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IIA-CIA-Part3 exam, also known as Business Knowledge for Internal Auditing, is one of the three exams required to obtain the Certified Internal Auditor (CIA) certification offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 exam is designed to test the candidate's knowledge of business acumen and its application in the internal auditing profession. IIA-CIA-Part3 Exam covers various topics such as business processes, financial management, risk management, and governance.

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IIA-CIA-Part3 certification exam is designed for internal auditors who have a minimum of two years of experience in internal auditing or related fields. IIA-CIA-Part3 exam consists of 125 multiple-choice questions that are based on the latest standards and best practices in internal auditing. IIA-CIA-Part3 Exam is computer-based and takes approximately two and a half hours to complete.

IIA Business Knowledge for Internal Auditing Sample Questions (Q135-Q140):

NEW QUESTION # 135
DEF is the consignee for 1.000 units of product X for ABC Company. ABC should recognize the revenue from these 1,000 units when:

A. DEF sells the goods and informs ABC of the sale
B. The agreement between DEF and ABC is signed.
C. DEF receives the goods from AB
D. ABC ships the goods to DEF.

Answer: A

Explanation:
Under a consignment arrangement, the consignor ships merchandise to the consignee who acts as agent for the consignor in selling the goods are in the physical possession of the consignee but remain the property of the consignor arid 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 occurs when notification is received that the consignee has the goods. Only then are the recognition criteria for a sale of goods satisfied the enterprise has transferred the significant risks and reward 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 probably that the economic benefits with flow to the enterprise, and transactional costs can be reliably measured.

NEW QUESTION # 136
Employees at an events organization use a particular technique to solve problems and improve processes. The technique consists of five steps: define, measure, analyze, improve, and control. Which of the following best describes this approach?

A. Theory of constraints.
B. Value chain analysis.
C. Quality circle.
D. Six Sigma,

Answer: D

NEW QUESTION # 137
The immediate goal of a theory of constraints (TOC) analysis is to:

A. Maximize contribution margin through the constraint.
B. Smooth production flow to eliminate backup in the system.
C. Maximize the efficiency of the entire production process.
D. Minimize direct materials cost.

Answer: A

Explanation:
A basic principle of TOC analysis is that short-term profit maximization requires maximizing the contribution margin through the constraint, called the throughput margin or throughput contribution.

NEW QUESTION # 138
The most common computer-related problem confronting organizations is:

A. Disruption to computer processing caused by natural disasters.
B. Hardware malfunction.
C. Fraud.
D. Input errors and omissions.

Answer: D

Explanation:
The most common problem confronting an organization in its use of computers is erroneous or incomplete input. Input is especially susceptible to errors and omissions because of the substantial human intervention required. Comprehensive and effective input controls are necessary ensure that data stored in files or used in processing are not contaminated.

NEW QUESTION # 139
The cost of materials has risen steadily over the year. Which of the following methods of estimating the ending balance of the materials inventory account will result in the highest profit assuming all other variables remain constant?

A. Last-in, first-out LIFO
B. First-in, first-out FIFO C Weighted average D Specific identification

Answer: B

Explanation:
Profit will be higher when cost of goods sold is lower. other factors held constant. Cost of goods sold equals beginning inventory. plus purchases. minus ending inventory. Accordingly, cost of goods sold will be lowest when the ending inventory is highest.
Ending inventory is highest under FIFO because the older, less expensive items are deemed to have been sold, leaving the more expensive items in the ending !inventory.

NEW QUESTION # 140
......

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Valid Dumps IIA-CIA-Part3 Questions, IIA-CIA-Part3 Cheap Dumps

IIA IIA-CIA-Part3 Realistic Valid Dumps Questions

IIA Business Knowledge for Internal Auditing Sample Questions (Q135-Q140):

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