[Jun-2024] Updated and Accurate IIA-CIA-Part3 Questions & Answers for passing the exam Quickly
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NEW QUESTION # 72
Which of the following is not a barrier to effective communication?
- A. Lack of source credibility.
- B. Similar frames of reference.
- C. Filtering.
- D. Communication overload.
Answer: B
NEW QUESTION # 73
A newly appointed board member received an email that appeared to be from the company's CEO. The email stated:
"Good morning. As you remember, the closure of projects is our top priority. Kindly organize prompt payment of the attached invoice for our new solar energy partners." The board member quickly replied to the email and asked under which project the expense should be accounted. Only then did he realize that the sender 's mail domain was different from the company's. Which of the following cybersecurity risks nearly occurred in the situation described?
- A. A risk of spyware and malware.
- B. A ransomware attack risk.
- C. A social engineering risk.
- D. A risk of corporate espionage.
Answer: A
NEW QUESTION # 74
A perpetual inventory system uses a minimum quantity on hand to initiate purchase
ordering procedures for restocking. In reviewing the appropriateness of the minimum quantity level established by the stores department, the internal auditor is least likely to consider
- A. Optimal order sizes determined by the economic order quantities model.
- B. Available storage space and potential obsolescence.
- C. Seasonal variations in forecasting inventory demand.
- D. Stockout costs, including lost customers.
Answer: A
Explanation:
The basic economic order quantity EOQ) model is based on the following variables: demand, variable cost per purchase order, and variable unit carrying cost. Thus, minimum stocking levels do not affect the EOQ.
NEW QUESTION # 75
Which of the following cybersecurity-related activities is most likely to be performed by the second line of defense?
- A. Administer security procedures, training, and testing.
- B. Monitor incidents, key risk indicators, and remediation
- C. implement vulnerability management with internal and external scans.
- D. Deploy intrusion detection systems and conduct penetration testing
Answer: C
NEW QUESTION # 76
A post office serves customers in a single line at one service window. During peals periods, the rate of arrivals has a Poisson distribution with an average of 100 customers per hour and service times that are exponentially distributed with an average of 0 seconds per customer.
From this, one can conclude that the:
- A. Queue will expand to infinity.
- B. Average rate is 100 customers per hour.
- C. Server' will be idle one-sixth of the time.
- D. Average customer waiting time is minutes.
Answer: A
Explanation:
One hundred customers arrive in line per hour and only 60 are serviced per
hour.
Accordingly, the queue will expand to infinity during peaty periods.
NEW QUESTION # 77
Which of the following distinguishes the added-value negotiation method from traditional negotiating methods?
- A. Each party's negotiator presents a menu of options to the other party.
- B. Each party adopts one initial position from which to start.
- C. Each negotiator minimizes the information provided to the other party.
- D. Each negotiator starts with an offer, which is optimal from the negotiator's perspective.
Answer: A
NEW QUESTION # 78
A remote location contains a data center with hardware available to support critical production systems as required in the recovery plan IT personnel periodically test and update systems at the data center. This is an example of which of the following recovery solutions?
- A. Cold recovery plan
- B. Tested recovery plan
- C. Critical recovery plan
- D. Warm recovery plan
Answer: D
NEW QUESTION # 79
The internal audit activity completed an initial risk analysis of the organization's data storage center and found several areas of concern. Which of the following is the most appropriate next step?
- A. Risk assessment.
- B. Risk response.
- C. Risk identification.
- D. Identification of context.
Answer: A
NEW QUESTION # 80
On what basis is value-added tax collected?
- A. The difference between the value of an entity's sales and the value of its purchases from other domestic entities.
- B. The value of an entity's sales to related companies.
- C. The profit earned on an entity's sales.
- D. The difference between the selling price of a real estate property and the amount the entity originally paid for the property.
Answer: A
Explanation:
A value-added tax VAT) is collected on the basis of the value created by the entity. This tax is measured by the difference between the value of the entity's sales and the value of its purchases. A VAT is in effect a retail sales tax. Because a consumer can avoid the tax by not purchasing, a VAT encourages saving and discourages consumption.
NEW QUESTION # 81
The mobility of personal smart devices significantly increases which of the following risks?
- A. Physical security risks
- B. Data integrity risks
- C. Compliance risks.
- D. Privacy risks
Answer: A
NEW QUESTION # 82
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 part numbers.
- B. Vendors use the same identification methods.
- 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 # 83
A company uses the percentage-of-completion method and reports the foil wing:
The contract price is US $1.000. What is the profit recognized in Year 2?
- A. US $150 B US $400
- B. US $550
- C. US $800
Answer: C
Explanation:
At the end of Year 1, total cost was expected to be US $400$100 incurred + $300 estimated cost to complete), and estimated total profit was US $600$1,000 price - $400 estimated total cost. Hence, the amount of profit recognized in Year 1 was US $150 [$600 e$100 incurred - $400 estimated total cost)]. The project was completed in Year 2 at an additional cost of US $200. Actual profit was therefore US $700 -$1.000 - $300 actual total cost). Profit recognized in Year 2 is US $5: 1$700 total - $150 recognized in Year 1.
