Fia Ma1 Management Information Final Mock Examination: Instructions

FIA MA1
Management Information
Final Mock Examination
Question Paper
Time allowed
2 hours
ALL FIFTY questions are compulsory and MUST be attempted
Instructions:
Please attempt this exam under test conditions.
Take a few moments to review the notes on the inside of this page titled, Tackling Multiple Choice Questions
before attempting this exam.
DO NOT OPEN THIS PAPER UNTIL YOU ARE READY TO START UNDER
EXAMINATION CONDITIONS
FMA111 EFM Questions

This examination has been prepared for examinations in 2011 and 2012
MA1 MANAGEMENT INFORMATION

QUESTIONS
Tackling Multiple Choice Questions

MCQs are part of all FIA exams. They form the paper based exams and may appear in the CBE.
The MCQs in your exam contain four possible answers. You have to choose the option that best answers the
question. The three incorrect options are called distracters. There is a skill in answering MCQs quickly and
correctly. By practising MCQs you can develop this skill, giving you a better chance of passing the exam.
You may wish to follow the approach outlined below, or you may prefer to adapt it.
Step 1
Skim read all the MCQs and identify what appear to be the easier questions.
Step 2
Attempt each question starting with the easier questions identified in Step 1. Read the
question thoroughly. You may prefer to work out the answer before looking at the options, or
you may prefer to look at the options at the beginning. Adopt the method that works best for
you.
Step 3
Read the four options and see if one matches your own answer. Be careful with numerical
questions as the distracters are designed to match answers that incorporate common errors.
Check that your calculation is correct. Have you followed the requirement exactly? Have you
included every stage of the calculation?
Step 4
You may find that none of the options matches your answer.
Re-read the question to ensure that you understand it and are answering the
requirement
Eliminate any obviously wrong answers
Consider which of the remaining answers is the most likely to be correct and select the
option
Step 5
If you are still unsure make a note and continue to the next question
Step 6
Revisit unanswered questions. When you come back to a question after a break you often find
you are able to answer it correctly straight away. If you are still unsure have a guess. You are
not penalised for incorrect answers, so never leave a question unanswered!
After extensive practice and revision of MCQs, you may find that you recognise a question when you sit the
exam. Be aware that the detail and/or requirement may be different. If the question seems familiar read the
requirement and options carefully do not assume that it is identical.

1
All FIFTY questions are compulsory and MUST be attempted

Please use the answer sheet at the back of this exam to record your answers
1
Which of the following is not considered an advantage of e-mail?

A
Secure method of communication
Speedy delivery
Stores messages for a given period after they are received
Can make a single message available to many persons
Which of the following techniques would be useful for controlling costs?

(i)
Variance analysis
(ii)
Comparing actual results with a flexed budget
(iii)
Analysis of the trend in costs
(i) and (ii)
(i) and (iii)
(ii) and (iii)
(i), (ii) and (iii)
A TV production company makes a range of soaps, reality TV programmes and nature documentaries. It
sells these to TV networks and is trying to establish which programmes are the most profitable.
What report could the company use to find this information?
A report showing revenue per programme
A report showing viewing figures and advertising revenue per programme
A report showing contribution per programme
A report showing the number of TV networks who have bought each programme
A company divides its activities into profit centres. The manager of the profit centre for a region would
most likely be interested in which of the following reports?
(i)
Units sold and revenue earned by product
(ii)
An evaluation of returns earned on recent capital expenditure
(iii)
Actual cost comparison to budget costs for the month
(iv)
Market research report showing customers opinions on the company's key product compared to
their opinions on a competitor's rival product
(iii) only
(i) and (iii)
(i), (iii) and (iv)
(i), (ii), (iii) and (iv)
Which of the following statements relating to coding is incorrect?

