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.

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

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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.

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)

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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.

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)

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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.

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)

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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.

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)

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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.

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)

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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.

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)

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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.

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)

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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.

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

A. Bluetooth

B. WiFi

C. Cellular

D. Satellite

E. Coaxial

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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.

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

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MI – Nov 2020 – L1 – SA – Q18 – Information System Development and Security

Identify the method of system changeover that maintains the old system operational after the new system is launched.

The practice of keeping an old system operational after a new system has been launched is known as:

A. Direct Changeover

B. Parallel Changeover

C. Phased Changeover

D. Pilot Changeover

E. Concurrent Changeover

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MI – Nov 2020 – L1 – SA – Q17 – Computer Hardware, Software, and Data Life Cycle

Identify the full form of HTML.

What is the full form of HTML?

A. Hyper Text Markup Language

B. Higher Transfer Markup Language

C. Hyper Transfer Markup Language

D. Higher Text Markup Language

E. Hyper Text Mark Language

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MI – Nov 2020 – L1 – SA – Q16 – Computer Hardware, Software, and Data Life Cycle

Identify the correct measurement for printer quality.

Which of the following is the way of measuring printer quality?

A. Alphabet per strike

B. Words per inch

C. Strike per inch

D. Dots per inch

E. Alphabet per inch

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MI – Nov 2020 – L1 – SA – Q15 – Computer Hardware, Software, and Data Life Cycle

Convert 1024 bits into bytes.

1024 bits is equal to:

A. 1 Byte

B. 128 Bytes

C. 32 Bytes

D. 64 Bytes

E. 256 Bytes

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MI – Nov 2020 – L1 – SA – Q14 – Computer Hardware, Software, and Data Life Cycle

Identify which option is NOT an operating system.

Which of the following is NOT an operating system?

A. DOS

B. MAC

C. C

D. Linux

E. Windows

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MI – Nov 2020 – L1 – SA – Q13 – Information System Development and Security

Identify the primary purpose of a firewall in computer systems.

Firewall in a computer system is used for:

A. Security

B. Transmission

C. Encryption

D. Fire drills

E. Reporting

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MI – Nov 2020 – L1 – SA – Q12 – Accounting for Cost Elements

Identify a factor that is NOT to be considered during stocktaking.

The objective of periodic stocktaking is to find out the physical quantities of all types of stocks at a given date. Which of the following is NOT a factor to be considered during stocktaking?

A. Adequate numbers of staff with clear and precise instructions

B. Period of stock take should not interfere with production

C. Adequate technical assistance should be available to identify materials

D. Great care should be taken to ensure that invalid stock items are not included

E. Quantities of each type of stocks should not be checked against stock records

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MI – Nov 2020 – L1 – SA – Q11 – Costing Techniques

Identify the method that allocates overhead to products based on activities that give rise to costs.

Which of the following attributes support overhead to products using the activities which give rise to the cost?

A. Activity based costing

B. Absorption costing

C. Marginal costing

D. Standard costing

E. Activity based budgeting

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MI – Nov 2020 – L1 – SA – Q10 – Decision-Making Techniques

Identify a disadvantage of a group incentive scheme.

Group incentive schemes are common and frequently successful. Which of the following is NOT an advantage of a group incentive scheme?

A. May engender closer cooperation in the group and a team spirit

B. Increase total production output with the same number of employees

C. Support workers not directly associated with production can be included

D. May encourage more flexible working arrangements within the group

E. Less hardworking members of a group receive the same bonus

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MI – Nov 2020 – L1 – SA – Q9 – Costing Techniques

Determine when the profit under marginal costing equals that of absorption costing.

In which of the following will the profit of marginal costing equal absorption costing?

A. There is only closing stock

B. There is only opening stock

C. There is both opening and closing stock

D. There is no change in stock levels

E. There are lower fixed costs

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