Subject: MANAGEMENT INFORMATION

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TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

Question

A tax invoice issued for goods sold or services rendered must contain the following information, EXCEPT:
A. Type/nature of goods
B. Customer’s name and address
C. Rate of VAT applied
D. Bio data of taxpayer
E. Taxpayer’s identification number

Answer

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Tags: Invoice Requirements, Nigerian Tax System, Tax Invoice, VAT
Level: Level 1

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q6 – Information System Development and Security

Identify costs of software implementation, types of firewalls, common network issues, and methods to manage email inboxes.

Question

a. When a new software is implemented, various costs are incurred. Identify FIVE of such costs. (5 Marks)

b. Identify FOUR types of firewalls. (4 Marks)

c. State FIVE common network issues an organisation may encounter. (5 Marks)

d. If email is used inappropriately, it can hinder productivity. Identify SIX ways email inbox can be better managed. (6 Marks)

(Total 20 Marks)

Answer

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Tags: Email Productivity, Firewalls, Network management, Software Costs
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q5 – Information Systems

Define Decision Support System, list DSS packages, and outline advantages, disadvantages, and impact of IT.

Question

a. Define Decision Support System (DSS). (2 Marks)

b. List FIVE DSS packages that can be used to explore alternatives. (5 Marks)

c. Enumerate THREE advantages and TWO disadvantages of DSS. (5 Marks)

d. State FOUR benefits and FOUR lapses of information technology to individual, organisation, and government. (8 Marks)

(Total 20 Marks)

Answer

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Tags: DSS, IT Impact, Management Tools
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q4b – Basic Variance Analysis

Calculate material and labour variances for product AB, and list possible causes of each variance.

Question

b. ABC maintains the following standard cost card for product AB:

Item	Standard Quantity	Standard Price	Total Cost (N)
Direct Material A	3kg @ N8 per kg	N24
Direct Material B	5kg @ N6 per kg	N30
Direct Labour	2hrs @ N24 per hr	N48
Variable Overhead	2hrs @ N9 per hr	N18
Total Standard Cost			N120

Actual Results for the Period:

Actual production: 11,800 units
Direct material A: 35,800kg @ N7.5 per kg = N268,500
Direct material B: 62,000kg @ N7 per kg = N434,000
Direct labour: 24,500 hours @ N25 per hour = N612,500
Variable overhead: 24,500 hours @ N9 per hour = N220,500

Required:
i. Calculate the following variances:

Material price
Material usage
Total material
Labour rate
(9 Marks)

ii. List TWO possible causes of each of the variances in (i) above. (3 Marks)

Answer

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Tags: Labour Variance, Material Variance, Standard Costing, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q4a – Costing Techniques

Identify the purposes of standard costing systems and the types of standards used in management information.

Question

a. Standard costing systems are widely used because they provide cost information for many different purposes.

Required:
i. Identify FIVE of such purposes. (5 Marks)
ii. State THREE types of standards. (3 Marks)

Answer

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Tags: Budgeting, Cost Control, Standard Costing, Types of Standards
Level: Level 1

Topic: Costing Techniques
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q3 – Costing Methods

Apportion joint costs of three products using the physical unit and sales value basis, and calculate profit percentages.

Question

Standard Limited produces three products, “Sta,” “And,” and “Ard,” which pass through the same process and can all be sold as good products. Total joint costs incurred amount to N3,710,000. Output and selling prices of the products are as follows:

Product	Output (Units)	Selling Price (N)
Sta	6,000	250
And	3,500	400
Ard	4,500	350

Required:
Apportion the joint costs and calculate the profit percentage using:
a. The physical unit basis. (10 Marks)
b. The sales value basis. (10 Marks)

(Total 20 Marks)

Answer

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Tags: Joint Costs, Physical Unit Basis, Profit Percentage, Sales Value Basis
Level: Level 1

Topic: Costing Methods
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q2 – Costing Methods

Prepare the contract account for “Recoverable 777” with materials, plants, and other expenses involved in the contract.

Question

Recoverable Limited is into construction, and the following information relates to one of its contracts, code-named “Recoverable 777” as at the end of the first year. It is the company’s policy to take the difference between the value of work certified and the cost of work certified as profit for the year:

Description	N
Materials purchased directly to site	3,450,000
Materials purchased directly to site but not yet paid	1,300,000
Materials transferred to site	5,650,000
Materials transferred out of site	720,000
Plants purchased for contract	15,000,000
Plant transferred to site	5,000,000
Payment of sub-contractor	4,500,000
Insurance (effective 2 months after commencement of contract)	600,000
Salary	7,500,000
Salary due but not paid	2,000,000
Other site expenses	1,905,000
Head office charges	500,000
Value of work certified	36,500,000
Contract value	50,000,000
Payment received	33,800,000
Value of material on site at end of year	850,000
Value of plant 1 c/d	12,000,000
Value of plant 2 c/d	4,000,000

Required:
Record the contract account for “Recoverable 777”. (Total 20 Marks)

Answer

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Tags: Construction Accounting, Contract Accounts, Material Transfer, Work certified
Level: Level 1

Topic: Costing Methods
Series: NOV 2020

MI – Nov 2020 – L1 – SB – Q1 – Budgeting

Prepare the cash budget for the first three months of the year based on provided sales, expenses, and additional company details.

