Subject: MANAGEMENT INFORMATION

Search 500 + past questions and counting.

  • Filter by Professional Bodies

  • Filter by Subject

  • Filter by Series

  • Filter by Topics

  • Filter by Levels

  • 1 Marks

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

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 20 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 20 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 12 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 8 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 20 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 20 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 20 Marks

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)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2020 – L1 – SB – Q1 – Budgeting"

  • 1 Marks

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

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 1 Marks

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

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

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

  • 1 Marks

MI – May 2018 – L1 – SA – Q2 – Cost Classifications

Definition of cost behavior.

Which of the following describes cost behavior?
A. The effect of cost on company performance
B. The total cost of running a business
C. The movement of material costs during inflation
D. How total costs react to changes in output
E. The ratio of costs to turnover

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – May 2018 – L1 – SA – Q2 – Cost Classifications"

  • 1 Marks

MI – May 2018 – L1 – SA – Q1 – Introduction to Cost Accounting

Identifying non-functions of cost accountants in an organization.

Which of the following is NOT a function of the Cost Accountant?
A. Advising management on cost control
B. Preparing budgets
C. Purchasing materials with the cheapest costs
D. Compiling cost of production
E. Allocating indirect expenses to manufactured products

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – May 2018 – L1 – SA – Q1 – Introduction to Cost Accounting"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q6 – Business Process Technologies

This question explores the role of technology in enhancing business value and the steps to determine business values through technology strategy.

The initial principle identified from analysing the world’s regulations is Technology Strategy Orchestration. While most businesses around the world have established a technical awareness and dependency on technology, referred to as Directional Alignment, others have not integrated the business functions to reflect this relationship. The more organizations have visibility into how business processes rely on technology and the subsequent dependent relationships, the more likely business values will be identified and leveraged.

You are required to:
a. State and explain briefly THREE ways that technology may enhance businesses. (6 Marks)

b. State FOUR features of Directional Alignment. (6 Marks)

c. State FIVE steps to be followed in the determination of the business values provided by Technology Strategy. (8 Marks)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q6 – Business Process Technologies"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q5 – Information Systems

This question covers different modes of data transmission and security vulnerabilities in data systems.

Data is converted to binary digits and forwarded to the desired location for the purpose of communication.

a. With the aid of diagrams, explain THREE data transmission modes. In each case, give ONE relevant example. (9 Marks)

b. State ONE difference between Parallel Data Transmission and Serial Data Transmission. (2 Marks)

c. In a tabular form, state TWO differences between Asynchronous Data Transmission and Synchronous Data Transmission. (4 Marks)

d. Enumerate FIVE attacks that could take place as a result of vulnerabilities of a computer system. (5 Marks)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q5 – Information Systems"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q4 – Information Systems

This question tests understanding of offline and online data processing techniques, with examples and characteristics.

The purpose of data processing is to make data presentable, meaningful, and useful for a particular purpose.

a. Name an example of an offline data processing technique and explain briefly FIVE of its characteristics. (11 Marks)

b.
i. Explain an online processing technique. (3 Marks)
ii. Identify TWO such techniques and explain briefly TWO characteristics of each. (6 Marks

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q4 – Information Systems"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q3 – Cost-Volume-Profit (CVP) Analysis

This question involves break-even point, target profit, and the effect of cost changes on break-even.

A company that operates below break-even point year-after-year needs to be restructured.

a. What is break-even point? (2 Marks)

b. Elebu Nig. Plc. manufactures four products at its GBOOPA Plant in Olorungbebe Industrial Estate.

The company sold 450,000 units of its product at N60 per unit. Variable costs are N45 per unit, while the fixed cost incurred evenly throughout the year amounted to N2,916,000, which comprises of manufacturing costs of N1,800,000 and selling costs of N1,116,000.

You are required to calculate:
i. The break-even point in units and in value (5 Marks)
ii. The number of units that must be sold to earn an income of N225,000 before income tax (3 Marks)
iii. The number of units that must be sold to generate after-tax profit of N300,000 if the income tax rate is 40% (5 Marks)
iv. The number of units required to break-even if the fixed cost increases by 2.5% and variable cost increases by 5% (5 Marks)

 

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q3 – Cost-Volume-Profit (CVP) Analysis"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q2 – Costing Methods

This question requires preparing profit statements using the absorption costing approach.

LADUGBO Limited, a company which manufactures and sells a single product named BETA, has the following data relating to the year 2015:

Particulars N
Selling Price 45.00
Direct Material Cost 10.00
Direct Wages Cost 4.00
Variable Overhead Cost 2.50

The following forecasts of sales and production are expected during the first six months of 2015:

Particulars January-March April-June
Sales (units) 60,000 90,000
Production (units) 70,000 100,000
  • Fixed production overhead costs are budgeted at N400,000 per annum. Normal production level is 320,000 units per annum.
  • Variable selling and distribution cost is N1.50 per unit sold, while fixed administration cost is N240,000 per annum.

You are required to:
Prepare profit statements for each of the two quarters, in a columnar format, using the absorption costing approach. (20 Marks)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q2 – Costing Methods"

  • 20 Marks

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

a. Working capital is generally understood to mean the difference between current assets and current liabilities. Explain the term working capital cycle. (2 Marks)
b. List FIVE factors that determine the working capital requirements of a firm. (5 Marks)
c. GLORY Limited has provided you with the following data regarding next year’s budget that has just been presented to the board by the financial controller of the company:

Budgeted Average Amount Outstanding N
Inventory: Raw materials 480,000
Work-in-Progress 360,000
Finished goods 244,800
Receivables 600,600
Payables (422,400)
Budgeted Average Working Capital 1,263,000

The following are available daily averages:

Daily Averages N
Revenue 9,240
Cost of Sales 7,200
Purchases of raw materials 3,840

You are required to compute the working capital cycle based on the above figures. (13 Marks)

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q1 – Budgeting"

  • 1 Marks

MI – Nov 2014 – L1 – SA – Q20 – Costing Methods

This question identifies the term used for output from a production process with little recoverable value.

The output from the production process with little recoverable value is referred to as:
A. Residue
B. Scrap
C. Waste
D. Good production
E. Left over

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q20 – Costing Methods"

  • 1 Marks

MI – Nov 2014 – L1 – SA – Q19 – Cost-Volume-Profit (CVP) Analysis

This question focuses on identifying the cost pattern that includes both fixed and variable components.

The cost behavioral pattern which shows element of fixed and variable components is:
A. Variable cost
B. Standard cost
C. Full cost
D. Semi-variable cost
E. Fixed cost

Login or create a free account to see answers

Login
Register

Find Related Questions by Tags, levels, etc.

Report an error
Report an error

You're reporting an error for "MI – Nov 2014 – L1 – SA – Q19 – Cost-Volume-Profit (CVP) Analysis"

Elevate your professional expertise across key business domains with our comprehensive training programs

Our offerings

Contact Info

  • +233203701923
    +233543919232
  • info@nbcinstitute.com

Customer

Get In Touch

Follow us on our social media and get daily updates.

Facebook-f Twitter Linkedin-in Envelope
error: Content is protected !!
Oops!

This feature is only available in selected plans.

Click here to view all plans

Click on the login button below to login if you’re already subscribed to a plan or click on the upgrade button below to upgrade your current plan.

Login
Upgrade Plan

If you’re not subscribed to a plan, click on the button below to choose a plan

Subscribe to a plan