Certified Internal IIA-CIA-Part3 Real Exam Questions and Answers FREE Updated on Nov 02, 2022
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Passing Score, Duration & Questions For The IIA CIA Part 3 Exam
Time Duration: 120 minutes
The passing score: 70%
Languages: English
Number of Questions: 100 questions
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NEW QUESTION 147
An employer sponsors a defined postemployment benefit plan. If the given amount of the present value el the defined benefit obligation exceeds the given amount of the fair value of plan assets, the defined benefit liability to be recognized in the balance sheet is greatest when the employer has:
- A. Net unrecognized actuarial losses and unrecognized past service cost
- B. Net unrecognized actuarial gains and no past service cost.
- C. No unrecognized actuarial gains or losses and unrecognized past service cost.
- D. Net unrecognized actuarial losses and no past service cost.
Answer: B
Explanation:
The amount of the defined benefit liability recognized equals the present value of the defined benefit obligation DBO) at the balance sheet date, plus minus) unrecognized actuarial gains losses) minus unrecognized past service cost, minus the fair value of plan assets at the balance sheet date. If this amount is nr Dative, it represents an asset However, the maximum that may be recognized for such an asset is the sum of unrecognized actuarial losses, unrecognized past service cost and the present value ref future refunds from the plan or reductions in future contributions. Moreover, the application of this section should not result in a gain being recognized solely because of an actuarial loss or past service cost in the current period or in a loss being recognized solely because of an actuarial gain in the current period. Thus, if the excess of the DBO over the fair value of plan assets is constant, net unrecognized actuarial gains will increase the liability. Net unrecognized actuarial losses and unrecognized past service cost decrease the liability.
NEW QUESTION 148
Minimizing the likelihood of unauthorized editing of production programs, job control language, and operating system software best be accomplished by:
- A. Change control procedures.
- B. Network security audits.
- C. Compliance reviews.
- D. Database access reviews
Answer: A
Explanation:
Program change control includes 1) maintaining records of change authorizations, code changes, and test results, 2) adhering to a systems development methodology including documentation); 3) authorizing changeovers of subsidiary and headquarters' interfaces; and 4) restricting access to authorized source and executable codes.
NEW QUESTION 149
Which of the following is the best reason for considering the acquisition of a nondomestic
organization?
- A. Opportunity to influence local government policy.
- B. Improved cash flow of the acquiring organization.
- C. Increased diversity of corporate culture.
- D. Relatively fast market entry.
Answer: D
NEW QUESTION 150
The Internet consists of a series of networks that include:
- A. Repeaters to physically connect separate local area networks LANs
- B. Bridges to direct messages through the optimum data path
- C. Routers to strengthen data signals between distant computers
- D. Gateways to allow personal computers to connect to mainframe computers
Answer: D
Explanation:
The Internet facilitates information transfer between computers. Gateways are hardware or software products that allow translation between two different protocol families. For example, a gateway can be used to exchange messages between different email systems.
NEW QUESTION 151
Which of the following price adjustment strategies encourages prompt payment?
- A. Quantity discounts.
- B. Seasonal discounts.
- C. Functional discounts.
- D. Cash discounts.
Answer: D
NEW QUESTION 152
An entity must select from among several methods of financing arrangements when meeting its capital requirements. To acquire additional growth capital while attempting to maximize earnings per share, an entity should normally
- A. Discontinue dividends and use current cash flow, which avoids the cost and risk of increased debt and the dilution of EPS through increased equity.
- B. Select debt over equity initially, even though increased debt is accompanied by interest costs and a degree of risk.
- C. Attempt to increase both debt and equity in equal proportions, which presences a stable capital structure and maintains investor confidence.
- D. Select equity over debt initially, which minimizes risk and avoids interest costs.
Answer: B
Explanation:
Earnings per share will ordinarily be higher if debt is used to raise capital instead of equity, provided that the entity is not over-leveraged. The reason is that the cost of debt is lower than the cost of equity because interest is tax deductible. However, the prospect of higher EPS is accompanied by greater risk to the entity resulting from required interest costs, creditors' liens on the entity's assets, and the possibility of a proportionately lower EPS if sales volume fails to meet projections.
NEW QUESTION 153
Which of the following is an element of effective negotiating?
- A. Basing the agreement on negotiating power and positioning leverage.
- B. Ensuring that the other party has a personal stake in the agreement.
- C. Considering a few select choices during the settlement phase.
- D. Focusing on interests rather than on obtaining a winning position.
Answer: D
NEW QUESTION 154
When examining; an organization's strategic plan, an internal auditor should expect to find which of the following components?
- A. Identification of achievable goals and timelines
- B. Analysis of the competitive environment.
- C. Plan for progress reporting and oversight.
- D. Plan for the procurement of resources
Answer: A
NEW QUESTION 155
An auditor has just completed a physical security audit of a data center. Because the center engages in top- secret defense contract work, the auditor has chosen to recommend biometric authentication for workers entering the building. The recommendation might include devices that verify all of the following except:
- A. Password patterns.
