ICAN 2024 Management Information | Mixed

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Question 1 View Details
Which of the following involves setting overall objectives and developing broad plans, mostly over a long-term?
A. Long-term decision
Correct B. Strategic planning
C. Tactical planning
D. Operational planning
E. Short-term decision

Correct Answer: B

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Question 2 View Details
Which of the following is classified as a production cost?
Correct A. Other factory costs
B. Selling costs
C. Distribution costs
D. Administration costs
E. Finance costs

Correct Answer: A

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Question 3 View Details
Which of the following is NOT part of the purchase process?
A. Purchase requisition
B. Purchase order
Correct C. Material usage note
D. Goods received note
E. Purchase invoice

Correct Answer: C

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Question 4 View Details
Which of the following is NOT a practical implication of Just-In-Time production?
A. Production times must be very fast
B. Production must be reliable
Correct C. Factory layout must not change to reduce movement
D. Deliveries from suppliers must be reliable
E. There must be full employee involvement

Correct Answer: C

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Question 5 View Details
A budgeting process that analyses costs into their fixed and variable elements using the actual activity levels is referred to as
A. Fixed Budgeting
Correct B. Flexible Budgeting
C. Activity Based Budgeting
D. Zero Based Budgeting
E. Marginal Costing

Correct Answer: B

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Question 6 View Details
The following data were extracted from UVW Limited for a single product V. \( \begin{array}{rr} \text{Activity (units)} & Total Cost (\text{₦}) \\ 144,000 & 3,624,000 \\ 842,000 & 12,000,000 \end{array} \) Calculate the value of fixed cost
Correct A. N8,376,000
B. N6,200,000
C. N3,264,000
D. N1,896,500
E. N1,896,000

Correct Answer: A

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Question 7 View Details
Which of the following control ratios is given by Standard hours produced is divided by actual hours worked?
A. Activity ratio
B. Overhead efficiency ratio
C. Volume ratio
D. Capacity ratio
Correct E. Efficiency ratio

Correct Answer: E

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Question 8 View Details
“Just-In-Time” works on a demand-pull basis seeks to eliminate all waste and activities which do not add value”. Which of the following activities adds value to a product?
A. Inspection time
B. Storage time
Correct C. Processing time
D. Queuing time
E. Transport time

Correct Answer: C

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Question 9 View Details
RSTU manufactures two products called S and T with a joint cost of N3,550,000. Normal process loss is 5% of expected output with scrap value of N50,000 and joint cost are apportioned based on sales value. Other data available are as stated below: \( \begin{array}{lrr} \textbf{Product} & \textbf{Good Output} & \textbf{selling Price(₦)} \\ S & 11,520 \text{ units} & 250 \\ T & 9,750 \text{ units} & 320 \end{array} \) The Profit on product T is?
A. N1,515,628
B. N1,492,708
C. N1,416,000
Correct D. N1,300,000
E. N1,274,000

Correct Answer: D

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Question 10 View Details
There are common features in most process costing systems. Which of the following is NOT ONE of the common features?
A. Clearly defined process cost centres and the accumulation of all costs
B. Maintenance of accurate records of units and part units produced and the cost incurred by each process
Correct C. Averaging of the prime costs of each process over the total production of that process, excluding partly completed units
D. Charging of the cost of the input of one process as the raw materials input of the following process
E. Clearly defined procedures for separating costs where the process produces two or more products

Correct Answer: C

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Question 11 View Details
In system development, RFP stands for which of the following?
A. Ready for processing
Correct B. Request for proposal
C. Ready for planning
D. Ready for power
E. Request for performance

Correct Answer: B

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Question 12 View Details
Awarding payroll software to accommodate changes in tax legislation is an example of which of the following type of maintenance?
Correct A. Adaptive
B. Corrective
C. Preventive
D. Detective
E. Perfective

Correct Answer: A

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Question 13 View Details
MIS implantation CANNOT be successful without people because of which of the following?
A. Systems will be costly
B. People cannot be successful with MIS
C. It is contrary to labour law
Correct D. System cannot be effective without people
E. People will destroy any computer system

Correct Answer: D

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Question 14 View Details
One of the most effective ways of introducing a software upgrade is by which of the following?
A. Debate
B. Persuasion
C. Exchange
D. Advocacy
Correct E. Training

Correct Answer: E

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Question 15 View Details
The changeover method that provides the best opportunity for change is
A. Direct changeover
B. Module method
C. Parallel running
Correct D. Prototyping
E. Pilot changeover

Correct Answer: D

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Question 16 View Details
Strategies of IT risk tolerance does NOT include which of the following?
A. Mitigation
B. Transference
Correct C. Eradication
D. Elimination
E. Avoidance

