ICAN Management Information 2023
Past Questions

Port Harcourt Refineries Ltd uses the FIFO method for pricing material issues. Receipts and issues during April 2024 were: 1 Apr — Opening balance 200 units @ ₦500; 5 Apr — Received 300 units @ ₦600; …

Ibadan Textiles Limited has the following data for October 2024: Sales ₦18,000,000; Variable cost of sales ₦10,800,000; Fixed production overhead absorbed ₦2,400,000; Over-absorption of fixed producti…

In a process costing environment, normal loss is BEST described as:

Which of the following statements CORRECTLY distinguishes job costing from batch costing?

Port Harcourt Engineering Co. Ltd uses a flexible budget. At an activity level of 10,000 machine hours, budgeted costs are: fixed ₦5,000,000 and variable ₦1,200 per machine hour. Actual machine hours …

Port Harcourt Engineering Co. Ltd uses a flexible budget. At an activity level of 10,000 machine hours, budgeted costs are: fixed ₦5,000,000 and variable ₦1,200 per machine hour. Actual machine hours …

Using the data in the previous scenario (standard usage 4 kg per unit, standard price ₦450 per kg, actual production 1,200 units, actual usage 4,900 kg), what is the Material Usage Variance?

A company sets its sales price standard at ₦2,800 per unit with a budgeted sales volume of 3,500 units. Actual sales were 3,200 units at ₦2,950 per unit. What is the Sales Price Variance?

Enugu Coal Mining Company produces two products, Alpha and Beta, in a sales mix ratio of 3:2 respectively. Alpha has a contribution of ₦400 per unit and Beta has a contribution of ₦600 per unit. Total…

Lagos Bottlers Limited produces three products with the following annual data: Product X contributes ₦600,000, Product Y contributes ₦900,000, and Product Z contributes ₦500,000. Total fixed costs are…

Ibadan Breweries Plc is considering a proposal to reduce its selling price by 10% in order to increase sales volume. Currently, the company sells 50,000 units at ₦1,200 per unit with a P/V ratio of 40…

A Nigerian bank implements an Artificial Intelligence-based fraud detection system that analyses real-time transaction patterns and alerts compliance officers when anomalies are detected. This system …

A Nigerian manufacturing company uses an Enterprise Resource Planning (ERP) system. The Finance Act 2021 introduced a 7.5% VAT rate on taxable supplies. When the ERP system automatically calculates VA…

A Nigerian company's management accountant is designing a reporting system. Strategic-level reports for the Board differ from operational-level reports primarily in that strategic reports are MOST lik…

Which of the following BEST describes a 'Key Performance Indicator' (KPI) in the context of performance measurement?

Eko Retail Stores Plc reported the following results for Q3 2023: Net profit = ₦18,750,000; Total assets = ₦125,000,000; Current liabilities = ₦25,000,000; Long-term debt = ₦50,000,000. What is the co…

QUESTION 3 Kano Breweries and Beverages Plc (KBB Plc) is a publicly listed company on the Nigerian Exchange Group (NGX). The company manufactures and distributes three product lines: Millet Beer, Sor…

QUESTION 1 Adekunle Plastics Limited, a Lagos-based manufacturer of household plastic containers, uses a standard costing system. The following information relates to the production of its 'Supreme' …

QUESTION 1 Adekunle Furniture Works Limited, a Lagos-based furniture manufacturer, produces customised office furniture for corporate clients. The company operates a job costing system. During the mo…

The Federal Inland Revenue Service (FIRS) has recently launched a digital transformation initiative aimed at improving tax compliance, reducing revenue leakages, and enhancing taxpayer experience acro…

Akoroda Manufacturing Nigeria Limited is a medium-sized enterprise located in Trans-Amadi Industrial Layout, Port Harcourt, Rivers State. The company produces specialized valve fittings used in the oi…

Eko Manufacturing Limited, located in Ikeja Industrial Estate, Lagos, manufactures a single standardized component known as 'Eko-Mix' used in the construction industry. The company is preparing its op…

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA SKILLS LEVEL EXAMINATION - MANAGEMENT INFORMATION QUESTION: COST-VOLUME-PROFIT ANALYSIS Kenechukwu Manufacturing Limited (KML), located in Aba, Abia…

Asejere Nigeria Limited (ANL) is a leading distributor of fast-moving consumer goods (FMCG) headquartered in Lagos, with regional hubs in Kaduna, Enugu, and Kano. Over the past three years, the compan…