- B. Fingerprints.
- C. Retina patterns.
- D. Speech patterns.
Answer: A
Explanation:
Biometric technologies are automated methods of establishing an individual's identity using physiological or behavioral traits. These characteristics include fingerprints, retina patterns, hand geometry, signature dynamics, speech, and keystroke dynamics.
NEW QUESTION 156
An organization's computer system should have an intrusion detection system IDS if it has external connections An AIDs
- A. Must monitor every call on the system as it occurs.
- B. Uses only knowledge-based detection.
- C. Uses only behavior-based detection.
- D. May examine only packets with certain signatures.
Answer: D
Explanation:
A network IDS works by using sensors to examine packets traveling on the network. Each sensor monitors only the segment of the network to which it is attached. A packet is examined if it matches a signature. String signatures certain strings of text) are potential signs of attack. Port signatures alert the IDS that a point subject to frequent intrusion attempts may be under attack. A header signature is a .I suspicious combination in a packet header.
NEW QUESTION 157
Which of the following statements is the best description of reversing entries?
- A. Reversing entries are the exact opposite of the adjustments made in the previous period.
- B. Reversing entries are made at the end of the next accounting period, after recording
regular transactions of the period. - C. The recording of reversing entries is a mandatory step in the accounting cycle.
- D. Reversing entries are identical to the adjusting entries made in the previous period.
Answer: A
Explanation:
Reversing entries are made at the beginning of a period to reverse the effects of adjusting entries made at the end of the preceding period. They are optional entries made for the sake of convenience in recording the transactions of the period. In order for reversing entries to reverse the prior adjustments, they must be the exact opposite of the adjustments made in the previous period.
NEW QUESTION 158
If the manufacturing company uses the FIFO first-in, first-out) method, the equivalent units for conversion costs in Department 2 for the current month would be:
- A. 86,600
- B. 74,000
- C. 85,200
- D. 72,500
Answer: B
Explanation:
The FIFO method distinguishes between work done in the prior period and work done currently. The total FIFO equivalent units equals the work done currently on beginning work-in-process, plus the work done on ending work-in-process, plus all units started and completed currently. Hence, total FIFO equivalent units equals 740001 10% x 14,000 units in BWIP) + 60% x 8,500 units in EWIP) + [100% 81,500 spoiled and transferred - 14,000 units in BWIP)] A company harvests, packs, and ships all of its own produce. The company operates three packing lines. A summary of completed inventory costs is as follows:
NEW QUESTION 159
An entity started in Year 1 with 200 scent. 1 3ndles on hand at a cost of US $3.50 each.
These candles sell Lich. The following schedule represents the purchases and sales of candles during Year 1:
If the entity uses periodic FIFO inventory pricing, the gross profit for Year 1 would be:
- A. US $2,805
- B. US $2,755
- C. US $2,920
- D. US $2,854
Answer: A
Explanation:
The FIFO method assumes that the first goods purchased are the first goods sold and that ending inventory consists of the latest purchases. Moreover, whether the inventory system is periodic or perpetual does not affect FIFO valuation. The cost of goods sold is US $2.445 {beginning inventory200 units x $3.50) - purchases [(250 units x $3.30)200 units x $3.10) 350 units x $3.00)] - ending inventory250 units x $3.00)}_ Thus, the gross profit for Year 1 using FIFO is US $2.805 [sales750 units x $7.00) - cost of goods sold of $2 445].
NEW QUESTION 160
An organization's headquarters is centrally located and the organization runs numerous computer applications in multiple sites. Which of the following would be the most appropriate approach for conducting an audit of the mainframe computer'
- A. Conduct individual audits of each application and include in each audit the general controls of the mainframe relevant to the individual application
- B. Conduct a single consolidated audit of both the mainframe general controls and the application controls for all of the applications that use the mainframe
- C. Conduct an individual audit of the mainframe general controls and separate application control audits of the individual applications in a phased manner
- D. Conduct a series of location-based audits that cover both the general and application IT controls m an systems across the location
Answer: C
NEW QUESTION 161
Dale has 20 days to complete production of an order for an important customer. The customer wants 96 units of product that may be painted either red or white. The red units can be produced at a rate of 4 per day. The white units, because of a different quality of paint, can be produced at a rate of 7 per day. The materials for the red units cost US $80 each, while the white units cost US $120 each. Dale wants to keep costs at a minimum. What is the constraint that expresses the number of units to be produced?
- A. (R/4) + (W-7) 20
- B. R + W=20
- C. 4R + 7W = 20
- D. 4R + 7W=96
Answer: A
Explanation:
The constraint function that expresses the number of units to be produced is R + W = 96, but that is not one of the answer choices. Another constraint is that the total quantities of red (R) and white (W) units must be produced in 20 or fewer days at a rate of 4 red units per day and 7 white units per day. Thus, the time constraint is (R + 4) + (W + 7) 20.
