ICAN 2023 Management Information | Mixed

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Question 1 View Details
A cost that is not easily or conveniently traceable to a cost object is known as:
A. Collective cost
B. Untraceable cost
C. Objective cost
Correct D. Indirect cost
E. Direct cost

Correct Answer: D

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Question 2 View Details
Which of the following is another name for mixed cost:
A. Double cost
Correct B. Semi-Variable cost
C. Fluctuating cost
D. High and Low cost
E. Triple cost

Correct Answer: B

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Question 3 View Details
A budgeting method where activities are analysed thoroughly to predict costs is known
A. Cost based budgeting
B. Production based budgeting
C. Market focussed budgeting
Correct D. Activity based budgeting
E. Raw materials based budgeting

Correct Answer: D

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Question 4 View Details
The method of allocation of costs to individual users based on their usage of a common cost is known as
A. Bundled products allocation method
B. Variable cost allocation method
Correct C. Stand-alone cost allocation method
D. Grouped allocation method
E. Incremental cost allocation method

Correct Answer: C

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Question 5 View Details
Assigning indirect costs to cost centres is known as
Correct A. Cost allocation
B. Sales tracing
C. Sales allocation
D. Cost tracing
E. Allotment

Correct Answer: A

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Question 6 View Details
When compared to the sales value of main products, the sales value of by-products is
A. Higher
B. Relevant
Correct C. Lower
D. Manageable
E. Unstable

Correct Answer: C

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Question 7 View Details
The basic objective of cost accounting is
A. Financial audit
Correct B. Cost ascertainment
C. Cost allocation
D. Profit analysis
E. Cost production

Correct Answer: B

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Question 8 View Details
Factory overhead can be absorbed on the basis of
A. Percentage of material cost
B. Service cost
Correct C. Manufacturing cost
D. Direct expenses
E. Depreciation

Correct Answer: C

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Question 9 View Details
Where machine hours is 7,200 hours, machine set-up time allowed is 720 hours and works overhead is ₦32,400. What is the machine hour rate?
A. ₦2
B. ₦3
Correct C. ₦4
D. ₦5
E. ₦6

Correct Answer: C

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Question 10 View Details
When prices are rising, FIFO method will provide
A. Highest value of closing stock but lowest profit
B. Highest value of profit but lowest value of closing stock
Correct C. Highest value of closing stock and profit
D. Lowest value of closing stock and profit
E. Same value of closing stock and profit

Correct Answer: C

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Question 11 View Details
The first step in the process of communication is
A. Sending
B. Messaging
C. Decoding
Correct D. Encoding
E. Receiving

Correct Answer: D

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Question 12 View Details
Which of the following is used to store large amount of data?
Correct A. Hard Disk Drive (HDD)
B. USB Flash Memory
C. Cache memory
D. Random Access memory
E. DVD-RAM

Correct Answer: A

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Question 13 View Details
Which of the following is a mandatory component of a URL?
A. File name
Correct B. Protocol identifier
C. Port Number
D. Host Name
E. Reference

Correct Answer: B

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Question 14 View Details
A network that interconnects computers within a limited area such as a residence, school, laboratory, university campus or office building is known as
Correct A. Local Area Network
B. Wide Area Network
C. World Wide Web
D. Metropolitan Area Network
E. Internet

Correct Answer: A

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Question 15 View Details
Changing computer language of 1's and 0's to characters that a person can understand is
A. Highlighting
B. Coding
Correct C. Decoding
D. Encoding
E. Messaging

Correct Answer: C

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Question 16 View Details
https://www.icanig.org is an example of
A. An access code
B. A directory
Correct C. A URL
D. A server
E. Network pointer

Correct Answer: C

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Question 17 View Details
A computer cannot "boot" without the
A. Assembler
B. Compiler
C. Loader
Correct D. Operating System
E. Application program

Correct Answer: D

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Question 18 View Details
The process of dividing the disk into tracks and sectors is known as
A. Alloting
B. Tracking
Correct C. Formatting
D. Crashing
E. Dividing

Correct Answer: C

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Question 19 View Details
The use of icons and menus displayed on the screen to send commands to the computer system is known as
A. Command-based user interface
Correct B. GUI
C. System utility
D. API
E. CMD

Correct Answer: B

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Question 20 View Details
The following are peripheral devices, EXCEPT
A. Image scanners
B. Tape drives
C. Microphones
D. Loudspeakers
Correct E. Motherboard

