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  • Share Latest Jun-2024 IIA-CIA-Part3Test Practice Test Questions, Exam Dumps [Q19-Q41]

Share Latest Jun-2024 IIA-CIA-Part3Test Practice Test Questions, Exam Dumps [Q19-Q41]

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Share Latest Jun-2024 IIA-CIA-Part3Test Practice Test Questions, Exam Dumps

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NO.19 If the average age of inventory is 60 days, the average age of the accounts payable is 30 days, and the average age of accounts receivable is 45 days, the number of days in the cash flow cycle is:

 
 
 
 
The cash flow cycle begins when the entity pays for merchandise it has purchased and ends when the entity receives cash from the sale of the merchandise. Inventory is held for an average of 60 days prior to sale, but the average age of accounts payable is 30 days.
Consequently, the average time between outlay and sale is 30 days. Receivables are collected an average of 45 days after sale, so the length of the cash flow cycle is 75 days (30 + 45).

NO.20 Which of the following will allow a manufacturer with limited resources to maximize profits?

 
 
 
 
Linear programming is a mathematical technique for planning resource allocation that optimizes a given objective function subject to certain constraints. Thus, it maximizes a revenue or profit function or minimizes a cost function, subject to constraints. For example, constraints maybe limited (scarce) resources or minimum/maximum levels of production, performance, etc. In business, linear programming is used for planning resource allocations. Managers are often faced with problems of selecting the most profitable or least costly way to use available resources.

NO.21 Which of the following statements about a finance lease is false?

 
 
 
 
When a transaction meets the criteria of a finance lease, the lesser removes the leased item from the books and records lease payments receivable regardless of whether the lesser is a manufacturer or dealer. The lessee records and depreciates the leased item under a finance lease.

NO.22 A vendor sells specialty inks on consignment to a manufacturer of colored paper at a price of US $200 per barrel. Payment is made to the vendor in the month the manufacturer uses the barrels in production. The vendor records revenues when the barrels are shipped and makes no adjusting entries to record unearned revenues until the December 31 closing of the books. At the end of July the manufacturer had 40 barrels of ink on consignment.
During August, the vendor consigned 50 barrels and received payment for 30 barrels. Another five barrels were returned to the vendor by the manufacturer for credit. At the end of August, what is the amount of unearned revenue contained in the vendor’s accounts receivable from the manufacturer?

 
 
 
 
Under a consignment arrangement the consignor ships merchandise to the consignee who acts as agent for the consignor in selling the goods. The goods are in the physical possession of the consignee but remain the property of the consignor and are included in the consignor’s inventory. Revenue and the related cost of goods sold from these consigned goods should only be recognized by the consignor when the merchandise is sold and delivered to the final customer. Accordingly, recognition occurs when notification is received that the consignee has sold the goods. Only then are the recognition criteria for a sale of goods satisfied: The enterprise has transferred the significant risks and rewards of ownership, the enterprise has neither continuing managerial involvement to an extent associated with ownership nor effective control over the goods, the amount can be reliably measured, it is probable that the economic benefits will flow to the enterprise, and transactional costs can be reliably measured. In this consignment arrangement. 30 barrels have been paid for, so the revenue is recognized for these barrels. The five barrels returned are not included in unearned revenue because they constitute a return of consigned goods. Accordingly, the amount of inappropriately recognized revenue is US $11,000 [(40 consigned + 50 consigned – 30 paid for- 5 returns) x $200].

