ICAN 2025 Management Information | Mixed

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Question 1 View Details
Labour turnover has an effect which translates into cost. Which ONE of the following is NOT an effect of labour turnover?
A. Recruitment Cost
B. Replacement Cost
Correct C. Redundancy Cost
D. Training Cost
E. Learning Cost

Correct Answer: C

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Question 2 View Details
The following relates to product X Selling price - N1,500 Direct material - N500 Direct labour - N300 Variable overhead - N250 Fixed overhead - N1,800,000 What is the break-even point?
A. 4,500 units
B. 4,050 units
Correct C. 4,000 units
D. 4,300 units
E. 4,250 units

Correct Answer: C

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Question 3 View Details
A cost which 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. nconvenient cost

Correct Answer: D

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Question 4 View Details
Which of the following is another name for MIXED cost?
A. Marginal cost
Correct B. Semi-variable cost
C. Standard cost
D. High and low cost
E. Variable cost

Correct Answer: B

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Question 5 View Details
In a particular process, input was 6,000 litres, output was 5,600 litres, normal loss is 10%. Calculate the abnormal gain or loss
A. 600 litres abnormal gain
Correct B. 200 litres abnormal gain
C. 600 litres abnormal loss
D. 400 litres abnormal loss
E. 500 litres abnormal loss

Correct Answer: B

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Question 6 View Details
The standard price for material “B” is N5.50 per kg. 20,500 kg was purchased for N118,900 but only 19,800kg was used What is the material price variance?
A. N6,650 Adverse
B. N10,000 Favourable
C. N6,150 Favourable
D. N10,000 Adverse
Correct E. N6,150 Adverse

Correct Answer: E

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Question 7 View Details
A company makes a single product W with a sale price of N250 and total cost of N210 of which N180 is variable. The annual fixed cost is N6,300,000. What is the breakeven point in units of sales?
A. 210,000 units
B. 157,500 units
Correct C. 90,000 units
D. 30,000 units
E. 25,200 units

Correct Answer: C

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Question 8 View Details
As a result of rapidly changing conditions, many organisations review and modify their budget every quarter or half yearly. What is this type of budget called?
A. Master budget
B. Zero base budget
C. Activity base budget
D. Functional budget
Correct E. Continuous budget

Correct Answer: E

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Question 9 View Details
The following are extracts from the books of AV Ltd for the month of January \( \begin{array}{llr} & \text{Receipts} & \text{Issues} \\ 03/01 & 2000\text{ units @}\text{₦}14.00\text{ per unit} & 1,500\text{ units} \\ 08/01 & 3,000\text{ units @ }\text{₦}13,50\text{ per unit} & \\ 12/01 & & 2,500\text{ units} \\ 20/01 & 2,500\text{ units @ }\text{₦}14.20\text{ per unit} & \\ 22/01 & & 2,000\text{ units} \\ 28/01 & 3,500\text{ @ }\text{₦}14 & \\ 31/01 & & 2,800\text{ units} \end{array} \) AV Ltd uses first in first out ((F.I.F.O) inventory method. Calculate the value of the 2000 units issued on 22/01
Correct A. N27,700
B. N30,700
C. N30,800
D. N28,000
E. N31,200

Correct Answer: A

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Question 10 View Details
The following data were extracted from the record of STU Limited. Direct Material Cost N800 Direct Labour (2 hrs) N700 Direct Expenses N400 Production Overhead N600 per direct labour hour Non-Production Overhead 50% of prime cost Calculate the full cost of sales.
A. N4,650
Correct B. N4,050
C. N3,750
D. N3,450
E. N2,850

Correct Answer: B

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Question 11 View Details
A software package that is designed to perform generalised tasks for several users is called
A. Operating System
B. System Program
Correct C. Application Software
D. Customised Software
E. Utility Software

Correct Answer: C

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Question 12 View Details
A computer processor is made up of which of the following combinations?
A. CPU and Memory
Correct B. ALU, Control Unit and memory
C. ALU and Memory
D. CPU and Motherboard
E. Memory and Control Unit

Correct Answer: B

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Question 13 View Details
The operations performed by a typical system software include the following, EXCEPT
A. Provision of utility service
B. Providing settings for application package
C. Enabling the use of peripheral devices
D. Memory management
Correct E. Performing arithmetic and logical operations

Correct Answer: E

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Question 14 View Details
The type of information system used by all levels of management of an organisation is known as
Correct A. Management Information System (MIS)
B. Decision support System (DSS)
C. Executive Information system (EIS)
D. Expert System (ES)
E. Automated Order System (AOS)

Correct Answer: A

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Question 15 View Details
Which of the following is an example of non-impact printer?
A. Dot-matrix
B. Daisy-wheel printer
C. Drum printer
Correct D. Laser-jet printer
E. Band Printer

Correct Answer: D

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Question 16 View Details
The following are factors for measuring the success of an information system, EXCEPT
A. System Performance
Correct B. High cost of Operation
C. Usability
D. System Efficiency
E. System Effectiveness

