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Pass Guaranteed Quiz IIA - Perfect IIA-CIA-Part3 - Business Knowledge for Intern

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Pass Guaranteed Quiz IIA - Perfect IIA-CIA-Part3 - Business Knowledge for Intern

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To be eligible to take the IIA-CIA-Part3 Certification Exam, candidates must have completed the IIA-CIA-Part1 and IIA-CIA-Part2 exams, and have at least 24 months of internal auditing experience. IIA-CIA-Part3 exam is administered by the Institute of Internal Auditors (IIA) and is available in multiple languages. The IIA also offers a range of study materials, including textbooks, practice exams, and online courses, to help candidates prepare for the exam. With the IIA-CIA-Part3 Certification Exam, internal auditors can demonstrate their expertise in business knowledge and gain a competitive edge in their careers.
IIA Business Knowledge for Internal Auditing Sample Questions (Q275-Q280):NEW QUESTION # 275
The enterprise uses straight-line depreciation for financial reporting purposes, but uses accelerated depreciation for tax purposes. Which of the following account balances would be lower in the financial statements used for tax purposes than it would be in the general purpose financial statements?
  • A. Retained earnings.
  • B. Cash.
  • C. Gross property, plant, and equipment.
  • D. Accumulated depreciation.
Answer: A
Explanation:
Because the tax basis uses an accelerated method, depreciation expense and accumulated depreciation will be greater. Moreover, taxable income will be lower than financial net income. Consequently tax-basis retained earnings will be less than that in the general purpose financial statements. Copper Co. had the pre-closing trial balance at December 31 shown below. Additional information: The balance of opening inventory was US $140,000. The long-term debt pays interest at a rate of 10% per annum, payable every 12 months. The debt was issued on July 1 of the current year and originally had 5 years to maturity. The assets classified as property, plant, and equipment have a 10-year estimated useful life and were 1 year old at the start of the current year Straight-line depreciation is used.

NEW QUESTION # 276
A post office serves customers in a single line at one service window. During peak periods, the rate of arrivals has a Poisson distribution with an average of 100 customers per hour and service times that are exponentially distributed with an average of 60 seconds per customer. From this, one can conclude that the:
  • A. Average customer waiting time is 2.5 minutes.
  • B. Server will be idle one-sixth of the time.
  • C. Average rate is 100 customers per hour.
  • D. Queue will expand to infinity.
Answer: D
Explanation:
One hundred customers arrive in line per hour and only 60 are serviced per hour. Accordingly, the queue will expand to infinity during peak periods.

NEW QUESTION # 277
Which of the following are intermediaries between sellers and buyers?
I. Agent
II. Broker
III. Consignee
IV. Consumer
  • A. I and II only.
  • B. I and III only.
  • C. I, II, and III only.
  • D. I, II, III, and IV.
Answer: C
Explanation:
A distribution channel is a series of interdependent marketing institutions that facilitate the transfer of a product from producer (seller) to consumer (buyer). Intermediaries include merchant middlemen, agents, brokers, consignees, and facilitating intermediaries.

NEW QUESTION # 278
Which of the following is the most appropriate way lo record each partner's initial Investment in a partnership?
  • A. At the original cost.
  • B. At book value.
  • C. At fair value
  • D. At the value agreed upon by the partners.
Answer: D
Explanation:
* Recording Initial Investment in a Partnership:
* When forming a partnership, each partner contributes assets, cash, or services to the business.
* The initial investment should be recorded at the value agreed upon by the partners, which may differ from fair market value or book value.
* This is because partnerships are formed based on mutual agreement, and partners decide how to allocate capital and contributions.
* Why Other Options Are Incorrect:
* B. At book value:
* Book value refers to the value recorded in a partner's individual financial statements.
However, in a new partnership, the previous book value is not relevant.
* C. At fair value:
* While fair value is commonly used in financial reporting, in partnerships, the agreed-upon value is more relevant as partners may negotiate different terms.
* D. At the original cost:
* The original cost of assets contributed may not reflect their current market or partnership- agreed value, making it an inappropriate basis for initial recording.
* IIA's Perspective on Financial Recording:
* IIA Standard 1220 - Due Professional Care requires auditors to ensure that financial transactions are recorded in accordance with agreed terms.
* COSO Internal Control - Integrated Framework supports the principle that partnership agreements should dictate valuation methods.
* GAAP & IFRS Accounting Guidelines recognize that partnership accounting is based on agreed-upon contributions rather than standardized valuation methods.
IIA References:
* IIA Standard 1220 - Due Professional Care
* COSO Internal Control - Integrated Framework
* GAAP & IFRS Partnership Accounting Standards

NEW QUESTION # 279
Which of the following best describes a market signal?
  • A. The competitor announces a new warranty program.
  • B. The bargaining power of buyers is forcing a drop in market prices.
  • C. There is pressure from the competitor's substitute products.
  • D. Strategic analysis by the organization indicates feasibility of expanding to new market niches.
Answer: A

NEW QUESTION # 280
......
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