NO.23 Heniser Pet Foods manufactures two products, X and Y.
The unit contribution margins for Products X and Y are US $30 and US $50, respectively. Each product uses Materials A and B. Product X uses 6 pounds of Material A and 12 pounds of Material B. Product Y uses 12 pounds of Material A and 8 pounds of Material B. The company can purchase only 1,200 pounds of Material A and 1,760 pounds of Material B. The optimal mix of products to manufacture is:

 
 
 
 
Linear programming is a technique used to maximize a contribution margin function or to minimize a cost function, subject to constraints such as scarce resources or minimum/maximum levels of production. Thus, linear programming is often used for planning resource allocations. In this problem, the equation to be maximized, called the objective function, is: US $30X + $50Y. This equation is to be maximized subject to the constraints on materials. The two constraint functions are:
Material A: 6X+12Y< 1,200 Material B 12X + 8Y< 1,760
One way to solve this problem is to graph the constraint lines and determine the feasible area. The optimal production level is at an extreme point within the feasible area. The graph shows that a production level of 120 units of X and 40 units of Y is a feasible production level that maximizes the contribution margin.

NO.24 Which of the following factors is most likely to lead to a lack of cohesiveness in a project team?

 
 
 
 

NO.25 A benefit of using computer-aided software engineering CASE) technology is that it can ensure that:

 
 
 
 
CASE is an automated technology at least in part) for developing and maintaining software and managing projects. A benefit of using CASE technology is that it can ensure that data integrity mules, including those for validation and access, are applied consistently across all files.

NO.26 The percentage of sales method, rather than the percentage of receivables method, would be used to estimate uncollectible accounts if an organization seeks to:

 
 
 
 

NO.27 Electronic commerce e-commerce) is generally defined as “conducting commercial activities over the Internet.” These commercial activities can be all but which of the following?

 
 
 
 
These commercial activities can be business-to-business B2B), business-to-consumer (B2C), and business-to-employee B2E). Consumer-to-business is not a commercial activity because it does not originate from a business, therefore, it is not considered part of e-commerce.

NO.28 Which of the following are likely indicators of ineffective change management?
1. IT management is unable to predict how a change will impact interdependent systems or business processes.
2. There have been significant increases in trouble calls or in support hours logged by programmers.
3. There is a lack of turnover in the systems support and business analyst development groups.
4. Emergency changes that bypass the normal control process frequently are deemed necessary.

 
 
 
 

NO.29 Which of the following IT disaster recovery plans includes a remote site dessgnated for recovery with available space for basic services, such as internet and telecommunications, but does not have servers or infrastructure equipment?

 
 
 
 

NO.30 Both users and management approve the initial proposal, design specifications, conversion plan, and testing plan of an information system. This is an example of:

 
 
 
 
Implementation controls occur in the systems development process at various points to ensure that implementation is properly controlled and managed.

NO.31 If Bandit Co. uses the <List A> approach to estimate bad debt expense, the estimated bad debt expense will be <List Be.

 
 
 
 
Using the income statement approach, the bad debt expense is determined using a percentage of total credit sales. Thus, bad debt expense is US $20,000$400,000 credit sales x 5% estimated bad debt rate).

NO.32 In computing the loss per share of ordinary shares, cumulative preference dividends not earned should be:

 
 
 
 
When preference shares are cumulative, the dividend, whether earned or not, is deducted from profit or loss from continuing operations and profit or loss, or added to any loss for the year, in computing earnings or loss. When preference shares are noncumulative, an adjustment is made for dividends declared. If the dividend is cumulative only if earned, no adjustment is necessary except to the extent of available income: that is, the preference dividends accumulate only to the extent of profit or loss.

NO.33 The Entity has dividend-payout ratio of:

 
 
 
 
The dividend-payout ratio is the ratio of dividends paid to profit for the period. Hence, it equals 50.0% US $100 dividends $200 profit). An entity’s financial statements for the current year are presented below:

NO.34 The following information is available for an entity for the quarter ended March 31 of the current year:

The gross profit margin is normally 200 of sales. What is the estimated cost of the merchandise inventory at March 31 of the current year?

 
 
 
 
The gross profit margin percentage is given as 20% of sales. Hence, cost of goods sold must have been US $160,000 [$:4110,000 sales x1_0 – 2)]. The estimated cost of the inventory at March 31 is computed as follows:

C:\Documents and Settings\usernwz1\Desktop\1.PNG An entity had the following opening and closing inventory balances during the current

The following transactions and events occurred during the current year:
US $300,000 of raw materials were purchased, of which US $20,000 were returned
because of defects. US $600,000 of direct labor costs were incurred.
US $750,000 of production overhead costs were incurred.