Correct Answer: B

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Question 17 View Details
Which of the following information system can a manager of an organisation use to create scenarios and ask a system to predict possible solutions?
A. Expert System
Correct B. Decision Support System
C. Transaction Processing System
D. Database System
E. Office Automation System

Correct Answer: B

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Question 18 View Details
The information system best suitable for high volume transactions and predetermined task is
A. Data Processing System.
B. Management Information System
Correct C. Transaction Processing System
D. Office Automation System
E. Spreadsheets

Correct Answer: C

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Question 19 View Details
Which of the following is NOT an attribute of information?
A. Must be relevant
B. Must be timely
Correct C. Must be coded
D. Must be accurate
E. Must be reliable

Correct Answer: C

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Question 20 View Details
System software is an important control part of the computer system for which of the following reasons
A. Programmers cannot replace damaged/corrupted system software
B. Its backup does not always function reliably as original copy
C. Its operation demands special IT expertise
Correct D. It performs overall control functions for programs that process data and data files quickly
E. It controls and protects computer systems from damage by virus

Correct Answer: D

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Question 1 View Details
Requirements
(a)
Describe briefly the purpose of cost accounting (2 Marks)
(b)
State FIVE attributes that make costing information useful to management (5 Marks)
(c)
Identify the THREE major parts of the cost accounting process on how data are transformed into information (3 Marks)
(d)
List and explain FIVE differences between cost accounting system and financial accounting system (10 Marks)
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Question 2 View Details
Requirements
(a)
List and explain briefly FOUR methods of separating fixed and variable costs (8 Marks)
(b)
The following information was extracted from the record of XYZ LTD \(\begin{array}{l r r l r} \textbf{Month} & \begin{array}{c}\textbf{Actual} \\ \textbf{Production} \\ \text{(Units)}\end{array} & \begin{array}{c}\textbf{Actual Cost} \\ \textbf{(₦)}\end{array} & \textbf{Month} & \begin{array}{c}\textbf{Budgeted} \\ \textbf{Production} \\ \text{(Units)}\end{array} \\ \text{January} & 4500 & 1,500,000 & \text{July} & 4800 \\ \text{February} & 2700 & 1,050,000 & \text{August} & 3200 \\ \text{March} & 6500 & 2,075,000 & \text{September} & 6000 \\ \text{April} & 5000 & 1,625,000 & \text{October} & 6600 \\ \text{May} & 8000 & 2,450,000 & \text{November} & 8200 \\ \text{June} & 5500 & 1,825,000 & \text{December} & 5800 \end{array}\) Fixed costs increase by 20% when production is above 5,000 units. Required: Prepare the cost estimate for the period July to December.
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Question 3 View Details
WXYZ produces and sells one single product X and 30% of the monthly demands is kept as closing inventory for each month. The following information was obtained from the company‟s records: \( \begin{array}{lr} \text{Standard cost card} & \\ & \text{X} \\ \text{Material A (Kg) (₦5/Kg)} & 4\text{Kg} \\ \text{Material B (Kg) (₦4/Kg)} & 1\text{Kg} \\ \text{Direct labour (hrs) (₦10/hr)} & 3\text{Hrs} \\ \text{Direct cost (₦)} & \text{₦}22 \\ \text{Selling price per Unit} & \text{₦}120 \\ & \\ \text{The demand for the next quarter in units is estimated as follows:} & \\ & \text{X} \\ \text{April} & 40,000 \\ \text{May} & 35,000 \\ \text{June} & 50,000 \\ & \\ \text{Closing inventory as at end of current quarter are} & \\ \text{Material A} & 60,000\text{Kg} \\ \text{Material B} & 15,000\text{Kg} \\ \text{Finished Goods X 20,000 Units} & \end{array} \) \(Required: \) Prepare for April, May and June:
Requirements
(a)
Production budget in quantity (5 Marks)
(b)
Material purchase budget for production in quantity and value (12 Marks)
(c)
Direct labour budget (3 Marks)
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Question 4 View Details
Requirements
(a)
Information System and Technology is of great importance to business organisations. Required: i. Distinguish clearly between information system and information technology. (4 Marks) ii. Enumerate any THREE basic functions of organisational information. (3 Marks)
(b)
State any THREE benefits and TWO lapses of using information system. (5 Marks)
(c)
State the function of each of the following business information systems and state ONE example in each case. i. Manufacturing/Production system ii. Sales and Marketing System iii. Finance and Accounting System iv. Human Resources System (8 Marks)
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Question 5 View Details
Requirements
(a)
The world of Information Technology (IT) is constantly evolving with widespread innovations. You are required to define the following terminologies: i. Enterprise Resource Planning (ERP) ii. Supply Chain Management (SCM) iii. Customer Relationship Management (CRM) (6 Marks)
(b)
List any SIX benefits of supply chain management system (6 Marks)
(c)
State any FOUR advantages of Enterprise Resource Planning (4 Marks)
(d)
List any FOUR objectives of Customer Relation Management System (4 Marks)
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