ICAN 2022 Management Information | Mixed

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Question 1 View Details
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
Correct E. Set up and tooling cost

Correct Answer: E

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Question 2 View Details
In process costing, ignoring equivalent units for normal loss has which of the following effects?
Correct 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 cost of work in progress and decreases cost of finished products
E. Increases cost of completed units and decreases work in progress

Correct Answer: A

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Question 3 View Details
Variable costing and absorption costing statements produce the same profit under which of the following conditions?
Correct A. Production equals sales
B. Production exceeds sales
C. Sales exceed production
D. Sales equal fixed overhead
E. Production equals fixed overhead

Correct Answer: A

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Question 4 View Details
Which of the following is NOT an example of a composite cost unit?
Correct 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

Correct Answer: A

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Question 5 View Details
Which of the following is NOT an element involved in decision making, planning and control process?
A. Identifying the objectives that will guide the decision
B. Search for a range of possible courses of action to achieve the objectives
C. Select an appropriate alternative course of action to achieve the objectives
D. Implement the decisions as part of planning and budgeting process
Correct E. Maximise shareholders’ value

Correct Answer: E

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Question 6 View Details
A summary account, where entries are made from the totals of transactions for a period is called
A. Cost ledgers
Correct B. Control accounts
C. Costing profit or loss accounts
D. Overhead accounts
E. Interlocking accounts

Correct Answer: B

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Question 7 View Details
Which of the following is NOT an advantage of Just-in-Time purchasing arrangement?
A. Reduced investment in raw materials
B. Substantial savings in factory space
Correct C. Low quantity discounts
D. Low investment in work-in-progress
E. Reduction in paperwork

Correct Answer: C

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Question 8 View Details
Which of the following is NOT a category in which fixed cost can be sub-divided?
A. Time period classification
B. Volume classification
Correct C. Unit classification
D. Unavoidable classification
E. Policy classification

Correct Answer: C

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Question 9 View Details
XYZ manufacturing was able to achieve 95 percent of budgeted labour hours. If budgeted labour hours are 44,737 and standard hours produced is 42,075, what is the efficiency ratio?
A. 106%
B. 101%
Correct C. 99%
D. 94%
E. 89%

Correct Answer: C

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Question 10 View Details
PQR produces a single product QR which sells for ₦500 with a variable cost of ₦340. The fixed cost of ₦5,520,000 was accrued evenly over the year and the company wants to achieve a monthly target profit after tax of ₦960,000. Considering a company tax rate of 20%, calculate the level of monthly sales required to achieve the target profit
Correct A. 40,500 units
B. 39,500 units
C. 34,500 units
D. 10,375 units
E. 8,875 units

Correct Answer: A

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Question 11 View Details
The number of layers in the OSI (Open Systems Interconnection) Model is
A. 3
Correct B. 7
C. 9
D. 11
E. 12

Correct Answer: B

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Question 12 View Details
.doc is an extension of
A. Image file
B. Video file
C. Audio file
Correct D. Word file
E. Excel file

Correct Answer: D

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Question 13 View Details
Which of the following is used to create web pages?
A. RUBY
Correct B. HTML
C. C++
D. FORTRAN
E. BASIC

Correct Answer: B

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Question 14 View Details
In computing, Trojan is an example of
Correct A. Malware
B. Ransomware
C. Spyware
D. Worm
E. Anti-virus

Correct Answer: A

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Question 15 View Details
A computer executes programs in the sequence of
A. Decode, Fetch, Execute
B. Execute, Decode, Fetch
Correct C. Fetch, Decode, Execute
D. Store, Fetch, Execute
E. Execute, Store, Fetch

Correct Answer: C

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Question 16 View Details
Which of the following protocols is used to send e-mail?
A. FTP
B. HTTP
C. POP3
Correct D. SMTP
E. TCP

Correct Answer: D

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Question 17 View Details
The number the computer system always use to calculate and store data in ‘0’ and ‘1’ is
Correct A. Binary
B. Hexadecimal
C. Octal
D. Decimal
E. Heptadecimal

Correct Answer: A

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Question 18 View Details
In open System Interconnection (OSI) Model, TCP/IP belongs to which layer?
A. Data Link layer
B. Network layer
Correct C. Transport layer
D. Session layer
E. Presentation layer

Correct Answer: C

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Question 19 View Details
How many bits are in a byte?
Correct A. 8
B. 16
C. 32
D. 64
E. 128

Correct Answer: A

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Question 20 View Details
A packet of information that travels between browser and web server is known as
A. Malware
B. Adware
C. Spyware
Correct D. Cookie
E. Virus