NO.35 If the probability of hot weather, given a hot weather forecast, is 50%, how much would the vendor be willing to pay for the forecast?

 
 
 
 
If the weather is hot and coffee is served, the vendor earns US $1,900. If the vendor knows the weather will be hot, she would sell soft drinks and make U $2,500, a US $600 increase.
Thus, the vendor should be willing to pay up to U $600 for perfect information regarding hot weather. However, if the forecasts are only 50% accurate, the information is not perfect. Accordingly, the vendor should be willing to pay only U $300 the U $600 potential increase
in profits 50%) for the sometimes accurate forecasts.

NO.36 Maintenance cost at a hospital was observed to increase as activity level increased. The following data was gathered:
Activity Level Maintenance Cost
Month Patient Days Incurred January 5,600 $7,900
February 7,100 $8,500
March 5,000 $7,400
April 6,500 $8,200
May 7,300 $9,100
June 8,000 $9,800
If the cost of maintenance is expressed in an equation, what is the independent variable for this data?

 
 
 
 

NO.37 If a manufacturer has established a limit on the number of defects that are tolerable in the final assembly of its product, which of the following quality control procedures should be employed?
I. Inspect completed goods for compliance with established tolerances.
II. Review sales returns for defects not detected during the final inspection process.
III. Compare materials and machinery specifications with original product designs.
IV.
Establish a quality circle that includes management and subordinates to discuss labor efficiency.

 
 
 
 
Quality control procedures may be categorized according to the nature of the costs incurred. An organization incurs appraisal costs to ensure product quality. These costs include the costs of inspection, testing, and statistical quality control programs. An organization also should investigate the causes of sales returns, which represent an external failure cost. Furthermore, the organization should incur certain prevention costs, e.g., by reviewing equipment design and materials requirements.

NO.38 The internal auditor of a bank has developed a multiple regression model which has been
used for a number of gears to estimate the amount of interest income from commercial loans.
During the current year, the auditor applies the model and discovers that the r2 value has decreased dramatically, but the model otherwise seems to be working okay. Which of the following conclusions is justified by the change?

 
 
 
 
The coefficient of determination r-) is the amount of variation in the dependent variable interest income) that is explained by the independent variables. In this case, less of the change in interest income is explained by the model. Thus, some other factor must be causing interest income to change. This change merits audit investigation. In preparing the annual profit plan for the coming year, Wilkens Company wants to determine the cost behavior pattern of the maintenance costs. Wilkens has decided to use linear regression by employing the equation = a + bx for maintenance costs. The prior year’s data regarding maintenance hours and costs, and the results of the regression analysis, are given below and in the opposite column.

NO.39 A manufacturer ss deciding whether to sell or process materials further. Which of the following costs would be relevant to this decision?

 
 
 
 

NO.40 The following information relates to the activity of the defined postemployment benefit plan of Twain Publishers, Ltd.

Twain’s expense recognized in the income statement is

 
 
 
 
Components of the expense are current service cost, interest cost, the expected return on plan assets, service cost recognition in full of vested amounts and amortization of nonvested amounts), and amortization of actuarial loss. Current service cost interest cost the amortization of actuarial loss, and the past service cost increase the expense The expected return on plan assets decreases the expense.

NO.41 A company is deciding whether to purchase an automated machine to manufacture one of its products. Expected net cash flows from this decision depend on several factors, interactions among those factors, and the probabilities associated with different levels of those factors. The method that the company should use to evaluate the distribution of net cash flows from this decision and changes in net cash flows resulting from changes in levels of various factors is:

 
 
 
 
Simulation is a technique for experimenting with logical and mathematical models using a computer. Sensitivity analysis examines how the model’s outcomes change as the parameters change.

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