NEW QUESTION 162
Multinational organizations generally spend more time and effort to identify and evaluate:
- A. Break-even points.
- B. External trends and events.
- C. Internal strengths and weaknesses.
- D. Internal risk factors.
Answer: B
NEW QUESTION 163
Which of the following risks would involve individuals attacking an oil company's IT system as a sign of solidarity against drilling in a focal area?
- A. Hacking
- B. Phishing
- C. Piracy
- D. Tampering
Answer: A
NEW QUESTION 164
An internal auditor is trying to assess control risk and the effectiveness of an organization's internal controls. Which of the following audit procedures would not provide assurance to the auditor on this matter?
- A. Inspecting manuals and documents.
- B. Observing the organization's operations.
- C. Interviewing the organization's employees.
- D. Reading the board's minutes.
Answer: D
NEW QUESTION 165
A manufacturer is considering using bar code identification for recording information on parts used by the manufacturer. A reason to use bar codes rather than other means of identification is to ensure that:
- A. Vendors use the same identification methods.
- B. Vendors use the same part numbers.
- C. The movement of all parts is recorded.
- D. The movement of parts is easily and quickly recorded.
Answer: D
Explanation:
Bar code scanning is a form of optical character recognition. Bar codes are a series of bars of different widths that represent critical information about the item. They can be read and the information can be instantly recorded using a scanner. Thus, bar coding records the movement of parts with minimal labor costs.
NEW QUESTION 166
Refer to the exhibit.
The figure below shows the network diagram for the activities of a large project. What is the shortest number of days in which the project can be completed?
- A. 51 days.
- B. 27 days.
- C. 22 days.
- D. 21 days.
Answer: B
NEW QUESTION 167
A contingent asset is:
- A. Not recognized under any circumstances.
- B. Recognized when damages to be awarded in a copyright infringement suit are highly probable.
- C. Recognized when condemnation awards are probable or can be reliably estimated.
- D. Recognized when disclosure in the notes to financial statements only could be misleading.
Answer: A
Explanation:
A contingent asset is a possible asset arising from past asset and the existence of which will be confirmed only by uncertain future events not wholly within the entity's control. An example is a potential recovery on a legal claim with an uncertain outcome. A contingent asset is not recognized but should be disclosed if an inflow of economic benefits is probable. Disclosures include a description of the contingent asset and an estimate of its financial effects. A contingent asset is not recognized because the income may not be realized. However, if realization is virtually certain, the asset is not contingent and may be recognized.
NEW QUESTION 168
Quality control circles are now used all over the world. The circles typically consist of a group of five to ten employees who meet regularly. The primary goal of these circles is to:
- A. Tap the creative problem-solving potential of every employee.
- B. Allow for the emergence of team leaders who can be targeted for further leadership development.
- C. Improve communications between employees and managers by providing a formal communication channel
- D. Improve the quality of leadership in the organization.
Answer: A
Explanation:
Quality control circles are used to obtain voluntary input from employees to promote problem solving. Potential benefits include lower costs, better employer-employee relations, and greater employee commitment.
NEW QUESTION 169
Which of the following is an example of a smart device security control intended to prevent unauthorized users from gaining access to a device's data or applications?
- A. Spyware.
- B. Rooting.
- C. Anti-malware software.
- D. Authentication.
Answer: D
NEW QUESTION 170
Plantation should treat Lease A as a(n):
- A. Operating lease charging the present value of the yearly rental expense to annual operations.
- B. Operating lease charging US $14,200 in rental expense and US $800 in executor costs to annual operations.
- C. Finance lease with an initial asset amount of US $101.400.
- D. Operating lease charging US $15.000 in rental expense and US $800 in executor costs to annual operations.
Answer: D
Explanation:
Lease a is an operating lease with a $ 15,000 annual rental expense with annual executor costs (e.g.) maintenance, insurance, and taxes of US$800 to be paid by the lessee, an
operating lease does not transfer the risks and rewards of ownership to the lease a is nothing more than a rent arrangement. Circumstances in which the risks and rewards of ownership are normally deemed to be transferred include the following the lease transfers title to the lessee, the lease has a bargain purchase option, the lease term is for the major part of the useful life of the leased asset, the present value of the minimum lease payments is at least substantially all of the asset's fair value, or the asset is usable only by the lessee without major modification. On January1, plantation partners is planning to enter as the lessee into the two lease agreements described in the opposite column each lease is noncancelable, and plantation does not receive title to either leased property during or at the end of the lease term all payments required under these agreements are due on January 1 each year.
NEW QUESTION 171
Which of the following is an example of a nonfinancial internal failure quality cost?
- A. Defective units shipped to customers.
- B. Excessive time to convert raw materials into finished goods.
- C. Decreasing gross profit margins over time.
- D. Foregone contribution margin on lost sales.
Answer: B
NEW QUESTION 172
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