Question

WXYZ is preparing for the first half of the next year. The following information was available:

a. Sales – 15% of monthly sales are in cash, while the balance is sold on credit. Collections from receivables are 50% in the first month after sales, 30% in the second month, and the balance in the third month after sales.
b. Purchases are usually 55% of sales and paid in the month of purchase.
c. Insurance company is expected to pay the sum of N525,000 in February based on the company’s accidented vehicles.
d. Salary deductions are paid on a preceding-month basis.
e. Company income tax of N475,550 will be paid in March.
f. Cash and cash equivalent balance as at December is N502,760.
g. Bank charges are 1% of total payments for the month.
h. Additional Information:

Month	October (N)	November (N)	December (N)	January (N)	February (N)	March (N)
Sales	750,000	600,000	850,000	520,000	670,000	800,000
Net Salaries	230,000	200,000	250,000	210,000	240,000	270,000
Other Expenses	200,700	187,500	197,500	177,200	187,500	192,700
Salaries Deductions	29,400	28,400	39,400	28,700	32,750	27,650

Required:
Prepare the cash budget for the first three months of the year. (Total 20 Marks)

Answer

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Tags: Cash Budget, Forecasting, Payables, Purchases, Receivables, Sales
Level: Level 1

Topic: Budgeting
Series: NOV 2020

MI – Nov 2020 – L1 – SA – Q20 – Computer Hardware, Software, and Data Life Cycle

Identify the option that is NOT a type of wireless communication technology.

Question

The following are the different types of wireless communication technologies, EXCEPT:

A. Bluetooth

B. WiFi

C. Cellular

D. Satellite

E. Coaxial

Answer

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Tags: Information Technology, Technology Types, Wireless Communication
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: NOV 2020

MI – Nov 2020 – L1 – SA – Q19 – Information Systems Development and Security

Identify the device that uses light beams to convert images or text into digital files.

Question

Which of the following devices uses light beams to digitally convert images, codes, text, or objects as two-dimensional (2D) digital files for transfer to the computer for processing?

A. Magnetic Character Reader

B. Optical Character Reader

C. Optical Mark Reader

D. Digital Camera

E. Magnetic Ink Character Reader

Answer

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Tags: Data Input, Information Technology, Optical Character Recognition
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2020

MI – Nov 2021 – L1 – SA – Q10 – Accounting for Cost Elements

Identify the correct term for calculating gross pay and associated payments.

Question

The computation of the gross pay for each employee and calculation of payments to be made to employees, government and pension funds is called:

A. Wages control accounting
B. Labour cost accounting
C. Payroll accounting
D. Direct labour accounting
E. Overhead control accounting

Answer

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Tags: Labour Costs, Payroll Accounting, Wages
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q9 – Basic Variance Analysis

Calculate the total material variance for product TU.

Question

STUV is into production of a single product TU. Standard material cost per unit is 2kg @₦500 per kg. Actual production during the period is 5,000 units. Using 1.95kg purchased at the rate of ₦510 per kg. What is the total material variance?

A. ₦125,000 (F)
B. ₦97,500 (A)
C. ₦97,500 (F)
D. ₦27,500 (F)
E. ₦27,500 (A)

Answer

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Tags: Costing, Material Variance, Standard Costing
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q8 – Costing Methods

Identify the scenario that is NOT a case of idle time.

Question

When direct labour is being paid but has no work to do, it is called idle time‟. Which of the following is NOT a case of idle time?

A. Machine breakdown during production process
B. Machine breakdown during non-production process
C. Time spent waiting for work due to a bottleneck
D. Running out of vital direct material and waiting for new delivery
E. Lack of work to do due to lack of customer orders

Answer

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Tags: Costing, Idle Time, Labour
Level: Level 1

Topic: Costing Methods
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q6 – Budgeting

Identify the incorrect purpose of budgeting.

Question

Which of the following is NOT a purpose of budgeting?

A. To coordinate the actions of all the different parts of the organization
B. To communicate the company plans to individuals
C. To motivate managers and employees
D. To ensure that planning is linked to the long-term objectives
E. To convert short-term plans into more detailed long-term plans

Answer

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Tags: Budgeting, Planning, Purpose
Level: Level 1

Topic: Budgeting
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q5 – Costing Methods

Identify the scenario in which Activity-Based Costing is NOT suitable.

Question

Activity-based costing is NOT suitable as a method of costing in which of the following circumstances?

