Valid IIA-CIA-Part3 Exam Syllabus, IIA-CIA-Part3 Practice Test

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IIA-CIA-Part3 certification exam, also known as Business Knowledge for Internal Auditing, is a highly sought-after certification among internal auditors. Business Knowledge for Internal Auditing certification exam is designed to test the candidate's knowledge of business concepts and their application in an internal audit context. IIA-CIA-Part3 exam is conducted by the Institute of Internal Auditors (IIA) and serves as an internationally recognized validation of an internal auditor's expertise in business knowledge.

IIA-CIA-Part3 certification exam is an essential certification for professionals working in the field of internal auditing. IIA-CIA-Part3 Exam Tests the candidate's knowledge and skills in various areas of business and is designed to help candidates advance their careers in the field of internal auditing. Candidates who pass the exam are awarded the prestigious CIA designation, which is recognized by employers around the world.

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IIA Business Knowledge for Internal Auditing Sample Questions (Q292-Q297):

NEW QUESTION # 292
When comparing the residual income of several investment centers the validity of comparisons may be destroyed by:

A. Differences in the relative amount of income.
B. Consistent use of an imputed interest rate.
C. Peculiarities of each investment center.
D. Common amounts of invested capital for each investment center.

Answer: C

Explanation:
Residual income is income of an investment center, minus an imputed interest charge for invested capital. The theory is that earning an income greater than residual income indicates that expansion is desirable. However, comparisons of investment centers based on residual income may be misleading because of differences in products, markets, costs, and local conditions.

NEW QUESTION # 293
Three commonly employed systems for product costing are termed job-order costing operations costing, and process costing. Match the type of production environment with the costing method used.

A. Option B
B. Option C
C. Option D
D. Option A

Answer: D

Explanation:
Job-order costing is appropriate when producing products with individual characteristics and/or when identifiable groupings are possible. Process costing should be used to assign costs to similar products that are mass produced on a continuous basis. Operations costing is a hybrid of job order and process costing systems. It is used by companies that manufacture goods that undergo same similar and some dissimilar processes. Thus, job order costing would be appropriate for auto repair, operations costing for clothing manufacturing, and process costing for oil refining.

NEW QUESTION # 294
The expected payoff if the vendor has perfect information is:

A. US $3,900
B. US $2,200
C. US $1,960
D. US $1,360

Answer: B

Explanation:
The vendor would like to sell coffee on cold days US $2,000) and soft drinks on hot days US $2,500). Hot days are expected 40% of the time. Hence, the probability is 40% of making US $2,500 by selling soft drinks. The chance of making US $2,000 by selling coffee is 600k. The payoff equation is:
4 US $2,600) + .6 $2,000 = US $2,200
A beverage stand can sell either soft drinks or coffee on any given day. If the stand sells soft drinks and the weather is hot, it will make US $2,500; if the weather is cold, the profit will be U $1,000. If the stand sells coffee and the weather is hot, it will make US $1,900; if the weather is cold, the profit will be U $2,000. The probability of cold weather on a given day at this time is 60%.

NEW QUESTION # 295
An accounts payable program posted a payable to a vendor not included in the online vendor master file. A control that would prevent this error is a:

A. Parity check.
B. Range check.
C. Reasonableness test.
D. Validity check.

Answer: D

Explanation:
Validity checks are tests of identification numbers or transaction cedes for validity by comparison with items already known to be correct or authorized. For example, social security numbers on payroll input records can be compared with Social Security numbers authorized by the personnel department.

NEW QUESTION # 296
The errors cause the reported profit for the year ending Deg-ember 31. Year 4, to be:

A. Understated by US $28,000.
B. Understated by US $45,000.
C. Overstated by US $65,000.
D. Overstated by US $72,000.

Answer: C

Explanation:
The effect of the understatement of the Year 3 year-end inventory beginning inventory for Year 4) was to overstate Year 4 profit by US $40,000. The reason is that beginning inventory is a component of cost of sales. The overstatement of the December 3 1, Year
4. Inventory overstated Year 4 net income by US $15,000 because the amounts in ending inventory are excluded from cost of sales. The understatement of Year 3 depreciation expense a nominal account) has no effect on Year 4 net income. Finally, the failure to accrue US $10,000 of expenses for Year 4 overstated Year 4 net income. The net effect of these Err-ors was a US $65,000$40,000 + $15,000 + $0 + $10,000) overstatement.
An audit of an entity has revealed the following four errors that have occurred but have not been corrected:
1.Inventory at December 31, Year 3: US $40,000, understated
2.Inventory at December 31. Year 4: US $15,000. overstated
3.Depreciation Ur Year 3: US $7,000. understated
4.Accrued expenses at December 31, Year 4: US $10,000, understated

NEW QUESTION # 297
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