QUIZ IIA - IIA-CIA-PART3 - BUSINESS KNOWLEDGE FOR INTERNAL AUDITING USEFUL EXAM OBJECTIVES

Quiz IIA - IIA-CIA-Part3 - Business Knowledge for Internal Auditing Useful Exam Objectives

Quiz IIA - IIA-CIA-Part3 - Business Knowledge for Internal Auditing Useful Exam Objectives

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IIA Business Knowledge for Internal Auditing Sample Questions (Q261-Q266):

NEW QUESTION # 261
An internal auditor was asked to review an equal equity partnership. In one sampled transaction, Partner A transferred equipment into the partnership with a self-declared value of $10,000, and Partner B contributed equipment with a self-declared value of $15,000. The capital accounts of each partner were subsequently credited with $12,500. Which of the following statements is true regarding this transaction?

  • A. The capital accounts of the partners should be increased by the original cost of the contributed equipment.
  • B. The capital accounts should be increased using a weighted average based on the current percentage of ownership.
  • C. No action is needed, as the capital account of each partner was increased by the correct amount.
  • D. The capital accounts of the partners should be increased by the fair market value of their contribution.

Answer: C

Explanation:
Explanation/Reference:


NEW QUESTION # 262
Statistical quality control often involves the use of control charts whose basic purpose is to:

  • A. Monitor internal control applications of information technology.
  • B. Detect performance trends away from normal operations.
  • C. Determine when accounting control procedures are not working.
  • D. Control labor costs in production operations.

Answer: B

Explanation:
Statistical control charts are graphic aids for monitoring the status of any process subject to random variations. The chart consists of three horizontal lines plotted on a horizontal time scale. The vertical scale represents the appropriate quantitative measure. The center line represents the average range or overall mean for the process being controlled. The other two lines are the upper control limit and the lower control limit. The processes are measured periodically, and the values are plotted on the chart. If the value falls within the control limits, no action is taken. If the value falls outside the limits, the process is considered "out of control," and an investigation is made for possible corrective action. Another advantage of the chart is that it makes trends visible.


NEW QUESTION # 263
Which of the following is not a potential area of concern when an internal auditor places reliance on spreadsheets developed by users?

  • A. Ability to meet user needs.
  • B. Interface with corporate systems.
  • C. Increasing complexity over time.
  • D. Hidden data columns or worksheets.

Answer: A


NEW QUESTION # 264
What is Lally's current tax expense for Year 2?

  • A. US $1,992,000
  • B. US $2,000,000
  • C. US $1,960,000
  • D. US $2,032,000

Answer: A

Explanation:
The US $5,000,000 of pre-tax profit is reduced by the US $100,000 of interest income not subject to tax. However, the rental income accrued in the previous year is taxable in Year
2. Thus, the profit subject to tax is US $4,980,000. Given a 40% rate, the current tax expense is US $1,992,000.
The following relates to Lally PLC for Year I and Year 2.
Year 2 Year 1 Profit before income taxes US $5,000,000 US $4,000,000 Interest income included above that was not subject to income taxes 100.000 100,000
Profit before income taxes in Year I included rent income of US $80.000 that was not subject to income tax until its receipt in Year 2.
Lally was subject to an effective income tax rate of 40% in Year 1 and Year 2.


NEW QUESTION # 265
During the past few gears, Wilder Company has experienced the following average number of power outages:

Each power outage results in out-of-pocket costs of U $300. For U $1,000 per month, At US
$800 can lease generator to provide power during outages. If Wilder leases a generator in the coming year, the estimated savings or additional expense) for the year will be:

  • A. U $3,200
  • B. US $ 1,267)
  • C. U $7,200
  • D. U $ 15,200)

Answer: A

Explanation:
Each outage costs US $800, but this experience can be avoided by paying US $1,000 per month US $12,000 for the year). The expected-value approach uses the probability distribution derived from past experience to determine the average expected outages per month.

The company can expect to have, on average, 1.58334 outages per month. At US $800 per outage, the expected costs is US $1,266.67. Thus, paying US $1,000 to avoid an expense of US $1,266.67 saves US $266.67 per month, or US $3,200 per year.


NEW QUESTION # 266
......

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