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 – May 2022 – L1 – SB – Q3 – Costing Techniques

Prepare profit or loss statements using both absorption and marginal costing, and explain the differences.

Question

Paquris Limited is into the manufacture of various products. The following data refer to one of its products for a one-month period:


Direct material – Units 120,000	₦3,000,000
Direct labour – Hours 120,000	₦6,600,000
Direct expenses	₦2,000,000
Variable production overhead	₦1,500,000
Fixed production overhead	₦3,600,000
Variable non-production overhead	₦1,020,000
Fixed non-production overhead	₦4,740,000
Sales – Units 115,000	₦25,300,000
Opening inventory	–

You are required to:
a. Prepare the statement of profit or loss using full absorption costing. (8 Marks)
b. Prepare the statement of profit or loss using marginal costing. (7 Marks)
c. Prepare closing inventory valuation on both bases. (3 Marks)
d. State and explain the differences between (a) and (b). (2 Marks)

Answer

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Tags: Absorption Costing, Marginal Costing, Profit statements
Level: Level 1

Topic: Costing Techniques
Series: MAY 2022

MI – May 2022 – L1 – SB – Q2b – Costing Methods

Prepare accounts for two construction contracts using a columnar format.

Question

Wazobia is a construction company currently undertaking two separate contracts. From the following information relating to the just-concluded financial year and other data extracted from the records of the company, you are required to prepare accounts for the two contracts using a columnar format:

	Contract WXYZ002	Contract WXYZ003
Contract Price	₦5,000,000	₦3,500,000
Material Purchased	₦1,650,000	₦950,000
Plant & Machinery Transferred to Site	₦4,500,000	₦3,000,000
Wages Paid	₦1,460,000	₦1,200,000
Other Expenses	₦900,000	₦460,000
Wages Accrued	₦140,000	₦100,000
Value of Work Certified	₦2,950,000	₦1,800,000
Cost of Work Not Certified	₦1,600,000	₦1,450,000
Plant & Machinery Written Down	₦3,600,000	₦2,400,000
Material on Site C/F	₦850,000	₦100,000

Answer

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Tags: Construction Contracts, Contract Costing, Cost Allocation
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SB – Q2a – Costing Methods

Identifying problems associated with site and contract work and ways to mitigate them.

Question

State THREE problems associated with site and contract work and list TWO ways to mitigate against them.

Answer

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Tags: Contract Costing, Site Management
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SB – Q1 – Costing Methods

Prepare an overhead analysis to allocate costs to production and service departments.

Question

A small manufacturing company has three production and two service departments. The following data were extracted from the company’s records:

	Total	Spinning & Weaving	Processing	Finishing	Maintenance	Stores
Rent & Rates (₦)	6,000,000
Electricity (₦)	5,400,000
Canteen Exp (₦)	420,000
Maintenance Exp (₦)	2,780,000				2,780,000
Stores Expenses (₦)	1,431,000					1,431,000
Area Occupied (Sq.m)	12,000	3,500	2,500	3,000	2,000	1,000
Energy Consumed (Kw/h)	10,000	3,000	3,000	2,000	1,500	500
No. of Employees	120	40	20	30	20	10
No. of Requisition	2,700	600	500	790	800	10
Plant Value (₦)	55,600,000	25,000,000	15,000,000	15,000,000	600,000
Apportionment Rate 1	100	35%	30%	30%		5%
Apportionment Rate 2	100	25%	20%	30%	25%

You are required to prepare the overhead analysis allocating and apportioning costs to the three production departments and giving the last four digits from the reciprocal apportionment to the Spinning & Weaving department.

Answer

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Tags: Costing, Departmental Costs, Overhead Allocation
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SA – Q20 – Information System Development and Security

Identifying a packet of information exchanged between a browser and a web server.

Question

A packet of information that travels between browser and web server is known as:

A. Malware
B. Adware
C. Spyware
D. Cookie
E. Virus

Answer

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Tags: Cookies, Data Transmission, Internet
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2022

MI – May 2022 – L1 – SA – Q19 – Computer Hardware, Software, and Data Life Cycle

Determining the number of bits in a byte.

Question

How many bits are in a byte?

A. 8
B. 16
C. 32
D. 64
E. 128

Answer

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Tags: Bits, Bytes, Data Storage
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2022

MI – May 2022 – L1 – SA – Q18 – Information System Development and Security

Identifying the OSI model layer where TCP/IP belongs.

Question

In the Open System Interconnection (OSI) Model, TCP/IP belongs to which layer?

A. Data Link layer
B. Network layer
C. Transport layer
D. Session layer
E. Presentation layer

Answer

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Tags: Networking, OSI Model, TCP/IP
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2022

MI – May 2022 – L1 – SA – Q17 – Computer Hardware, Software, and Data Life Cycle

Identifying the number system used in computing.

Question

The number the computer system always uses to calculate and store data in ‘0’ and ‘1’ is:

A. Binary
B. Hexadecimal
C. Octal
D. Decimal
E. Heptadecimal

Answer

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Tags: Binary System, Data Storage, Number Systems
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2022

MI – May 2022 – L1 – SA – Q16 – Information System Development and Security

Identifying the correct protocol for sending emails.

Question

Which of the following protocols is used to send e-mail?

A. FTP
B. HTTP
C. POP3
D. SMTP
E. TCP

Answer

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Tags: Email, Internet, Protocols
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2022

MI – May 2022 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle

Understanding the sequence in which a computer executes programs.

Question

A computer executes programs in the sequence of:

A. Decode, Fetch, Execute
B. Execute, Decode, Fetch
C. Fetch, Decode, Execute
D. Store, Fetch, Execute
E. Execute, Store, Fetch

Answer

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Tags: CPU, Execution Process, Instruction Cycle
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
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.

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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 – May 2022 – L1 – SB – Q3 – Costing Techniques

Prepare profit or loss statements using both absorption and marginal costing, and explain the differences.

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MI – May 2022 – L1 – SB – Q2b – Costing Methods

Prepare accounts for two construction contracts using a columnar format.

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MI – May 2022 – L1 – SB – Q2a – Costing Methods

Identifying problems associated with site and contract work and ways to mitigate them.

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MI – May 2022 – L1 – SB – Q1 – Costing Methods

Prepare an overhead analysis to allocate costs to production and service departments.

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MI – May 2022 – L1 – SA – Q20 – Information System Development and Security

Identifying a packet of information exchanged between a browser and a web server.

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MI – May 2022 – L1 – SA – Q19 – Computer Hardware, Software, and Data Life Cycle

Determining the number of bits in a byte.

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MI – May 2022 – L1 – SA – Q18 – Information System Development and Security

Identifying the OSI model layer where TCP/IP belongs.

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MI – May 2022 – L1 – SA – Q17 – Computer Hardware, Software, and Data Life Cycle

Identifying the number system used in computing.

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MI – May 2022 – L1 – SA – Q16 – Information System Development and Security

Identifying the correct protocol for sending emails.

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MI – May 2022 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle

Understanding the sequence in which a computer executes programs.

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