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Cork Institute of Technology Bachelor of Arts in Human Resource

VIEWS: 4 PAGES: 10

									                                 Cork Institute of Technology
      Bachelor of Arts in Human Resource Management – Stage 1
                 National Framework of Qualifications – Level 7
                                               January 2005
                                     Managing Information
                                              (Time: 3 Hours)
Instructions:                                                            Examiners: Ms. P. Ryan
Answer NINE questions, THREE questions                                              Ms. M. Harrington
from Section A, THREE questions from Section                                        Mr. J. K. Barrett
B, and THREE questions from Section C.

You must answer question 1 in Section A,
question 3 in Section B and question 9 in Section
C and any TWO other questions from each
Section.

Use separate answer books for each Section.


                                                    Section A

Q1.         Short questions carry one mark each. Please indicate the most suitable answer to each of
            the following questions. Only one of these is strictly correct.
            Question 1 is compulsory



      1.    Which of the following is not an asset?
            A.          Buildings
            B.          Cash
            C.          Debtors
            D.          Loan from Bank



      2.    Which of the following is a liability?
            A.          Machinery
            B.          Motor Vehicles
            C.          Cash
            D.          Creditors
3.   Net Profit is calculated in which of the following?
     A.         Trading Account
     B.         Profit & Loss Account
     C.         Trial Balance
     D.         Balance Sheet


4.   Which of the following is not a short term source of Finance?
     A.         Bank Overdraft
     B.         Trade Creditors
     C.         Ordinary Shares
     D.         Expenses due


5.   Which of the following is the best definition of a Balance Sheet?
     A.         A record of closing entries
     B.         A listing of balances
     C.         An account proving the accounts balance
     D.         A listing of assets and liabilities


6.   Which of the following is used to calculate cost of sales?
     A.         Sales – Purchases
     B.         Sales – Opening Stock
     C.         Purchases + Opening Stock – Closing Stock
     D.         Purchases + Opening Stock

7.   Gross Profit is:
     A.         Sales less Cost of sales
     B.         Sales less purchases
     C.         Cost of goods sold + opening stock
     D.         Net profit less expenses of the period

8.   Given the following figures: Sales - €15,000; Opening Stock - €2,500; Closing Stock -
     €1,500; Purchases - €6,300; which of the following is cost of goods sold?
     A.         €4,000
     B.         €8,800
     C.         €7,300
     D.         €4,800


                                               2
 9.   Which of the following is not included in Sales?
      A.           Motor Vehicles sold
      B.           Goods sold on credit
      C.           Goods sold for cash
      D.           Sale of item previously included in ‘Purchases’

10.   Given the following figures: Sales - €12,000; Opening stock - €1,500; Closing Stock -
      €3,000; Purchases - €9,000; Light & Heat - €1,500; which of the following is gross
      profit?
      A.           €10,500
      B.           €4,500
      C.           €3,000
      D.           Another figure

11.   Which of the following would not be included in a Cash Budget?
      A.           Sales
      B.           Purchases
      C.           Drawings
      D.           Depreciation

12.   What is the following closing balance b/d on this account?
                              Cash A/C
           Sales           4,000    Purchases       800
                                    Light bulbs     500
                                    Rent            800
           A.      4,000 dr
           B.      2,100 cr
           C.      1,900 cr
           D.      1,900 dr

13.   There are three types of ledger. Which of the following is not a ledger?
      A.           Fixed Asset Ledger
      B.           Purchases Ledger
      C.           Sales Ledger
      D.           Nominal Ledger




                                                3
Q2.         Henry has been trading for some years. The following Trial Balance has been extracted
            from his books of accounts as at 31st May 2005:

