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| Section | Objectives |
|---|
| Topic 1: Financial Management | - Budgeting and cost control - Managerial accounting concepts - Financial statements and reporting basics
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| Topic 2: Business Acumen and Global Business Environment | - Business strategies and objectives alignment - Organizational structure and business processes - Global business environment and market influences
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| Topic 3: Information Technology and Business Systems | - System development lifecycle concepts - Information systems and data governance - IT controls and cybersecurity fundamentals
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| Topic 4: Information Security and Business Continuity | - Information security management principles - Business continuity and disaster recovery - Data protection and privacy considerations
|
| Topic 5: Risk Management and Regulatory Environment | - Enterprise risk management (ERM) principles - Internal controls and governance concepts - Compliance and regulatory frameworks
|
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IIA Internal Audit Function Sample Questions (Q656-Q661):
NEW QUESTION # 656
An entity most likely may derecoginize a financial liability if it:
- A. Exchanges debt instruments with the lender with substantially different terms.
- B. Transfers amounts in a transaction that meets the requirements of an in-substance defeasance.
- C. Transfers amounts to a trust to be used to repay the obligation.
- D. Exchanges debt instruments with the lender with substantially similar terms.
Answer: A
Explanation:
Derecognition of a financial liabilityor a part) occurs only by means of extinguishment.
This condition is satisfied only when the debtor pays the creditor or is legally released from primary responsibility either by the creditor or through the legal process. An extinguishments and derecognition of the old debt and recognition of new debt occurs when the borrower and lender exchange debt instruments with II substantially different terms, that is, when the respective discounted cash flows differ by at least 10%.
NEW QUESTION # 657
If RCF does not maintain a safety stock, the estimated total carrying costs for the computer chairs for the coming year based on their current schedule is:
- A. US$6,250
- B. US$5,000
- C. US$4,000
- D. US$12,500
Answer: A
Explanation:
Given four production runs and an annual demand of 5.000 units, each production run must generate 1,250 units. Inventory will total 1.250 units at the completion of each run but will decline to zero just prior to the next run. Thus, the average inventory is 625 units (1.250 + 2), and the total carrying cost is US $6,250 (625 units x $10).
NEW QUESTION # 658
A competitive marketing strategy in which a firm specializes in serving customers overlooked or ignored by major competitors is called a:
- A. Market leader strategy.
- B. Market niche strategy.
- C. I' Market follower strategy.
- D. Market challenger strategy.
Answer: B
Explanation:
Specializing in serving customers overlooked or ignored by major competitors is a market niche strategy. This strategy specializes along market, customer, product, or marketing mix lines.
NEW QUESTION # 659
A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle Which of the following statements true recording these costs?
- A. The fixed cost per unit will vary directly based on the number of bicycles produced during the production cycle
- B. If the number of bicycles produced is increased by 15 percent, the variable cost per unit will increase proportionally
- C. If the number of bicycles produced is increased by 30 percent the fixed cost per unit will decline
- D. The total variable cost will vary proportionally and inversely with the number of bicycles produced during a production run
Answer: C
NEW QUESTION # 660
The responsibilities of a data administrator include monitoring:
- A. The database industry.
- B. Database security.
- C. The performance of the database.
- D. Backup of the system.
Answer: A
Explanation:
The DA handles administrative issues that arise regarding the database. The DA acts as an advocate by suggesting new applications and standards. One of the DA's responsibilities is to monitor the database industry for new developments. In contrast, the database administrator DBA) deals with the technical aspects of the database:
NEW QUESTION # 661
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