Correct Answer: E

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Question 1 View Details
A company manufactures a product which goes through two processes. The following are the extracts from the company‟s records: Process 1: - Materials 10,000 units at the cost of ₦100,000 - Labour is ₦20,000 - Overheads is N20,000 - Normal loss is 10% - Actual production is 8,500 units - Scrap sales is ₦5 per unit Process 2: - Transfer from process 1 – 8,500 units valued at N127,500 - Labour is N15,000 - Overheads is N10,000 - Normal loss is 10% - Actual production is 8,400 units - Scrap sales is ₦3 per unit \(Required: \)
Requirements
(a)
Prepare Process 1 account (10 Marks)
(b)
Prepare Process 2 account (10 Marks) (Show the calculations of cost of goods produced and applicable abnormal loss or gain). (Total 20 Marks)
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Question 2 View Details
Requirements
(a)
State FIVE of the qualitative factors to be considered when making a „Make or Buy‟ decision. (5 Marks)
(b)
BBY Limited manufactures jugs. They have just got an offer for the supply of the same product at N500 per jug. The plan is to manufacture 5,000 units within the next 3 months with the following budget: \(\begin{array}{l r} & \textbf{₦'000} \\ \text{Direct materials} & 1,000 \\ \text{Direct labour} & 700 \\ \text{Variable production overhead} & 600 \\ ~~~~\text{Variable selling and distribution overhead} & 700 \\ \text{Fixed production overhead} & 1,000 \\ ~~~~\text{Fixed selling and distribution overhead} & 500 \\ \text{Fixed admin overhead} & 300 \end{array}\) The special offer customer would pick up the products from the factory. Required: i. Advise whether the company should accept or reject the offer using the data above. You are to support your computation and decision with appropriate reasons. (10 Marks) ii. Would you have made a different decision if the budget figures are as presented below: \(\begin{array}{l r} & \textbf{₦'000} \\ \text{Direct materials} & 1,030 \\ \text{Direct labour} & 925 \\ \text{Variable production overhead} & 645 \\ ~~~~\text{Variable selling and distribution overhead} & 350 \\ \text{Variable admin overhead} & 430 \\ \text{Fixed production overhead} & 1,100 \\ ~~~~\text{Fixed selling and distribution overhead} & 520 \\ \text{Fixed admin overhead} & 310 \end{array}\) (Show your computations and state reasons for your decision). (5 Marks) (Total 20 Marks)
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Question 3 View Details
Joyle Construction Limited is currently working on two contracts with the following details as at December 31. \( \begin{array}{lrr} & \text{Contract „A”} & \text{Contract „B”} \\ & \text{₦”000} & \text{₦”000} \\ \text{Material} & 16,140 & 23,100 \\ \text{Wages} & 61,900 & 23,136 \\ \text{Expenses on site} & 8,270 & 10,344 \\ \text{Plant purchased} & 191,000 & 78,000 \\ \text{Accrued wages} & 5,060 & 2,690 \\ \text{Materials as at 31/12} & 2,670 & 7,680 \\ \text{Value of work certified} & 140,000 & 102,000 \\ \text{Cash received on certified work} & 119,000 & 76,500 \\ \text{Completed work not yet certified} & 4,450 & 2,640 \\ \text{Head office charges apportioned} & 15,660 & 12,230 \\ \text{Plant value as at 31/12} & 152,800 & 62,400 \end{array} \) The contract value is N500,000,000 for contract „A‟ and N350,000,000 for contract „B‟. \(Required:\) Prepare contract ‟A‟ and contract „B‟ accounts for Joyle Construction Limited as at December 31 in a columnar form. Show the profit taken at year end and the balances carried forward. (Show workings where necessary). (Total 20 Marks)
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Question 4 View Details
Requirements
(a)
Identify TWO purposes of information management in an organisation. (3 Marks)
(b)
Identify and explain FOUR ways good information systems can assist organisations. (8 Marks)
(c)
What is “open source software”? State TWO examples. (4 Marks)
(d)
Identify FIVE differences between system software and application software. (5 Marks)
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Question 5 View Details
Requirements
(a)
Identify the difference between data privacy and data protection. (4 Marks)
(b)
Identify TWO reasons why data privacy is important. (2 Marks)
(c)
Identify and explain FOUR tools and technologies that can be deployed to safeguard information resources. (8 Marks)
(d)
Explain the differences amongst threat, vulnerability and risk. (6 Marks)
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