ICAN Management Information 2024
Past Questions

Port Harcourt Refinery Limited produces refined petroleum products. In classifying costs for product costing under absorption costing, the royalty paid to a foreign licensor calculated at ₦50 per litr…

Lagoon Hotels Limited pays its electricity bill based on a fixed standing charge of ₦150,000 per month plus ₦85 per kilowatt-hour consumed. This cost is BEST described as:

Kano Textiles Limited pays its workers a basic wage of ₦800 per hour for a standard 40-hour week. Overtime is paid at time-and-a-half. In a particular week, a direct worker worked 48 hours, of which 6…

Kano Textiles Limited pays its workers a basic wage of ₦800 per hour for a standard 40-hour week. Overtime is paid at time-and-a-half. In a particular week, a direct worker worked 48 hours. The 8 over…

Lagos Plastics Plc budgeted production overhead for the year at ₦18,000,000 and budgeted machine hours at 60,000. Actual production overhead incurred was ₦19,200,000 and actual machine hours worked we…

Ibadan Breweries Plc uses process costing with a by-product. Process output consists of 90% main product and 10% by-product. Total process costs are ₦4,500,000. The by-product has a net realisable val…

Abuja Printing House uses job costing. Its budgeted factory overhead for the year is ₦9,600,000 and budgeted direct labour hours are 40,000. Job No. 312 used 350 direct labour hours. Actual factory ov…

Under a system of Zero-Based Budgeting (ZBB), which of the following statements is MOST accurate?

Lagos Beverages Plc sells a single product at ₦2,500 per unit. Variable cost is ₦1,500 per unit and budgeted fixed costs total ₦12,000,000 per annum. The company desires a budgeted profit of ₦8,000,00…

Using the data from the previous question (standard 3 hours per unit, standard rate ₦1,500 per hour, actual output 900 units, actual hours worked 2,850), what is the Labour Efficiency Variance?

Kano Textiles Limited operates a standard absorption costing system. The following data relates to June 2024: Budgeted fixed overheads ₦4,500,000; Budgeted hours 15,000; Actual fixed overheads ₦4,800,…

Port Harcourt Refineries Plc has a breakeven sales revenue of ₦18,000,000 and a P/V ratio of 40%. What are the total fixed costs of the company?

Zenith Manufacturing Limited sells a single product at ₦2,500 per unit. Variable costs are ₦1,500 per unit and total fixed costs are ₦4,000,000 per annum. What is the breakeven point in units?

Aso Rock Foods Plc has a selling price of ₦800 per unit, variable cost of ₦560 per unit, and fixed costs of ₦3,600,000. The company currently sells 20,000 units. What is the margin of safety expressed…

A Decision Support System (DSS) used by the board of Enugu Cement Plc presents three pricing scenarios for a new product. Scenario A yields a contribution of ₦45,000,000, Scenario B yields ₦62,000,000…

Aso Petroleum Limited incurred the following costs in processing a management report for Q2 2024: data collection ₦1,200,000; data analysis ₦3,400,000; report preparation ₦800,000; and distribution ₦3…

A dashboard prepared for the Board of Directors of a Nigerian conglomerate summarises group performance using key performance indicators (KPIs). According to the attributes of good management informat…

Port Harcourt Logistics Limited reports the following for the year ended 31 December 2023: Revenue = ₦450,000,000; Cost of sales = ₦270,000,000; Operating expenses = ₦90,000,000; Total assets = ₦500,0…

QUESTION 2 Nigeria Biscuit Manufacturing Company (NBMC), located in Kano, produces three varieties of biscuits: Cream Crackers, Digestive Biscuits, and Chocolate Bites. Production is organised in bat…

Zenith Pharmaceuticals Nigeria Plc is a publicly listed pharmaceutical manufacturer based in Ogun State. The company supplies drugs to federal government hospitals, state health facilities, and privat…

Eko Dynamics Nigeria Limited (EDNL) is a manufacturing company based in Ikeja, Lagos, specializing in the production of industrial plastic packaging containers. The company operates a standard costing…