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 2018 – L1 – SB – Q4a – Costing Methods

Apportionment of service department overhead and career paths for accountants in IT-based environments

Question

a. The overhead costs of HABA LIMITED is analyzed below:

Production Departments	N
Weaving	1,000,000
Spinning	500,000
Service Departments
Admin	80,000
Maintenance	60,000

The administrative overhead costs are to be apportioned on the basis of Weaving 50%, Spinning 30%, and Maintenance 20%, while the Maintenance overhead costs are to be apportioned on the basis of Weaving 60%, Spinning 20%, and Administrative 20%.

You are required to apportion service departments’ overhead to production departments using the continuous apportionment method. (10 marks)

Answer

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Tags: Career Path, Overhead Apportionment
Level: Level 1

Topic: Costing Methods
Series: MAY 2018

MI – May 2018 – L1 – SB – Q3 – Decision-Making Techniques

Evaluating make or buy decision based on quantitative and qualitative factors for Seagull Fabricators Ltd.

Question

Seagull Fabricators Limited buys a component for N280 per unit, 6,000 units of which it uses monthly. Below is the cost of making the same component in-house:

Component	Unit Cost	Total Cost (N)
Direct Material	100	600,000
Direct Labour	100	600,000
Variable Overheads	50	300,000
Total	250	1,500,000

In order to produce the component, the company would purchase a mould for N5 million with an estimated life span of 5 years. An annual rent of N1 million is required for the fabrication space and the cost of power consumption is expected to increase by N500,000 per year.

a. You are required to advise the company whether to discontinue the outsourcing of the component and commence local fabrication or not, based on the given quantitative factors. (11 marks)

b. In deciding to outsource a component, explain THREE qualitative factors to be taken into consideration. (9 marks)

Answer

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Tags: Costing, Decision Making, Make or Buy
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2018

MI – May 2018 – L1 – SB – Q2 – Budgeting

Preparation of a cash budget for Orok Trading Company.

Question

Orok Trading Company sells cement bags at N2,000 each. According to projections, it would sell 100 bags each in October, November, and December; and 120 bags per month in the succeeding months.

The company sells on credit, with customers paying 50% in the month following sale, and the balance 30 days later.

Other expected inflows are:

Sale of plant, N80,000 in January and N50,000 in February
Insurance claim, N50,000 in February
Damages from a lawsuit, N60,000 in March

The company purchases its products from a supplier who gives two months’ credit. The company’s cost of sale is 60%.

Projected outflows are:

Salaries of N30,000, paid monthly
Rent of N25,000, paid monthly
Other administrative expenses of N55,000 per month are settled as they arise.
Income tax of N25,000 payable in January
New asset, N40,000 to be purchased in January

The bank balance on December 31 is N235,000 negative.

You are required to:

Prepare a monthly Cash Budget for January to March. Show all workings.

Answer

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Tags: Cash Budget, Projections
Level: Level 1

Topic: Budgeting
Series: MAY 2018

MI – May 2018 – L1 – SB – Q1 – Costing Methods

Preparation of process, abnormal loss, and abnormal gain accounts for Queensly Nigeria Limited.

Question

The following data is compiled from the operations of QUEENSLY NIGERIA LIMITED in respect of their sole product:

	Process 1	Process 2
Material introduced (Kgs)	8,000	2,000
Labour costs (N)	12,000	8,000
Material cost per kg (N)	10	15
Expenses (N)	20,000	15,000
Normal loss (%)	10	15
Output (Kgs)	6,800	7,700

You are required to:

Draw up the process, abnormal loss, and abnormal gain accounts.

Answer

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Tags: Abnormal Gain, Abnormal Loss, Process Costing
Level: Level 1

Topic: Costing Methods
Series: MAY 2018

MI – May 2018 – L1 – SA – Q20 – Information Systems

Identifying non-functions of a typical HR transaction processing system.

Question

Which of the following is NOT a major function of a typical Human Resource Transaction Processing System?
A. Budgeting
B. Salaries
C. Labour Relation
D. Training
E. Employee benefits

Answer

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Tags: HR Systems, Transaction Processing
Level: Level 1

Topic: Information Systems
Series: MAY 2018

MI – May 2018 – L1 – SA – Q19 – Information Systems

Defining data as raw and unprocessed facts.

Question

Which of the following is NOT true about data?
A. Consist of unprocessed facts
B. Collected and processed to produce information
C. Has no meaning until processed into information
D. Raw facts about entities
E. Relevant to a particular purpose

Answer

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Tags: Data, Information Systems
Level: Level 1

Series: MAY 2018

MI – May 2018 – L1 – SA – Q17 – Information Systems

Identifying output devices that translate digital output to visual display.

Question

An output device that translates digital output into a visual display directly to a screen is known as:
A. Speaker
B. Scanner
C. Visual Display Unit
D. Printer
E. Projector

Answer

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Tags: Digital Display, Output Devices
Level: Level 1

Topic: Information Systems
Series: MAY 2018

MI – May 2018 – L1 – SA – Q16 – Information Systems

Role of sponsors in change management.

Question

To sponsor change effectively in change management, sponsors must demonstrate authority, accountability, and:
A. Knowledge
B. Involvement
C. Power
D. Currency
E. Training

Answer

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Tags: Change Management, Sponsorship
Level: Level 1

Topic: Information Systems
Series: MAY 2018

MI – May 2018 – L1 – SA – Q15 – Information Systems

Information System control objectives.

Question

Which of the following is NOT an Information System Control objective?
A. Ensuring consistent system functionality
B. Safeguarding system assets
C. Maintaining system economy and efficiency
D. Promoting technology usage
E. Preventing system facilities from hackers

Answer

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Tags: Control Objectives, Information Systems
Level: Level 1

Topic: Information Systems
Series: MAY 2018

MI – May 2018 – L1 – SA – Q14 – Information Systems

Purpose of digital signatures in information security.

Question

Which of the following should be addressed by a digital signature?
A. Unauthorised reading
B. Theft
C. Unauthorised copying
D. Interruption
E. Alteration

Answer

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Tags: Digital Signature, Information security
Level: Level 1

Topic: Information Systems
Series: MAY 2018

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 2018 – L1 – SB – Q4a – Costing Methods

Apportionment of service department overhead and career paths for accountants in IT-based environments

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MI – May 2018 – L1 – SB – Q3 – Decision-Making Techniques

Evaluating make or buy decision based on quantitative and qualitative factors for Seagull Fabricators Ltd.

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MI – May 2018 – L1 – SB – Q2 – Budgeting

Preparation of a cash budget for Orok Trading Company.

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MI – May 2018 – L1 – SB – Q1 – Costing Methods

Preparation of process, abnormal loss, and abnormal gain accounts for Queensly Nigeria Limited.

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MI – May 2018 – L1 – SA – Q20 – Information Systems

Identifying non-functions of a typical HR transaction processing system.

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MI – May 2018 – L1 – SA – Q19 – Information Systems

Defining data as raw and unprocessed facts.

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MI – May 2018 – L1 – SA – Q17 – Information Systems

Identifying output devices that translate digital output to visual display.

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MI – May 2018 – L1 – SA – Q16 – Information Systems

Role of sponsors in change management.

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MI – May 2018 – L1 – SA – Q15 – Information Systems

Information System control objectives.

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MI – May 2018 – L1 – SA – Q14 – Information Systems

Purpose of digital signatures in information security.

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