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Understanding IIA CIA Part 3 Exam Topics

• Financial management (20%)
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• Information technology (20%)
• Business acumen (35%)

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IIA Business Knowledge for Internal Auditing Sample Questions (Q310-Q315):

NEW QUESTION # 310
Under IAS 2, Inventories all of the following should be decided when reporting inventories except:

• A. The cost formulas used.
• B. The use of the lower-of-cost-or-net-realizable-value method, if applicable.
• C. An estimated amount of obsolete inventory included in the total inventory valuation.
• D. The carrying amount of inventories in classifications appropriate to the entire.

Answer: C Explanation:
According to IAS 2, Inventories, disclosures about inventories include, for example. The accounting policies applied in measuring inventories. including the cost formulas used, total carrying amount; carrying amount for each classification appropriate to the entity carrying amount of items carried at fair value minus costs to sell; amount of any reversal of write downs as income; reasons for such a reversal; and carrying amount of inventory pledged as security. Thus is disclosures under IAS 2 include the carrying amount of inventories carried at NRV, not the amount of ate inventory.
NEW QUESTION # 311
An entity often factors its accounts receivable. The finance company requires an 8% reserve and charges a 1.5% commission on the amount of the receivable. The remaining amount to be advanced is further reduced by an annual interest charge of 16%. What proceedsrounded to the nearest dollar) will the entity receive from the finance company at the time a US $110,000 account that is due in 60 days is turned over to the finance company?

• A. US $96,895
• B. US $99,550
• C. US $83,630
• D. US $81,950

Answer: A Explanation:
The factor will hold out US $8,800$110,000 x 8%) as a reserve against returns and allowances and US $1,650$110,000 1.5%) as a commission. That leaves US 300,50111 to be advanced to the seller. However, interest at the rate of 16% annually is also to be withheld. For 60 days that interest would amount to approximately US $2,655assuming a 360-day year). The proceeds to be given to the seller equal US $96,895$99,550 - $2,655).
NEW QUESTION # 312
Conformance is how well a product and its components meet applicable standards.
According to the robust quality concept,

• A. A certain percentage of defective units is acceptable.
• B. The goal is for all units to be within specifications.
• C. Units are acceptable if their characteristics lie within an acceptable range of values.
• D. Every unit should reach a target value.

Answer: D Explanation:
Conformance is how well a product and its components meet applicable standards. The traditional view is that conforming products are those with characteristics that lie within an acceptable specified range of values that includes a target value. This view also regarded a certain percentage of defective nonconforming) units as acceptable. The traditional view was superseded by the zero-defects approach that sought to eliminate all nonconforming output.
An extension of this approach is the robust quality concept. Its goal is to reach the target value in every case. The reason is that hidden quality costs occur when output varies from the target even though the units are within specifications.
NEW QUESTION # 313
An investor has been given several financial ratios for an entity but none of the financial reports. Which combination of ratios can be used to derive return on equity?

• A. Market-to-book-value ratio and total-debt-to-total-assets ratio.
• B. Price-to-earnings ratio, earnings per share, and profit margin.
• C. Profit margin, total assets turnover, and equity multiplier.
• D. Price-to-earnings ratio and return-on-assets ratio.

Answer: C Explanation:
The profit margin equals the profit available to ordinary shareholders divided by sales, the total assets turnover equals sales divided by total assets, and the product of these two ratios is the return on assets. This result is the basic Du Pont equation. In the extended Du Pont equation, the return on assets is multiplied by the leverage factor, also called the equity multiplier total assets + ordinary equity at carrying amount). The extended Du Pont equation gives the return on ordinary equity. This result is obtained because the total assets and sales factors cancel in the multiplication of the three ratios.
NEW QUESTION # 314
A manufacturer can sell its single product for US $660. Below are the cost data for the product:
Direct materials US$170 Direct labor 225 Manufacturing overhead 90 The relevant margin amount when beginning a theory of constraints (TOC) analysis is:

• A. US$345
• B. US$175
• C. US$265
• D. US$490

Answer: D Explanation:
A theory of constraints (TOC) analysis proceeds from the assumption that only direct materials costs are truly variable in the short run. This is called throughput, or super variable, costing. The relevant margin amount is throughput margin, which equals price minus direct materials. Thus, the relevant margin amount for this manufacturer is US $490 (US $660-US $170).
NEW QUESTION # 315
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