A
Coding enables companies to record and retrieve information quickly and easily
Coding ensures that no errors are ever made
Coding enables companies to file large amounts of information in a small space
Information which has been coded can be sorted in a variety of different ways
2
FIA MA1
Management Information
Final Mock Examination
Marking scheme and solutions
FMA111 EFM Solutions

Commentary
The questions in this exam are of exam standard you should find the exam a fair test of your knowledge of the
whole syllabus.
Marking scheme
2 marks for each correct answer
Total marks 100

ANSWERS
Answers
1
Most electronic mail is sent via the Internet. However, there are security issues with the use of
public systems which lead some organisations to invest in private e-mail services.
All of the techniques would be useful.
This report will show the contribution each programme makes towards the fixed costs incurred to
make all programmes. The programmes with the highest contribution will add the most to the
company's overall profit.
The manager of the profit centre is responsible for the centre's sales revenues and costs.
Therefore the manager will be interested in all reports providing information on actual and
potential sales and costs.
Errors can occur in the code allocated to the cost/income, or in the input of the coded information
into the systems.
Addition isn't a step in absorption costing.
$
25.00
37.50
40.00
102.50
For units 1-50 50 $0.50

For units 51-100 50 $0.75
For units 101-140 40 $1.00
Pay
8
$
40,250
Labour cost should have been $7 5,750

(budget rate actual hours)
Actual labour cost
Labour variance
9
10
Using less material per unit of production than budgeted would mean lower material costs
actually incurred than budgeted, a favourable variance. An increase in wastage (and therefore an
increase in material used) or an increase in supplier's prices would both result in higher actual
material costs than budget, an adverse variance.
Materials
Labour
Overheads
11
43,200
2,950 Adverse
Budget
5,000
7,000
3,000
Actual
5,260
7,300
2,810
Variance
260
300
190
Variance as %
of budget
5.2%
4.3%
6.3%
Variances should only be investigated if the benefit of the investigation will exceed the cost, and
the cost can be influenced and controlled by management once the reason for the variance has
been established.
A trend in a variance could be indicative of an underlying problem and would need to be
investigated.
12
The results for the month of March 20X4 could not usefully be compared with the year to March
20X3.
13
A letter is quicker than a telephone call to each customer and more formal than an e-mail. A
memo is only used for internal communication.
14
Sensitive documents should not be held in an easily accessible area available to all.
15
Graphs are an appropriate way to present sales trends as they are visual.
16
All of the options are advantages of the e-mail system.

1

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FIA MA1

ALL FIFTY questions are compulsory and MUST be attempted

FMA111 EFM Questions

MA1 MANAGEMENT INFORMATION

FMA111 EFM Questions

Tackling Multiple Choice Questions

Eliminate any obviously wrong answers

FMA111 EFM Questions

MA1 MANAGEMENT INFORMATION

All FIFTY questions are compulsory and MUST be attempted

Which of the following is not considered an advantage of e-mail?

Secure method of communication

Stores messages for a given period after they are received

Can make a single message available to many persons

Which of the following techniques would be useful for controlling costs?

Comparing actual results with a flexed budget

Analysis of the trend in costs

(i) and (ii)

(i) and (iii)

(ii) and (iii)

(i), (ii) and (iii)

A report showing revenue per programme

A report showing viewing figures and advertising revenue per programme

A report showing contribution per programme

Units sold and revenue earned by product

An evaluation of returns earned on recent capital expenditure

Actual cost comparison to budget costs for the month

(i) and (iii)

(i), (iii) and (iv)

(i), (ii), (iii) and (iv)

Which of the following statements relating to coding is incorrect?

Coding ensures that no errors are ever made

Coding enables companies to file large amounts of information in a small space

Marking scheme and solutions

FMA111 EFM Solutions

MA1 MANAGEMENT INFORMATION

Total marks 100

FMA111 EFM Solutions

All of the techniques would be useful.

Addition isn't a step in absorption costing.

For units 1-50 50 $0.50

Labour cost should have been $7 5,750

All of the options are advantages of the e-mail system.

FMA111 EFM Solutions

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