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NEW QUESTION 102
Which of the following cybersecurity-related activities is most likely to be performed by the second line of defense?
- A. implement vulnerability management with internal and external scans.
- B. Deploy intrusion detection systems and conduct penetration testing
- C. Monitor incidents, key risk indicators, and remediation
- D. Administer security procedures, training, and testing.
Answer: A
NEW QUESTION 103
An internal auditor identified a database administrator with an incompatible dual role. Which of the following duties should not be performed by the identified administrator?
- A. Designing the database and providing its security
- B. Designing and maintaining the database.
- C. Maintaining the database and providing its security,
- D. Preparing input data and maintaining the database.
Answer: D
NEW QUESTION 104
Which of the following are appropriate functions for an IT steering committee? 1.Assess the technical adequacy of standards for systems design and programming. 2.Continually monitor of the adequacy and accuracy of software and hardware in use. 3.Assess the effects of new technology on the organization`s IT operations. 4.Provide broad oversight of implementation, training, and operation of new systems.
- A. 1, 2, and 3
- B. 2, 3, and 4
- C. 1, 2, and 4
- D. 1, 3, and 4
Answer: B
NEW QUESTION 105
The proper classification of noncurrent obligations scheduled to mature within 12 months of the balance sheet date but that are expected to be refinanced on a long-term basis should be to:
- A. Exclude all such obligations from the current liabilities classification.
- B. Include in the current liabilities classification those obligations that have actually been refinanced on a long-term basis after the balance sheet date but before the financial statements are authorized to be issued.
- C. Exclude from the current liabilities classification those obligations that have been refinanced on a long-term basis after the balance sheet date but before the financial statements are authorized to be issued.
- D. Exclude from the current liabilities classification those obligations management wishes to exclude because they intended to convert them to long-term obligations.
Answer: B
Explanation:
A liability is classified as current if1) it is expected to be settled with the normal operating cycle of the entity, 2) it is held primarily for trading.3) it is due within 12 months of the balance sheet date, and R) the entity has no unconditional right to defer payment for at least 12 months after the balance sheet date, All other liabilities are noncurrent IRS 1).
NEW QUESTION 106
Should CyberAge use trade credit and continue paying at the end of the credit period?
- A. Yes, if the cost of alternative short-term financing is less.
- B. No, if the cost of alternative long-term financing is greater.
- C. Yes, if the cost of alternative short-term financing is greater.
- D. Yes, if the entity's weighted-average cost of capital is equal to its weighted-average cost of trade credit.
Answer: C
Explanation:
The entity is currently paying an annual rate of 25.2% as determined below) to obtain trade credit and pay at the end of the credit period. This policy should be continued if trade credit is the only source of financing, or if other sources are available only at a higher rate. The annual rate is determined as follows If the entity pays Web Master within 10 days. it will US $500 2% X $25,000). Thus the entity is effectively paying US $500 to retain US $24,500 $25,000 - $500) for 20 days 30 - 10). The annualized interest rate on this borrowing is 36.7346% [(US $500 - $24,500) x 360 days - 20 days)]. The annualized rate on this borrowing is 36,7346% [(US $500 - $24,500) x 360 days - 20 days)]. Similarly the entity 90
- 10). The annualized rate on this borrowing is 23,6842% [(US $2,500 / $47,500 x 360 days / 80 days)]. The average amount borrowed from Web Master is US $16,333,33 [1 month x $24,500 x 20 days / 30 days)] and the average amount borrowed from Softidee is US $125,666,67 [3 months x $47,500 x 80 days / 90 days)]. Thus, the weighted average of these two rates based on average borrowings is 25.2% {(36.7346% x US $16,333,33) + 23,6842% x $126,666.67)]. / $16,333,33) + (23.6842% $126,666,66}] / $16,333,33 + $126,666,67)].
NEW QUESTION 107
There are many different budget techniques or processes that business organizations can employ. One of these techniques or processes is zero-based budgeting, which is
- A. Budgeting from the ground up as though the budget process were being initiated for the first time.
- B. Developing budgeted costs from clear-cut measured relationships between inputs and outputs
- C. Using the prior year's budget as a base year and adjusting it based on the experiences of the prior year and the expectations for the coming year
- D. Budgeting for cash inflows and outflows to time investments and borrowings in a way to maintain a bank account with a minimum balance
Answer: A
Explanation:
Zero-based budgeting ZBB) is a planning process in which each manager must justify a department's entire budget every year or period). Under ZBB, a manager must build the budget every year from a base of zero. All expenditures must be justified regardless of the variances from previous years' budgets. The objective is to encourage periodic reexamination of all costs in the hope that some can be reduced or eliminated. Different levels of serve. e work effort) are evaluated for each activity, measures of work and performance are established, and activities are ranked prioritized) according to their importance to the entity. For each budgetary unit, decision packages are prepared that describe various levels of service that may be provided, including at least one lower than the current one.
NEW QUESTION 108
A division uses a regression in which monthly advertising expenditures are used to predict monthly product sales (both in millions of US dollars). The results show a regression coefficient for the independent variable equal to 0.8. This coefficient value indicates that:
- A. When monthly advertising is at its average level, product sales will be US $800,000.
- B. Advertising is not a good predictor of sales because the coefficient is so small.
- C. On average, every additional dollar of advertising results in US $.80 of additional sales.
- D. The average monthly advertising expenditure in the sample is US $800,000.
Answer: C
Explanation:
The regression coefficient represents the change in the dependent variable corresponding to a unit change in the independent variable. Thus, it is the slope of the regression line, represented by b in the linear equation y=a + bx.
NEW QUESTION 109
Which of the following is most influenced by a retained earnings policy?
- A. Dividends.
- B. Gross margin.
