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2022 Realistic Verified Free IIA IIA-CIA-Part3 Exam Questions
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NEW QUESTION 186
Providing knowledge, motivating organizational members, controlling and coordinating individual efforts, and expressing feelings and emotions are all functions of:
- A. Motivation.
- B. Organizational structure.
- C. Communication.
- D. Performance.
Answer: C
NEW QUESTION 187
Which of the following is the best example of a compliance risk that is likely to arise when adopting a bring-your-own-device (BYOD) policy?
- A. The risk that users try to bypass controls and do not install required software updates.
- B. The risk that proprietary information is not deleted from the device when an employee leaves.
- C. The risk that an organization intrusively monitors personal information stored on smart devices.
- D. The risk that smart devices can be lost or stolen due to their mobile nature.
Answer: C
NEW QUESTION 188
The cost of go is sold for the current year ended December 31 would be:
- A. US $1.480J 11 i0
- B. US $1,000,111 .0
- C. US $1.01o. 1 11 i0
- D. US $1.0.50.000
Answer: A
Explanation:
An entity had the following opening and closing inventory balances during the current year:
The following transactions and events occurred during the current year
US $300,000 of raw materials were purchased, of which US $20,000 were returned
because of defects. US $600,000 of direct labor costs were incurred.
US $750,000 of production overhead costs were incurred.
NEW QUESTION 189
Which stage of group development is characterized by a decrease in conflict and hostility among group members and an increase in cohesiveness?
- A. Forming stage.
- B. Norming stage.
- C. Performing stage.
- D. Storming stage.
Answer: B
NEW QUESTION 190
Quality cost indices are often used to measure and analyze the cost of maintaining a given level of quality. One example of a quality cost index, which uses a direct labor base, is computed as
Based upon these costs data, the quality cost index:
- A. Increased 10 points from May to June.
- B. Decreased 10 points from May to June.
- C. Vas unchanged from May to June.
- D. Decreased four points from May to June.
Answer: D
Explanation:
The index for May was [US $4,000 + $6,000 + $12,000 + $14,000) - $90,000], and the index for June was 6% [US $5,000 + $5,000 + $15,000 + $-11,000) - $100,000].
NEW QUESTION 191
Which of the following classes of securities are listed in order from lowest risk/opportunity for return to highest risk/opportunity for return?
- A. Corporate first mortgage bonds; corporate income bonds; preference shares.
- B. Preference shares; ordinary shares; corporate debentures.
- C. Corporate income bonds: corporate mortgage bonds: subordinated debentures.
- D. Ordinary shares; corporate first mortgage bonds, corporate second mortgage bonds.
Answer: A
Explanation:
The general principle is that risk and return are directly correlated. Corporate first mortgage bonds are less risky than income bonds or shares because they are secured by specific property. In the event of default, the bondholders can have the property sold to satisfy their claims. Holders of first mortgages have rights paramount to those of any other parties, such as holders of second mortgages. Income bonds pay interest in the event the corporation earns income. Thus, holders of income bonds have less risk than shareholders because meeting the condition makes payment of interest mandatory. Preference shareholders ro_0icc dividends only if they are declared, and the directors usually have complete discretion in this matter Alai. shareholders have claims junior to those of debit holders if the entity is liquidated.
NEW QUESTION 192
The most important reason to use risk assessment in audit planning is to:
- A. Identify redundant controls.
- B. Improve budgeting accuracy.
- C. Enhance assurance provided to management.
- D. Assist in developing audit programs.
Answer: C
NEW QUESTION 193
If the net present value NPV) of Project A is known to be higher than the NPV of Project
B. it can be concluded that:
- A. The ranking of IRRs is indeterminate based on the information provided
- B. The IRR of Project A will definitely be lower than the IRR of Project B
- C. The payback period for Project A is definitely shorter than the payback period for Project B.
- D. The internal rate of return [IRR) of Project A will definitely be higher than the IRR of Project B
Answer: A
Explanation:
The IRR is the discount rate at which the net present value is zero. The NPV is the present value of future cash flows minus the present value of the investment. Because of a possible difference in the scale of the projects and other factors, a higher NPV does not necessarily result in a higher IRR. A company that annually reviews its investment opportunities and selects appropriate capital expenditures for the coming year is presented with two projects, called Project A and Project Best estimates indicate that the investment outlay for Project A is US $30,000 and for Project B. is US $1 million. The projects are considered to be equally risky. Project A is expected to generate inflows of US $40.000 at the end of each year for 2 years. Project B. is expected to generate cash inflows of US, $71.-.10 rH.-F.1 at the end of the first year and US $500.000 at the end of the second year. The company has a cost of capital of 8%.
