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IIA IIA-CIA-Part3 Accurate Test | Free IIA-CIA-Part3 Practice Exams

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Passing the IIA-CIA-Part3 Exam is a critical milestone in an internal auditor's career. It demonstrates that the candidate has a comprehensive understanding of business concepts, risk management, governance, and financial management. Obtaining the CIA designation is a significant achievement, and it opens up many career opportunities for internal auditors. Moreover, it enhances their professional credibility and demonstrates their commitment to the internal audit profession's highest standards.

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IIA-CIA-Part3 exam covers a range of topics related to business knowledge, including business processes, financial management, risk management, corporate governance, and strategic management. IIA-CIA-Part3 exam is designed to test the candidate's ability to apply this knowledge in real-world situations, and to evaluate their understanding of the principles and concepts of internal auditing.

IIA-CIA-Part3 exam is intended for individuals who have experience in internal auditing, risk management, or financial management. It is also suitable for professionals who are seeking to advance their careers in the field of internal auditing. IIA-CIA-Part3 Exam is designed to test the knowledge and skills of candidates in various areas of business, including accounting, finance, economics, management, and information technology.

IIA Business Knowledge for Internal Auditing Sample Questions (Q78-Q83):

NEW QUESTION # 78
Project B's internal rate of return is closest to:

A. 18%
B. 15%
C. 22%
D. 20%

Answer: D

Explanation:
Twenty percent is the rate of return that equates the cash inflows with the cash outflows. The present value of 20% for 5 years is .4019, which multiplied by US $9,950,000 equals US $3,998,905. Therefore, the net present value of the project approximates 0 using the 20% rate.

NEW QUESTION # 79
Which of the following most appropriately describes the classification and behavior of shipping costs?

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

Answer: D

Explanation:
Using the high-low method, the variable and fixed costs for shipping can be calculated. The difference in cost levels divided by the difference in unit volume equals the variable cost per unit of US $1.40 [ $1 14,000 $93,000) - 70,000 - 55,000)]. The variable cost for 70,000 units is US $98,000 70,000 x $1 40). Subtracting the variable cost from total shipping cost results in the fixed cost of US $16,000 $114,000 - $98,000). A company wants to determine its marketing costs for budgeting purposes. Activity measures and costs incurred for 4 months of the current year are presented in the table below. Advertising is considered to be a discretionary cost. Salespersons are paid monthly salaries plus commissions. The sales force was increased from 20 to 21 individuals during the month of May.

NEW QUESTION # 80
Which of the following statements is true regarding cost-volume-profit analysis?

A. Following breakeven, net operating income will increase by the excess of fixed costs less the variable costs per units sold
B. Breakeven point is the amount of units sold to cover variable costs.
C. Contribution margin is the amount remaining from sales revenue after fixed expenses have been deducted.
D. Breakeven occurs when the contribution margin covers fixed costs

Answer: D

NEW QUESTION # 81
Which of the following is a typical example of structured data?

A. Production information maintained in relational tables.
B. Sales reports documented in word processing software.
C. Photos and videos stored in hard drive catalogs.
D. Tweets and posts of users on social media.

Answer: A

NEW QUESTION # 82
On January 31, Year 3, a company prepaid the US $72,000 rental fee for a parking lot it leases. The rental fee covered a 3-year period beginning February 1, Year 3. What is the effect of this transaction on the December 31 Year 3, financial statements for each of the following?

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

Answer: D

Explanation:
The US $72,000 rental fee should be recognized as expense evenly over the 36-month duration of the lease. In Year 3, US $22,000 should be deferred to current expenses [(US $72,000 36 months) x 11 months], and US $50,000 should be deferred as prepaid expense. On January 1. a new landscaping firm. Bandit Co. acquired a fleet of vehicles, all the necessary tools and equipment. and a parking and storage facility. It began operations immediately. It is now the end of the first year of operations, and the first set of year-end financial statements are being prepared decisions have to be made regarding the appropriate accounting and reporting practices for this company. Relevant information for several of these items is described in the following list of transactions and events: At year-end the parking and storage facility that was purchased for US $150.000 has a fair value of US $250.000 The physical flow of inventory is first in, first out, and the cost of materials has risen steadily over the year. To promote sales for the coming year, maintenance contracts were sold in December at very reasonable prices, provided that the customers paid cash. On April 1, the company arranged a US $100,000 10% bank loan. Interest payments of US $5,000 are due on October 1 and April 1 of each year during the 5-year term of the loan. During the first year of operations, the company experienced a 5% bad debt rate on credit sales None of the bad debts are expected to be recovered, given that 5% i s the industry average level of bad debts. Total credit sales for the year were U $400,000. The year-end balance of accounts receivable includes uncollected overdue accounts of US $100,000. Half of the uncollected overdue amounts are estimated to be uncollectible.

NEW QUESTION # 83
......

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