Subject: MANAGEMENT INFORMATION

Search 500 + past questions and counting.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Topic: Information Systems Development and Security
Series: NOV 2020

MI – Nov 2014 – L1 – SA – Q5 – Decision-making techniques

Working Capital, Cash Cycle, Inventory, Receivables, Cash Management

Question

The working capital cycle starts and ends with ONE of the following:

A. Cash and Payables
B. Inventory and Receivables
C. Work in Progress and Inventory
D. Cash and Inventory
E. Cash and Receivables

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Cycle, Cash Management, Inventory, Receivables, Working Capital
Level: Level 1

Topic: Decision-making techniques
Series: NOV 2014

MI – May 2021 – L1 – SA – Q19 – Information Systems

Identify which activity is NOT part of the implementation phase in system development.

Question

Which of the following is NOT part of implementation activities during system development?

A. Changeover procedures
B. System specification
C. End-user training
D. System testing
E. File conversion

Answer

Find Related Questions by Tags, levels, etc.

Tags: Implementation Activities, Project Management, System Development
Level: Level 1

Topic: Information Systems
Series: MAY 2021

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

Question

The following data were extracted from the records of ABZ Limited for the month of July:

Budgeted Labour hours: 6,400
Actual Labour hours: 6,240
Standard hours produced: 6,480

Calculate the capacity ratio:

A. 103%
B. 102.56%
C. 98%
D. 97.5%
E. 97%

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capacity Ratio, Efficiency, Labour Hours
Level: Level 1

Topic: Forecasting Techniques
Series: NOV 2014

MI – Nov 2014 – L1 – SA – Q3 – Budgeting

Identify the budgeting approach involving all departmental managers.

Question

Where there is active involvement of all departmental managers in the budgeting process, the budgeting approach is known as:

A. Bottom-up budgeting approach
B. Continuous budgeting approach
C. Feedback budgeting approach
D. Top-down budgeting approach
E. Activity-based budgeting approach

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Decision Making, Departmental Involvement
Level: Level 1

Topic: Budgeting
Series: NOV 2014

MI – Nov 2014 – L1 – SA – Q2 – Accounting for Cost Elements-

Identify which is NOT an advantage of centralized storage.

Question

The objectives of storing materials vary from one organisation to another. Which of the following is NOT an advantage of a centralized storage?

A. Stock taking is facilitated
B. Lower stock on average
C. Lower risk of duplication
D. Level of paper work is reduced
E. Loss of local knowledge from the user

Answer

Find Related Questions by Tags, levels, etc.

Tags: Centralized Storage, Inventory Control, Stock Management
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2014

MI – Nov 2014 – L1 – SA – Q1 – Costing Techniques

Calculate variable and fixed costs using the high-low method based on monthly activity data.

Question

Use the high-low method to calculate the fixed and variable elements of the following costs:

Month	Activity	N
January	600	1,700
February	800	1,900
March	650	1,750
April	850	1,950
May	900	2,100
June	1,350	2,300

A. VC = N0.08/unit, FC = N1120
B. VC = N0.88/unit, FC = N1020
C. VC = N0.80/unit, FC = N1220
D. VC = N0.82/unit, FC = N1320
E. VC = N0.85/unit, FC = N1330

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Estimation, Fixed Cost, High-Low Method, Variable Cost
Level: Level 1

Topic: Costing Techniques
Series: NOV 2014

MI – May 2021 – L1 – SA – Q18 – Information Systems

Identify the first stage in a batch processing system.

Question

In a batch processing system, which of the following is the first stage?

A. Data validation
B. Data verification
C. Job waiting in a queue
D. Storage of output
E. Writing on printed sheet

Answer

Find Related Questions by Tags, levels, etc.

Tags: Batch Processing, Data Validation, Data Verification, Job Queuing
Level: Level 1

Topic: Information Systems
Series: MAY 2021

MI – May 2021 – L1 – SA – Q17 – Information Systems

Identify the function that is NOT performed by system software.

Question

Which of the following is NOT a function performed by a system software?

A. Provision of utility services
B. Providing settings for application packages
C. Enabling the use of peripheral devices
D. Memory management
E. Providing a suitable environment for program development

Answer

Find Related Questions by Tags, levels, etc.

Tags: Memory Management, Peripheral Devices, System Software
Level: Level 1

Topic: Information Systems
Series: MAY 2021

MI – May 2021 – L1 – SA – Q16 – Information Systems

Identify the incorrect classification of information systems.

Question

Which of the following is NOT a correct classification of an information system?

A. Transaction Processing System
B. Decision Support System
C. Executive Information System
D. Resource Control System
E. Management Information System

Answer

Find Related Questions by Tags, levels, etc.

Level: Level 1

Topic: Information Systems
Series: MAY 2021

MI – May 2021 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle

Identify the definition of application software.

Question

A software program that is designed to perform a specific task is known as:

A. Operating system
B. System software
C. Localised software
D. Utility software
E. Application package

Answer

Find Related Questions by Tags, levels, etc.

Tags: Application Software, Computer Software, System Software
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2021

Subject: MANAGEMENT INFORMATION

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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

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

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)"

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.

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q6 – Information System Development and Security"

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

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

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q5 – Information Systems"

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

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

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q4b – Basic Variance Analysis"

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

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

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q4a – Costing Techniques"

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.

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q3 – Costing Methods"

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.

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q2 – Costing Methods"

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.

You're reporting an error for "MI – Nov 2020 – L1 – SA – Q20 – Computer Hardware, Software, and Data Life Cycle"

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.

You're reporting an error for "MI – Nov 2020 – L1 – SA – Q19 – Information Systems Development and Security"

MI – Nov 2014 – L1 – SA – Q5 – Decision-making techniques

Working Capital, Cash Cycle, Inventory, Receivables, Cash Management

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q5 – Decision-making techniques"

MI – May 2021 – L1 – SA – Q19 – Information Systems

Identify which activity is NOT part of the implementation phase in system development.

You're reporting an error for "MI – May 2021 – L1 – SA – Q19 – Information Systems"

MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques

Calculate the capacity ratio based on the labour hours and standard hours data.

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q4 – Forecasting Techniques"

MI – Nov 2014 – L1 – SA – Q3 – Budgeting

Identify the budgeting approach involving all departmental managers.

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q3 – Budgeting"

MI – Nov 2014 – L1 – SA – Q2 – Accounting for Cost Elements-

Identify which is NOT an advantage of centralized storage.

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q2 – Accounting for Cost Elements-"

MI – Nov 2014 – L1 – SA – Q1 – Costing Techniques

Calculate variable and fixed costs using the high-low method based on monthly activity data.

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q1 – Costing Techniques"

MI – May 2021 – L1 – SA – Q18 – Information Systems

Identify the first stage in a batch processing system.

You're reporting an error for "MI – May 2021 – L1 – SA – Q18 – Information Systems"

MI – May 2021 – L1 – SA – Q17 – Information Systems

Identify the function that is NOT performed by system software.

You're reporting an error for "MI – May 2021 – L1 – SA – Q17 – Information Systems"

MI – May 2021 – L1 – SA – Q16 – Information Systems

Identify the incorrect classification of information systems.

You're reporting an error for "MI – May 2021 – L1 – SA – Q16 – Information Systems"

MI – May 2021 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle

Identify the definition of application software.

You're reporting an error for "MI – May 2021 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle"

Our offerings

Contact Info

Customer

Get In Touch

admin