NEW QUESTION 194
One drawback of business process reengineering (BPR), sometimes referred to as business process analysis, is:
- A. Improved efficiency in the business processes analyzed.
- B. Excess of cost over the benefit.
- C. Reduction of operational efficiency.
- D. Employee resistance to change.
Answer: D
Explanation:
Business process reengineering (BPR), or business process analysis, involves process innovation and process redesign. Instead of improving existing procedures, it finds new ways of doing things. One major drawback of BPR is that employees may be resistant due to fear of layoffs, being replaced, or insecurity about new required skills or tasks that the employee now has to perform.
NEW QUESTION 195
An organization is considering mirroring the customer data for one regional center at another center. A disadvantage of such an arrangement would be:
- A. Interference of the mirrored data with the original source data.
- B. Lack of awareness of the state of processing.
- C. Confusion about where customer data are stored.
- D. Increased cost and complexity of network traffic.
Answer: D
NEW QUESTION 196
The process of adding resources to shorten selected activity times on the critical path in project scheduling is called:
- A. The Delphi technique.
- B. A branch-and-bound solution.
- C. Crashing.
- D. ABC analysis.
Answer: C
Explanation:
Crashing is the process of adding resources to shorten activity times on the critical path in project scheduling.
NEW QUESTION 197
Which of the following options correctly defines a transmission control protocol/Internet protocol (TCP/IP)?
- A. System software that translates hypertext markup language to allow users to view a remote webpage.
- B. A network of servers used to control a variety of mission-critical operations.
- C. A standardized set of guidelines that facilitates communication between computers on different networks.
- D. System software that acts as an interface between a user and a computer.
Answer: C
NEW QUESTION 198
Philip enterprises, distributor of compact disks(CDS),is developing its budgeted cost of goods sold for 1998.Philip has developed the following range of sales estimates and associated probabilities for the year:
Philip's cost of goods sold averages 80% of sales. t hat is the expected value of Philip's 1998 budgeted cost of goods sold?
- A. US $68,000
- B. US $67,200
- C. US $85,000
- D. US $84,000
Answer: B
Explanation:
The expected value is calculated by weighting each sales estimate by the probability of its occurrence. Consequently, the expected value of sales is US $84,000 [$60,000 .25) + $85,000 .40) + $100,000 .35)]. Cost of goods sold is therefore US $67,200 800/0 $84,000).
NEW QUESTION 199
In making a cash flow analysis of property, plant, and equipment PPE), the internal auditor discovered that depreciation expense for the period was US $10,000. PPE with a cost of US $50,000 and related accumulated depreciation of US $30,000 was sold for a gain of US $1.000. If the carrying amount of PPE increased by US $80,000 during the period, how much PPE was purchased this period?
- A. US $110,000
- B. US $01.000
- C. US$119,000
- D. US $100,000
Answer: A
Explanation:
The carrying amount of the PPE account, net of accumulated depression is increased by the cost of purchases and decreased by the carrying amount of items of PPE sold and depreciation. the net PPE decreased by the carrying amount of items sold, or US$20,000($50,000 cost-$30,000 accumulated depreciation),and by the US$10,000 of depreciation, if PE still increased byUS$80,000,US$110,000($30,000 total decrease+$80,000 increase)of equipment must have3 been purchased.
NEW QUESTION 200
In a company, products pass through some or all of the production departments during
manufacturing, depending upon the product being manufactured. Direct material and dire] labor costs are traced directly to the products as they flow through each production department Manufacturing overhead is assigned in each department using separate departmental manufacturing overhead rates. The inventory costing method that the manufacturing company is using in this situation is:
- A. Absorption costing.
- B. Activity-based costing.
- C. Variable costing.
- D. Backflush costing.
Answer: A
Explanation:
Absorption costing inventories all direct manufacturing costs and both variable and fixed manufacturing overhead indirect) costs.
NEW QUESTION 201
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