                                                                  Dr                     Cr
                                                                   €                      €
             Capital                                                                 30,000
             Cash                                               3,200
             Creditors                                                                3,100
             Debtors                                           12,000
             Drawings                                             500
             Furniture & Fittings                               8,000
             Light & Heat                                       1,500
             Miscellaneous Expenses                             2,500
             Purchases                                         50,000
             Sales                                                                   65,000
             Stock                                              5,000
             Wages & Salaries                                  15,400
                                                               98,100                98,100


            Note: Stock at 31 May 2005:             €10,000


            Required:
      (a)   Prepare O’Brien’s Trading & Profit & Loss Account for the year ended 31 May 2005.
                                                                                          (6 marks)
      (b)   Prepare a Balance Sheet at that date.                                         (4 marks)




                                                     4
Q3.         The following information has been extracted from the books of account for Ann for the
            year to 31 January 2002:

             Trading, Profit & Loss Account for the year to 31 January 2002
                                                                 Dr                    Cr
                                                              €’000                 €’000
             Sales (all credit)                                                       200
             Less: Cost of goods sold
             Opening stock                                       30
             Purchases                                          150
                                                                180
             Less: Closing Stock                                 50                   130
             Gross Profit                                                              70
             Administrative Expenses                                                   16
             Net Profit                                                                54

             Balance Sheet at 31 January 2002
                                                                €’000               €’000
             Fixed Assets (Net Book Value)                                             29
             Current Assets:
             Stock                                                 50
             Trade debtors                                         29
             Cash                                                  10
                                                                   89
             Less: Current Liabilities
             Trade Creditors                                       30                  59
                                                                                       88
             Financed by:
             Capital at 1 Feb 2001                                                     40
             Add: Net Profit                                       54
             Less: Drawings                                         6                  48
                                                                                       88

            Required:
            Calculate the following accounting ratios:
      (a)   Gross Profit                                                                    (2 marks)
      (b)   Net Profit                                                                      (2 marks)
      (c)   Current Ratio                                                                   (2 marks)
      (d)   Stock Turnover                                                                  (2 marks)
      (e)   Debtor Collection Period                                                        (2 marks)




                                                   5
Q4.         Dunphy has been in business for some years, the following balances were brought
            forward in his books of account as at 31 December 2002:

                                                               Dr                Cr
                                                                €                 €
              Bank                                            10,000
              Capital                                                          30,000
              Cash                                              2,000
              O’Carroll                                                         2,000
              Murphy                                            8,000
              Furniture                                       12,000
                                                              32,000           32,000


            During the year to 31 December 2003, the following transactions took place:


       1.   Goods bought from O’Carroll on credit for        €25,000
       2.   Cash Sales                                       €30,000
       3.   Cash Purchases of                                €20,000
       4.   Goods sold to Murphy on credit for               €40,000
       5.   Cheques sent to O’Carroll totalling              €25,000
       6.   Cheques received from Murphy totalling           €35,000
       7.   Cash received from Murphy amounting to            €7,000
       8.   Office expenses paid in cash totalling            €6,000
       9.   Purchases of delivery van costing                €10,000      this was paid by cheque
      10.   Cash transfers to bank totalling                  €6,000


            Required:
      (a)   Compile Dunphy’s ledger accounts for the year ended 31/12/03.                  (6 marks)
      (b)   Balance off the accounts and prepare Trial Balance for 31/12/03.               (4 marks)




                                                     6
                                  Section B - Economics
          Answer Question 5 and any two others.

Q5. (a)   In order to go from G.N.P. to G.D.P., we must …………………………...                          (1 mark)
    (b)   What’s the difference between G.N.P. and N.N.P. (National Income)?                   (1 mark)
    (c)   A shortage occurs when price is ………………………………. equilibrium.                           (1 mark)
    (d)   If the Government sets the market price above equilibrium it is known as a price
          …………………………. It may cause a long term …………………………..                                   (2 marks)
    (e)   State three factors which affect demand.                                            (3 marks)
    (f)   State three factors which affect supply.                                            (3 marks)
    (g)   An example of a compliment in consumption is ………………………………… (1 mark)
    (h)   An example of a substitute in consumption is …………………………………..                         (1 mark)
    (i)   The Law of Diminishing Returns states that …………………………………………(1 mark)



