control Systems, Management Information, Specific Order Costing
Level: Level 1

Topic: Scope of Management Accounting

Question Tag: Management Information

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PM – Mar/Jul 2020 – L2 – Q6 – Performance Measurement Systems

Explains types of information required by different management levels and the qualities of good information.

You're reporting an error for "PM – Mar/Jul 2020 – L2 – Q6 – Performance Measurement Systems"

MI – Nov 2019 – L1 – SA – Q20 – Electronic Business and E-Commerce

This question asks to identify which of the following is not a type of web hosting.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q20 – Electronic Business and E-Commerce"

MI – Nov 2019 – L1 – SA – Q19 – Information Systems

This question asks to identify the term for a standard that enables the connection, communication, and data transfer between computing endpoints.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q19 – Information Systems"

MI – Nov 2019 – L1 – SA – Q18 – Computer Hardware, Software, and Data Life Cycle

This question asks to identify the input device that recognizes text or illustrations printed on paper and converts them into a digital format.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q18 – Computer Hardware, Software, and Data Life Cycle"

MI – Nov 2019 – L1 – SA – Q17 – Information Systems

This question asks to identify the correct description related to closed loop systems.

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MI – Nov 2019 – L1 – SA – Q16 – Computer Hardware, Software, and Data Life Cycle

This question asks to identify the term for the physical part of a computer system and its connected peripherals.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q16 – Computer Hardware, Software, and Data Life Cycle"

MI – Nov 2019 – L1 – SA – Q13 – Business Process Technologies

This question asks to identify a disadvantage of using expert systems in an organization.

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MI – Nov 2019 – L1 – SA – Q10 – Information Systems

This question asks to identify the requirement under which integrated accounts are generally prepared.

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MI – Nov 2019 – L1 – SA – Q9 – Accounting for Cost Elements

This question asks to identify a factor not considered in calculating the economic order quantity (EOQ).

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q9 – Accounting for Cost Elements"

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements"

MI – Nov 2019 – L1 – SA – Q7 – Costing Methods

This question asks for the system designed to suit the way goods are manufactured or services are provided.

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MI – Nov 2019 – L1 – SA – Q6 – Accounting for Cost Elements

This question asks to calculate the minimum inventory level for a company's production process.

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MI – Nov 2019 – L1 – SA – Q5 – Accounting for Cost Elements

This question asks to calculate the re-order level for a company's inventory management.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q5 – Accounting for Cost Elements"

MI – Nov 2019 – L1 – SA – Q4 – Costing Techniques

This question asks to identify the costing technique primarily used for short-term tactical decisions.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q4 – Costing Techniques"

MI – Nov 2019 – L1 – SA – Q3 – Costing Techniques

This question asks to identify the standard that assumes no wastage or machine breakdown in perfect operating conditions.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q3 – Costing Techniques"

MI – Nov 2019 – L1 – SA – Q1 – Cost Classifications

This question asks to identify the term for the process of grouping costs according to their common characteristics.

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MI – Mar-Jul 2020 – L1 – SA – Q1 – Basic Variance Analysis

Identify which option is not a typical cause of material variances in a manufacturing setup.

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MA – May 2018 – L2 – Q2c – Other aspects of performance measurement

Explain two limitations of management information in providing guidance for managerial decision-making.

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IMAC – MAR 2023 – L1 – Q3 – Marginal Costing and Absorption Costing | Scope of Management Accounting

Explain qualities of management accounting information, and differences between marginal and absorption costing.

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IMAC – NOV 2019 – L1 – Q3 – Scope of Management Accounting

Identify features of operational information, features of a control system, and features of specific order costing.

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