- C. Cash.
- D. Net income.
Answer: D
NEW QUESTION 110
If the bank uses the maxima x criterion for selecting the location of the branch, it will select:
- A. L5.
- B. L1.
- C. L2.
- D. L3.
Answer: A
Explanation:
Risk-seeking, optimistic decision makers employ the maximax criterion. It is the strategy with the highest potential payoff, regardless of the state of nature. In this case, it is location L5 (US $29).
NEW QUESTION 111
A means of limiting production delays caused by equipment breakdown and repair is to:
- A. Establish a preventive maintenance program for all production equipment.
- B. Pre-authorize equipment maintenance and overtime pa}.
- C. Schedule production based on capacity planning.
- D. Plan maintenance activity based on an analysis of equipment repair work orders.
Answer: A
Explanation:
Preventive maintenance program will reduce equipment breakdowns and repairs.
NEW QUESTION 112
The bullwhip, or whiplash, effect on inventories begins when retailers face uncertain demand from consumers caused by randomness in buying habits. It can be avoided by:
- A. Changes in price that may encourage purchases in anticipation of future increases.
- B. The need to purchase or manufacture goods in cost-efficient batches.
- C. Sharing of information and coordination among the organizations in the supply chain.
- D. Shortages that may lead to rationing by suppliers or manufacturers and hoarding by manufacturers or retailers.
Answer: C
Explanation:
Sharing information about sales, inventory, pricing, advertising campaigns, and sales forecasts by all functions and organizations in the supply chain moderates demand uncertainty for all parties. The desired results are a) minimization of inventories held by suppliers, manufacturers, and retailers; b) avoidance of stackouts; c) fewer rush orders; and d) production as needed by retailers.
NEW QUESTION 113
Which of the following are typical audit considerations for a review of authentication?
1. Authentication policies and evaluation of controls transactions.
2. Management of passwords, independent reconciliation, and audit trail.
3. Control self-assessment tools used by management.
4. Independent verification of data integrity and accuracy.
- A. 2, 3, and 4
- B. 1, 2, and 3
- C. 1, 2, and 4
- D. 1, 3, and 4
Answer: B
NEW QUESTION 114
Companies now can use electronic transfers to conduct regular business transactions.
Which of the following terms best describes a system in which an agreement is made between two or more parties to electronically transfer purchase orders, sales orders, invoices, and/or other financial documents?
- A. Electronic data processing EDP
- B. Electronic mail email
- C. Electronic funds transfer EFT
- D. Electronic data interchange EDI
Answer: D
Explanation:
Electronic data interchange is the electronic transfer of documents between businesses. EDI was developed to enhance just-in-time JIT) inventory management. Advantages include speed, reduction of clerical errors, and elimination of repetitive clerical tasks and their costs. A multinational company has an agreement with a value-added network VAN) that provides the encoding and communications transfer for the company's electronic data interchange EDI) and electronic funds transfer EFT) transactions. Before transfer of data to the VAN, the company performs online preprocessing of the transactions. The internal auditor is responsible for assessing preprocessing controls. In addition, the agreement between the company and the VAN states that the internal auditor is allowed to examine and report on the controls in place at the VAN on an annual basis. The contract specifies that access to the VAN can occur on a surprise basis during the second or third quarter of the company's fiscal year. This period was chosen so it would not interfere with processing during the VAN's peak transaction periods. This provision was not reviewed with internal auditing. The annual audit plan approved by the board of directors specifies that a full audit would be done during the current year.
NEW QUESTION 115
Which of the following is a risk that is higher when an electronic funds transfer EFT system is used?
- A. Insufficient online edit checks.
- B. Unauthorized access and activity.
- C. Improper change control procedures.
- D. Inadequate bad -ups and disaster recovery procedures.
Answer: B
Explanation:
Unauthorized access to money transfer activities or data is an inherent and unique risk of EFT systems. An unauthorized person may attempt to read, alter, or delete information in data files or to enter authorized fund transfers. Hence, in the financial services industry, protection of confidential customer transactions is especially important. Moreover, unauthorized transfers subject a financial institution to a direct risk of serious loss.
NEW QUESTION 116
A Gantt chart:
- A. Shows the critical path for a project.
- B. Shows only the activities along the critical path of a network.
- C. Is used for determining an optimal product mix.
- D. Does not necessarily show the critical path through a network.
Answer: D
Explanation:
A Gantt or bar chart is sometimes used in conjunction with PERT or CPM to show the progress of a special project. Time is shown on the horizontal axis, the length of a bar equals the length of an activity, and shading indicates the degree of completion. However, the Gantt chart is not as sophisticated as PERT or CPM in that it does not reflect the
relationships among the activities or define a critical path.
NEW QUESTION 117
An increase in excise taxes will generate <List A- tax revenue if it is levied on products for which demand is <List B> elastic.
- A. Option D
- B. Option B
- C. Option C
- D. Option A
Answer: B
Explanation:
A higher excise tax increases the selling price of the product. This price increase will have a less negative effect on sales volume for products with less elastic demand. Examples of products with low elasticity of demand include gasoline, tobacco, and alcohol The tax revenue generated by an increase in excise taxes is therefore higher if the taxis levied on products with less elastic demand.
NEW QUESTION 118
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 $85,000
- B. US $84,000
- C. US $68,000
- D. US $67,200
Answer: D
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 119
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Passing Score, Duration & Questions For The IIA CIA Part 3 Exam
The passing score: 70%
Number of Questions: 100 questions
Time Duration: 120 minutes
Languages: English
Updated Test Engine to Practice IIA-CIA-Part3 Dumps & Practice Exam: https://www.actualtestsit.com/IIA/IIA-CIA-Part3-exam-prep-dumps.html
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