ICAN Management Information 2021
Past Questions

Sunrise Textile Mills Limited operates three production departments. The following data relate to Department B for the month of October 2024: direct materials ₦8,500,000; direct labour ₦4,200,000; var…

Under the marginal costing approach adopted by Eko Plastics Limited, which of the following costs would be included in the cost of a unit of inventory for internal management reporting purposes?

Adeola Manufacturing Company uses the weighted average method of inventory valuation. At the beginning of March 2024, it held 400 units of raw material at ₦1,200 per unit. During March, it purchased 6…

Port Harcourt Refineries Ltd processes crude oil. Opening work-in-progress (WIP) for March was 2,000 barrels (60% complete for conversion; materials 100% added at start). During March, 18,000 barrels …

Kano Textiles Limited operates a system of budgetary control. At the end of March 2024, the budget committee reviews a report showing that the sales manager's department spent ₦3,200,000 against a bud…

Eko Plastics Limited budgeted fixed production overheads of ₦6,000,000 for April 2024, based on budgeted output of 2,000 units. Actual output was 1,800 units and actual fixed overheads incurred were ₦…

Which of the following statements BEST describes a standard cost?

Abuja Foods Plc employs 80 workers on a standard rate of ₦1,500 per hour. The standard hours allowed per unit of output is 3 hours. In May 2024, actual output was 900 units, workers were paid ₦1,600 p…

Kano Cement Company Limited sells its product at ₦5,000 per bag. Variable production cost is ₦2,800 per bag, variable selling cost is ₦200 per bag, and total annual fixed costs are ₦22,000,000. The co…

Zenith Manufacturing Limited processes 50,000 sales transactions daily. Each transaction record requires 2 KB of storage. The company retains transaction data for 7 years as required by its internal p…

Under the Financial Reporting Council of Nigeria (FRCN) Act 2011, public interest entities are required to maintain adequate internal controls over financial reporting. Which type of information syste…

Adeola Traders Limited, a VAT-registered entity, purchases goods worth ₦12,500,000 (VAT-exclusive) and sells them for ₦18,000,000 (VAT-exclusive). Using the VAT Act Cap V1 LFN 2004 (as amended) at a r…

Under CAMA 2020, Section 374, every company is required to keep proper accounting records. A company's Chief Information Officer proposes migrating all accounting records to a blockchain-based immutab…

A manufacturing company in Lagos generates the following data daily: production volumes, machine downtime logs, raw material consumption, and employee attendance records. Which classification BEST des…

QUESTION 1 Lagos Textile Manufacturing Company Limited produces a range of fabric materials at its factory in Ikeja, Lagos. The company's management accountant, Mr. Chukwuemeka Obi, is preparing a co…

Nnamdi Plastics Limited (NPL), located in Onitsha, Anambra State, manufactures plastic buckets for the domestic market. The company recently introduced a standard costing system and has asked you, as …