NEW QUESTION # 84
Which of the following financial instruments should be recorded at fair market value on the financial statements?
- A. Bonds to be held to maturity.
- B. Accounts receivable in the short term
- C. Bonds to be held for sale in the short term.
- D. Notes receivable in the short term
Answer: C
NEW QUESTION # 85
A multinational organization has multiple divisions that sell their products internally to other divisions. When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
- A. Full cost
- B. Full cost plus a markup.
- C. Market price of the product
- D. Variable cost plus a markup
Answer: C
NEW QUESTION # 86
Which of the following access setups is appropriate in a computer environment?
- A. No Yes Yes No
- B. Yes No No Yes
- C. No Yes Yes Yes
- D. Yes No No No
Answer: D
Explanation:
The appropriate setup for access in the computer environment is for users to have update access for production data. Users need to update data through applications programs, but have no need to change production programs.
NEW QUESTION # 87
An entity has publicly announced a detailed, formal plan to dispose in its entirety of a component of the entity that represents a separate major line of business that is distinct operationally and financially. Which of the following is the proper treatment of the disclosures that should be made after the announcement?
- A. As a discontinued operation.
- B. As an extraordinary item.
- C. As a prior-period item.
- D. As part of continuing operations.
Answer: A
Explanation:
A separate major line of business or geographical operating area that is distinct for operational and reporting purposes is a component of an entity. Thus, its disposal qualifies to be reported.
NEW QUESTION # 88
The Plan-Do-Check-Act PDC}A) cycle is a quality tool devised by\ALE. Denning. How is
PDC A best described
- A. The translation of customer requirements into design requirements.
- B. A "management by fact" approach to continuous improvement.
- C. An ongoing evaluation of the practices of best-in-class organizations.
- D. The responsibility of every employee, work group, department, or supplier to inspect the work.
Answer: B
Explanation:
PDC is a "management by fact" or scientific method approach to continuous improvement. PDC A creates a process-centered environment because it involves studying the current process, collecting and analyzing data to identify causes of problems, planning for improvement, and deciding how to measure improvement Plan). The plan is then implemented on a small scale if possible Do). The next step is to determine what happened Check). If the experiment was successful, the plan is fully implemented Act). Tin cycle is then repeated using what was learned from the preceding cycle.
NEW QUESTION # 89
According to IIA guidance, which of the following is an IT project success factor?
- A. Consideration of the facts, rather than consideration of the emotions displayed by project stakeholders.
- B. Streamlined decision-making, rather than building consensus among users.
- C. Focus on flexibility and adaptability, rather than use of a formal methodology.
- D. Inclusion of critical features, rather than inclusion of an array of supplementary features.
Answer: A
NEW QUESTION # 90
Should CyberAge use trade credit and continue paying at the end of the credit period?
- A. No, if the cost of alternative long-term financing is greater.
- B. Yes, if the entity's weighted-average cost of capital is equal to its weighted-average cost of trade credit.
- C. Yes, if the cost of alternative short-term financing is greater.
- D. Yes, if the cost of alternative short-term financing is less.
Answer: C
Explanation:
The entity is currently paying an annual rate of 25.2% as determined below) to obtain trade credit and pay at the end of the credit period. This policy should be continued if trade credit is the only source of financing, or if other sources are available only at a higher rate. The annual rate is determined as follows If the entity pays Web Master within 10 days. it will US $500 2% X $25,000). Thus the entity is effectively paying US $500 to retain US $24,500 $25,000 - $500) for 20 days 30 - 10). The annualized interest rate on this borrowing is 36.7346% [(US $500 - $24,500) x 360 days - 20 days)]. The annualized rate on this borrowing is 36,7346% [(US $500 - $24,500) x 360 days - 20 days)]. Similarly the entity 90
- 10). The annualized rate on this borrowing is 23,6842% [(US $2,500 / $47,500 x 360 days / 80 days)]. The average amount borrowed from Web Master is US $16,333,33 [1 month x $24,500 x 20 days / 30 days)] and the average amount borrowed from Softidee is US $125,666,67 [3 months x $47,500 x 80 days / 90 days)]. Thus, the weighted average of these two rates based on average borrowings is 25.2% {(36.7346% x US $16,333,33) + 23,6842% x $126,666.67)]. / $16,333,33) + (23.6842% $126,666,66}] / $16,333,33 + $126,666,67)].
NEW QUESTION # 91
Which one of the following input validation routines is not likely to be appropriate in a real-time operation?
- A. Sequence check
- B. Sign check
- C. Reasonableness check.
- D. Redundant data check.
Answer: A
Explanation:
The program controls listed prescreen or edit data prior to processing, but the sequence check is most likely to be used only in batch processing. A sequence -heck lets to determine that records are in proper order. For example, a payroll input file can be sorted into Social Security number order. A sequence check can then be performed to verify record order. This control would not apply in a real-time operation be :-,use records are not processed sequentially.
NEW QUESTION # 92
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