A. Where absorption costing is required for inventory valuation
B. Where large proportion of production costs are overhead costs
C. Where products are provided to customer specifications
D. Where production process is not complex
E. Where direct labour costs are relatively small

Answer

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Tags: Activity-Based Costing, Suitability
Level: Level 1

Topic: Costing Methods
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q4 – Accounting for Cost Elements

Identify the item that is NOT an example of labor costs.

Question

Which of the following is NOT an example of labour costs?

A. Basic wages and salaries
B. Additional payment for overtime working
C. Bonuses
D. Employer Pension Contribution
E. Obsolescence

Answer

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Tags: Labour Costs, Salaries, Wages
Level: Level 1

Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q3 – Accounting for Cost Element

Identify the incorrect method for updating inventory records.

Question

Which of the following is NOT used in updating inventory records?

A. Material requisition notes
B. Material returns note
C. Material invoices
D. Goods received notes
E. Goods returned notes

Answer

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Tags: Inventory, Material Requisition, Records
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

Question

Which of the following is NOT a limitation of scatter diagram?

A. Quickest and easiest approach to cost estimation
B. Drawing the line of the best fit can be quite subjective
C. It indicates a relationship where there is none
D. It only shows relationship between two variables at a time
E. It might lead to incorrect conclusions

Answer

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Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2021

MI – Nov 2021 – L1 – SA – Q1 – Cost Classifications

Identify the purpose that is not part of cost codes.

Question

Which of the following is NOT part of the main purposes of cost codes?

A. Reduces clerical work
B. Facilitates electronic data processing
C. Facilitates a good costing system
D. Facilitates logical and systematic arrangement of costing records
E. Facilitates control

Answer

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Tags: Classification, Cost Control, Costing, Systematic Arrangement
Level: Level 1

Topic: Cost Classifications
Series: NOV 2021

MI – May 2022 – L1 – SB – Q6d – Business Process Technologies

State and explain four benefits of office automation.

Question

State and explain FOUR benefits of office automation.

Answer

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Tags: Communication, Efficiency, Office Automation
Level: Level 1

Topic: Business Process Technologies
Series: MAY 2022

Subject: MANAGEMENT INFORMATION

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TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

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MI – Nov 2020 – L1 – SB – Q6 – Information System Development and Security

Identify costs of software implementation, types of firewalls, common network issues, and methods to manage email inboxes.

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MI – Nov 2020 – L1 – SB – Q5 – Information Systems

Define Decision Support System, list DSS packages, and outline advantages, disadvantages, and impact of IT.

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MI – Nov 2020 – L1 – SB – Q4b – Basic Variance Analysis

Calculate material and labour variances for product AB, and list possible causes of each variance.

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MI – Nov 2020 – L1 – SB – Q4a – Costing Techniques

Identify the purposes of standard costing systems and the types of standards used in management information.

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MI – Nov 2020 – L1 – SB – Q3 – Costing Methods

Apportion joint costs of three products using the physical unit and sales value basis, and calculate profit percentages.

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MI – Nov 2020 – L1 – SB – Q2 – Costing Methods

Prepare the contract account for “Recoverable 777” with materials, plants, and other expenses involved in the contract.

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MI – Nov 2020 – L1 – SB – Q1 – Budgeting

Prepare the cash budget for the first three months of the year based on provided sales, expenses, and additional company details.

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q1 – Budgeting"

MI – Nov 2020 – L1 – SA – Q20 – Computer Hardware, Software, and Data Life Cycle

Identify the option that is NOT a type of wireless communication technology.

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MI – Nov 2020 – L1 – SA – Q19 – Information Systems Development and Security

Identify the device that uses light beams to convert images or text into digital files.

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MI – Nov 2021 – L1 – SA – Q10 – Accounting for Cost Elements

Identify the correct term for calculating gross pay and associated payments.

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MI – Nov 2021 – L1 – SA – Q9 – Basic Variance Analysis

Calculate the total material variance for product TU.

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MI – Nov 2021 – L1 – SA – Q8 – Costing Methods

Identify the scenario that is NOT a case of idle time.

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MI – Nov 2021 – L1 – SA – Q6 – Budgeting

Identify the incorrect purpose of budgeting.

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MI – Nov 2021 – L1 – SA – Q5 – Costing Methods

Identify the scenario in which Activity-Based Costing is NOT suitable.

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MI – Nov 2021 – L1 – SA – Q4 – Accounting for Cost Elements

Identify the item that is NOT an example of labor costs.

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MI – Nov 2021 – L1 – SA – Q3 – Accounting for Cost Element

Identify the incorrect method for updating inventory records.

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MI – Nov 2021 – L1 – SA – Q2 – Forecasting Techniques

Identify the limitation that does not apply to scatter diagrams

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MI – Nov 2021 – L1 – SA – Q1 – Cost Classifications

Identify the purpose that is not part of cost codes.

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MI – May 2022 – L1 – SB – Q6d – Business Process Technologies

State and explain four benefits of office automation.

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