Correct Answer: D

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Question 1 View Details
A small manufacturing company has three production and two service departments. The following data were extracted from the company’s records. \( \begin{array}{lrrrrrr} & \textbf{Total} & \textbf{Spinning} & \textbf{Processing} & \textbf{Finishing} & \textbf{Maintenance} & \textbf{Stores} \\ & & \textbf{\& Weaving} & & & & \\ \text{Rent \& Rates ₦} & 6,000,000 & - & - & - & - & - \\ \text{Electricity ₦} & 5,400,000 & - & - & - & - & - \\ \text{Canteen Exp ₦} & 420,000 & - & - & - & - & - \\ \text{Maintenance Exp. ₦} & 2,780,000 & - & - & - & 2,780,000 & - \\ \text{Stores Expenses ₦} & 1,431,000 & - & - & - & - & 1,431,000 \\ \text{Area Occupied (Sq.m)} & 12,000 & 3,500 & 2,500 & 3,000 & 2,000 & 1,000 \\ \text{Energy Consumed (Kw/h)} & 10,000 & 3,000 & 3,000 & 2,000 & 1,500 & 500 \\ \text{No. of Employees} & 120 & 40 & 20 & 30 & 20 & 10 \\ \text{No. of Requisition} & 2,700 & 600 & 500 & 790 & 800 & 10 \\ \text{Plant Value ₦} & 55,600,000 & 25,000,000 & 15,000,000 & 15,000,000 & 600,000 & - \\ \text{Apportionment rate} & 100 & 35\% & 30\% & 30\% & - & 5\% \\ \text{Apportionment rate} & 100 & 25\% & 20\% & 30\% & 25\% & - \end{array} \) You are required to prepare the overhead analysis allocating and apportioning cost to the three production departments and giving the last four digits from the reciprocal apportionment to the Spinning & Weaving department.
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Question 2 View Details
a. State THREE problems associated with site and contract work and list TWO ways to mitigate against them. (5 Marks) b. Wazobia is a construction company currently undertaking two separate contracts. From the following information relating to the just concluded financial year and other data extracted from the records of the company, you are required to prepare accounts for the two contracts using a columnar format. \( \begin{array}{lrr} & \textbf{Contract} & \textbf{Contract} \\ & \textbf{WXYZ002} & \textbf{WXYZ003} \\ & \text{₦} & \text{₦} \\ \text{Contract Price} & 5,000,000 & 3,500,000 \\ \text{Material purchased} & 1,650,000 & 950,000 \\ \text{Plant \& Machinery} & & \\ \text{transferred to site} & 4,500,000 & 3,000,000 \\ \text{Wages paid} & 1,460,000 & 1,200,000 \\ \text{Other Expenses} & 900,000 & 460,000 \\ \text{Wages accrued} & 140,000 & 100,000 \\ & & \\ \text{Value of work certified} & 2,950,000 & 1,800,000 \\ \text{Cost of work not certified} & 1,600,000 & 1,450,000 \\ \text{Plant \& Machinery written down} & 3,600,000 & 2,400,000 \\ \text{Material on site C/F} & 850,000 & 100,000 \end{array} \)
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Question 3 View Details
Paquris Limited is into manufacture of various products. The following data refer to one of its products for a one-month period. \(\begin{array}{lrr} & & \text{₦} \\ \text{Direct material -- Units} & 120,000 & 3,000,000 \\ \text{Direct labour -- Hours} & 120,000 & 6,600,000 \\ \text{Direct expenses} & & 2,000,000 \\ \text{Variable production overhead} & & 1,500,000 \\ \text{Fixed production overhead} & & 3,600,000 \\ \text{Variable non-production overhead} & & 1,020,000 \\ \text{Fixed non-production overhead} & & 4,740,000 \\ \text{Sales -- Units} & 115,000 & 25,300,000 \\ \text{Opening inventory} & - & - \end{array}\) \(Required:\) a. Prepare the statement of profit or loss using full absorption costing (8 Marks) b. Prepare the statement of profit or loss using marginal costing (7 Marks) c. Prepare closing inventory valuation on both basis (3 Marks) d. State and explain the differences between (a) and (b) (2 Marks) (Total 20 Marks)
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Question 4 View Details
a. Explain the differences amongst the Internet, Extranet and Intranet? (3 Marks) b. What is computer forensics? Explain FOUR types of forensic investigations. (5 Marks) c. List TWO examples of server operating software. (2 Marks) d. Identify and explain FIVE types of Network Topology. (10 Marks) (Total 20 Marks)
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Question 5 View Details
a. What is an Expert system? (3 Marks) b. List FIVE areas of expert system application (5 Marks) c. State FOUR examples of IT Infrastructures (4 Marks) d. State and explain FOUR layers in the Open systems Interconnection (OSI) model. (8 Marks) (Total 20 Marks)
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