Correct Answer: C

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Question 17 View Details
Availability and continuity of IT resources is dependent on back-up and which of the following procedures?
A. Logical
B. Physical
C. Procurement
Correct D. Recovery
E. System

Correct Answer: D

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Question 18 View Details
IT controls are often described in TWO categories or types namely: IT general controls and which of the following controls?
A. System
B. Software
C. Hardware
Correct D. Application
E. Program

Correct Answer: D

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Question 19 View Details
The act of illegal copying of a set of instructions or programs is technically described as which of the following?
A. Virus attack
Correct B. Piracy
C. Theft
D. Crime
E. Privacy infringement

Correct Answer: B

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Question 20 View Details
A software system that provides a variety of tools for investigating a suspect‟s personal computer is called
Correct A. Forensic software
B. Cyber software
C. Cloud software
D. Crime software
E. Software toolkit

Correct Answer: A

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Question 1 View Details
QUESTION 1
Requirements
(a)
Describe how a time series can be analysed.
(b)
„There are TWO models used to estimate seasonal variation‟. List and briefly describe the TWO models.
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Question 2 View Details
Breakable Limited is preparing for the last half of the year and you, as the cost accountant, have been requested to prepare the cash budget for the third quarter of the year. The following information were available: 1. Sales - 20% of monthly sales are in cash, while the balance is on credit. a. Collections from receivables are as follows: i. 60% in the first month after sales. ii. 20% in the second month; and iii. The balance after considering 1% bad debt and 5% discount on the outstanding balance in the third month after sales. 2. Purchases are usually 60% of the month‟s Sales and are paid for 70% in the same month and 30% in the following month less 2% discount on the total purchase price. 3. Loan of N500,000 is expected to be approved by the bank on the first day of August payable equally over twelve months with one month moratorium and 1% interest on the outstanding. 4. Salary Deductions are paid on preceding month basis. 5. The sum of N951,550 being fixed deposit will mature in the month of July, N500,000 will be reinvested same month with 0.5% interest credited the following month. 6. Cash and Cash equivalent balance as at end of June is N1,050,706.00. 7. Bank Charges is 1% of total outflow from the bank payment for the month. 8. Additional Information is as follows: \( \begin{array}{\|l\|r\|r\|r\|r\|r\|r\|r\|} \hline & \text{April} & \text{May} & \text{June} & \text{July} & \text{August} & \text{Sept.} & \text{Oct.} \\ & \text{₦} & \text{₦} & \text{₦} & \text{₦} & \text{₦} & \text{₦} & \text{₦} \\ \hline \text{Sales} & 850,000 & 900,000 & 1,250,000 & 1,520,000 & 1,650,000 & 1,800,000 & 1,400,000 \\ \hline \text{Net} & & & & & & & \\ \text{Salaries} & 430,000 & 500,000 & 650,000 & 720,000 & 740,000 & 770,000 & 770,000 \\ \hline \text{Expenses} & 210,700 & 221,500 & 297,500 & 277,200 & 287,500 & 292,700 & 292,700 \\ \hline \text{Salaries} & & & & & & & \\ \text{Deductions} & 39,400 & 48,400 & 49,480 & 58,700 & 52,750 & 57,650 & 57,650 \\ \hline \end{array} \) \(Required:\) Prepare a monthly columnar cash budget for the third quarter of the year.
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Question 3 View Details
From the information given below, you are required to compute the price of store issues and the value of closing stocks using: i. First-In-First-Out (FIFO) basis ii. Last-In-First-Out (LIFO) basis January 2nd - Purchased 500 Units of XYZ at N40 per unit January 7th - Purchased 200 Units at N45 per unit January 10th - Issued 300 Units January 12th - Purchased 350 Units at N42 per unit January 15th - Issued 500 Units January 18th - Purchased 200 Units at N38 per unit
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Question 4 View Details
Requirements
(a)
State clearly the distinction between system security and system control.
(b)
List and explain briefly the THREE supply chain management flows.
(c)
Define the following terms in relation to information system: i. Quality assurance ii. Quality control
(d)
i. What is a quality information system? ii. State any FIVE characteristics of quality information system.
(e)
Enumerate TWO examples in each of the following ethical, social and political issues as raised by information systems: i. Ethical issues ii. Human interaction issues iii. Relationship issues iv. Security issues
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Question 5 View Details
QUESTION 5
Requirements
(a)
Nowadays, e-commerce is becoming more popular in emerging economies. You are required to: i. Define electronic commerce (e-commerce) ii. List THREE advantages and TWO disadvantages of e-commerce iii. State FOUR areas of application of e-commerce iv. State the distinction between B2C and B2B e-commerce models
(b)
Enumerate FIVE differences between e-commerce and e-business.
(c)
List FOUR e-commerce firms in Nigeria.
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