Q6. (a)   Briefly explain with the use of diagrams the difference between a movement of the
          demand curve and a movement along the demand curve.                                 (8 marks)
    (b)   Fill in the blanks: If the price of beef falls the supply of leather will ……………………..
          The effect of this is that the supply curve for leather will
          ………………………………….
                                                                                              (2 marks)


Q7. (a)   Illustrate with the use of a diagram in each case, the effects on the market if the following
          occur:
          (i)        An increase in corporation tax
          (ii)       An increase in income tax
          (iii)      A decrease in the price of a compliment in production.                   (3 marks)

    (b)   Is Government intervention in the market efficient?                                 (7 marks)




Q8. (a)   Explain, with the use of a diagram, the Business Cycle.                             (3 marks)
    (b)   State the theoretical consequences of actual G.N.P. being: (i) above, and (ii) below
          equilibrium.                                                                         (1 mark)
    (c)   Briefly discuss three possible conflicts arising from the implementation of Government
          objectives in the economy.                                                          (6 marks)

                                                     7
                                  Section C – Statistics

          Answer Question 9 and any two others.

Q9. (a)   The three most common measures of centrality are:
          (i)          …………………………………………                                                      (1 mark)
          (ii)         …………………………………………                                                      (1 mark)
          (iii)        …………………………………………                                                      (1 mark)

    (b)   One measure of how values are dispersed about the central value (i.e. spread) is
          ……………………………………………………………..                                                          (1 mark)

    (c)   Fill in the blanks in the following diagrams:                                      (6 marks)

                       (i) …………………………….                                (iv) …..…………………………….



           (ii) ……..




            (iii) ……………….




    (d)   Three ways of graphically representing data include:
          (i)          ………………………………………………                                                    (1 mark)
          (ii)         ………………………………………………                                                    (1 mark)
          (iii)        ………………………………………………                                                    (1 mark)




                                                  8
Q10.(a) Look at the scatter diagrams below. For each one, state the correlation co-efficient and
          explain the co-efficient.                                                 (4 marks)

          (i)

                     y
                     sales


                                      x number of salespersons employed

          (ii)

                  y
                  umbrell
                  a sales


                                x sunshine


          (iii)
                       y              x sunshine
                       wheat
                       output


                                    x sunshine


       (iv)

                   y
                   Average
                   costs


                                    x output produced




                                                                                            (cont…)




                                                    9
    (b)   A company owns five outlets in one particular city. The sales of one of its products are
          given below together with the number of salespeople in each outlet.

                  Outlet               Sales (units)           Number of Salespeople
                     A                      20                           30
                     B                      15                           15
                     C                      30                           35
                     D                      25                           32

          Evaluate Pearsons correlation co-efficient for the data on sales and the number of sales
          people and interpret its value.                                                   (6 marks)




Q11.(a) The following price index has undergone a change of base in 1990. Splice the two series
          together with base 1990.                                                          (4 marks)

                         Year                      Price Index 1965
                         1987                              250
                         1988                              251
                         1989                              254
                         1990                              260 (1990 = 100)
                         1991                              101
                         1992                              102

    (b)   Express the following series as a series of chain-base index numbers:             (4 marks)

             Year               1984        1985        1986      1987        1988
             Value                46         52          62         69          74

    (c)   Discuss briefly the main requirements of a suitable base year.                    (2 marks)




Q12.(a) Explain, with the use of examples, the difference between the following:
          (i)        Discrete and Continuous data
          (ii)       Nominal and Ratio Data
          (iii)      Primary and Secondary Data
          (iv)       Systematic and Quota Sampling.                                         (6 marks)
    (b)   Discuss the main factors to avoid when drafting questionnaires.                   (4 marks)


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