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 – SA – Q4 – Costing Methods

Identifying non-composite cost unit from the options.

Question

Which of the following is NOT an example of a composite cost unit?

A. Cost per production run
B. Cost per man day
C. Cost per tonne mile delivered
D. Cost per passenger kilometre
E. Cost per room per day

Answer

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Tags: Composite Cost Unit
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SA – Q3 – Costing Methods

Condition under which variable and absorption costing produce the same profit.

Question

Variable costing and absorption costing statements produce the same profit under which of the following conditions?

A. Production equals sales
B. Production exceeds sales
C. Sales exceed production
D. Sales equal fixed overhead
E. Production equals fixed overhead

Answer

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Tags: Absorption Costing, Profit, Variable Costing
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SA – Q2 – Costing Methods

Impact of ignoring equivalent units for normal loss in process costing.

Question

In process costing, ignoring equivalent units for normal loss has which of the following effects?

A. Decreases equivalent units and increases the cost per unit
B. Increases equivalent units and increases the total cost
C. Increases total cost and decreases the cost per unit
D. Increases the cost of work in progress and decreases the cost of finished products
E. Increases the cost of completed units and decreases work in progress

Answer

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Tags: Equivalent Units, Normal Loss, Process Costing
Level: Level 1

Topic: Costing Methods
Series: MAY 2022

MI – May 2022 – L1 – SA – Q1 – Accounting for Cost Elements

Identify a cost that is not a carrying cost in inventory control from the list provided.

Question

Which of the following is NOT a carrying cost under inventory control?

A. Warehouse rent
B. Insurance cost
C. Stores staffing cost
D. Material handling cost
E. Set up and tooling cost

Answer

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Tags: Carrying Cost, Inventory Control, Management Information Systems
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2022

MI – Nov 2022 – L1 – SB – Q6c – Cloud Computing

Enumeration of requirements for infrastructure as a service (IaaS)

Question

Enumerate any FOUR expected requirements for infrastructure as a Service (IaaS).

Answer

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Tags: Cloud Infrastructure, Cloud Requirements, IaaS
Level: Level 1

Topic: Cloud Computing
Series: NOV 2022

MI – Nov 2022 – L1 – SB – Q6b – Cloud Computing

Explanation of the distinctions between pairs of cloud computing terminologies

Question

State ONE distinction between each of the following pairs of cloud computing terminologies:
i. Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS). (2 Marks)
ii. Private cloud and public cloud. (2 Marks)
iii. Community cloud and hybrid cloud. (2 Marks)

Answer

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Tags: Hybrid Cloud, PaaS, Private Cloud, Public Cloud, SaaS
Level: Level 1

Topic: Cloud Computing
Series: NOV 2022

MI – Nov 2022 – L1 – SB – Q6a – Cloud Computing

Definition of cloud computing and identification of its advantages and disadvantages

Question

Information processing and computing services have moved from computer bureaus to cloud computing.
You are required to:
i. Define cloud computing. (2 Marks)
ii. Enumerate FIVE advantages and THREE disadvantages of cloud computing. (8 Marks)

Answer

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Tags: Advantages, Cloud Computing, Disadvantages
Level: Level 1

Topic: Cloud Computing
Series: NOV 2022

MI – Nov 2022 – L1 – SB – Q5b – Information System Development and Security

Identification of physical security measures in an Information System environment

Question

Enumerate FIVE physical security measures in an Information System environment.

Answer

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Tags: Access Control, Infrastructure Protection, Physical Security
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2022

MI – Nov 2022 – L1 – SB – Q5a – Information System Development and Security

Identification of security risks and the business impacts of security violations

Question

For an organisation dealing with confidential and commercial information, security and control over its systems is very critical.
You are required to:
i. Enumerate SIX examples of such security risks. (6 Marks)
ii. State FOUR likely business impacts of security violations. (4 Marks)
iii. List FIVE ways/methods through which security risks can be managed. (5 Marks)

Answer

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Tags: Business Impact, IT Security, Security Risks
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2022

MI – Nov 2022 – L1 – SB – Q4d – Information System

Identification of ethical issues related to Information Technology Systems

Question

State any FOUR ethical issues raised by Information Technology Systems.

Answer

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Tags: Data Privacy, IT Ethics, Security Issues
Level: Level 1

Topic: Information Systems
Series: NOV 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 – SA – Q4 – Costing Methods

Identifying non-composite cost unit from the options.

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MI – May 2022 – L1 – SA – Q3 – Costing Methods

Condition under which variable and absorption costing produce the same profit.

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MI – May 2022 – L1 – SA – Q2 – Costing Methods

Impact of ignoring equivalent units for normal loss in process costing.

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MI – May 2022 – L1 – SA – Q1 – Accounting for Cost Elements

Identify a cost that is not a carrying cost in inventory control from the list provided.

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MI – Nov 2022 – L1 – SB – Q6c – Cloud Computing

Enumeration of requirements for infrastructure as a service (IaaS)

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MI – Nov 2022 – L1 – SB – Q6b – Cloud Computing

Explanation of the distinctions between pairs of cloud computing terminologies

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MI – Nov 2022 – L1 – SB – Q6a – Cloud Computing

Definition of cloud computing and identification of its advantages and disadvantages

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MI – Nov 2022 – L1 – SB – Q5b – Information System Development and Security

Identification of physical security measures in an Information System environment

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MI – Nov 2022 – L1 – SB – Q5a – Information System Development and Security

Identification of security risks and the business impacts of security violations

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MI – Nov 2022 – L1 – SB – Q4d – Information System

Identification of ethical issues related to Information Technology Systems

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