IIA-CIA-Part3 Exam Cram Pdf & IIA-CIA-Part3 Valid Test Answers

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The Certified Internal Auditor (CIA) certification is a widely recognized professional qualification for internal auditors. To become a CIA, candidates must pass a series of exams that cover various aspects of internal auditing. One of these exams is the IIA-CIA-Part3, also known as the Business Knowledge for Internal Auditing exam. IIA-CIA-Part3 Exam focuses on the business environment and the role of internal auditing in it.

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IIA-CIA-Part3 certification exam is a crucial step for internal auditors who want to demonstrate their proficiency in business knowledge. IIA-CIA-Part3 exam is the third part of the Certified Internal Auditor (CIA) certification process offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 exam is designed to assess a candidate's ability to apply business concepts and principles to internal auditing practices.

IIA-CIA-Part3 exam is designed for individuals with a strong understanding of internal auditing practices and principles. IIA-CIA-Part3 Exam is suitable for internal auditors, risk management professionals, and business professionals who wish to demonstrate their knowledge of internal auditing. Successful completion of the IIA-CIA-Part3 exam is an essential step towards obtaining the CIA certification and advancing a career in internal auditing.

IIA Internal Audit Function Sample Questions (Q185-Q190):

NEW QUESTION # 185
Entity A acquires entity B for US $1.000.000. At the time of the acquisition the net fair value of the identifiable assets, liabilities, and contingent liabilities recognized had a carrying amount of US $900,000 and a fair value of US $800,000. The amount of goodwill entity A will record on the acquisition date is

A. US $0
B. US $300,000
C. US $200,000
D. US $100,000

Answer: C

Explanation:
Goodwill equals the excess of the acquisition cost over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. Consequently goodwill is US $200.000$1,000,000 - $800,000).

NEW QUESTION # 186
A forward contract involves:

A. A commitment today to purchase a product on a specific future date at a price determined today.
B. A commitment today to purchase a product on a specific future date at a price to be determined some time in the future.
C. A commitment today to purchase a product only when its price increases above its current exercise price.
D. A commitment today to purchase a product some time during the current day at its present price.

Answer: A

Explanation:
A forward contract is an executory contract in which the parties involved agree to the terms of a purchase and a sale, but performance is deferred. Accordingly, a forward contract involves a commitment today to purchase a product on a specific future date at a price del ermined today.

NEW QUESTION # 187
When evaluating projects breakeven time is best described as:

A. The point where cumulative cash inflows on a project equal total cash outflows.
B. Annual fixed costs - monthly contribution margin.
C. The point at which discounted cumulative cash inflows on a project equal discounted total cash outflows.
D. Project investment - annual net cash inflows.

Answer: C

Explanation:
Breakeven time is a capital budgeting tool that is widely used to evaluate the rapidity of new product development. It is the period required for the discounted cumulative cash inflows for a project to equal the discounted cumulative cash outflows. The concept is similar to the payback period, but it is more sophisticated because it incorporates the time value of money. It also differs from the payback method because the period covered begins at the outset of a project, not when the initial cash outflow occurs.

NEW QUESTION # 188
An organization has an immediate need for servers, but no time to complete capital acquisitions. Which of the following cloud services would assist with this situation?

A. Infrastructure as a Service (laaS).
B. Platform as a Service (PaaS).
C. Enterprise as a Service (EaaS).
D. Software as a Service (SaaS).

Answer: D

NEW QUESTION # 189
An internal auditor is reviewing results from software development integration testing. What is the purpose of integration testing?

A. To verify that the application meets stated user requirements.
B. To verify that standalone programs match code specifications.
C. To verify that the application would work appropriately for the intended number of users.
D. To verify that all software and hardware components work together as intended.

Answer: C

NEW QUESTION # 190
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