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| Section | Objectives |
|---|---|
| Topic 1: Information Security and Business Continuity | - Business continuity and disaster recovery - Data protection and privacy considerations - Information security management principles |
| Topic 2: Business Acumen and Global Business Environment | - Business strategies and objectives alignment - Organizational structure and business processes - Global business environment and market influences |
| Topic 3: Information Technology and Business Systems | - IT controls and cybersecurity fundamentals - Information systems and data governance - System development lifecycle concepts |
| Topic 4: Financial Management | - Managerial accounting concepts - Financial statements and reporting basics - Budgeting and cost control |
| Topic 5: Risk Management and Regulatory Environment | - Enterprise risk management (ERM) principles - Compliance and regulatory frameworks - Internal controls and governance concepts |
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NEW QUESTION # 182
Which of the following is an indicator of liquidity that is more dependable than working capital?
Answer: D
Explanation:
The acid-test (quick) ratio is a more dependable liquidity indicator than working capital because it excludes inventory, which may not be easily converted to cash in the short term. This ratio measures a company's ability to pay its short-term liabilities using only its most liquid assets (cash, marketable securities, and accounts receivable).
Formula for the Acid-Test Ratio:Acid-Test Ratio=Current Assets#InventoryCurrent Liabilities\text{Acid-Test Ratio} = \frac{\text{Current Assets} - \text{Inventory}}{\text{Current Liabilities}}Acid- Test Ratio=Current LiabilitiesCurrent Assets#Inventory This ratio is more reliable than working capital since it removes inventory, which may be difficult to liquidate quickly in financial distress.
* A. Acid-test (quick) ratio (Correct Answer) - This provides a stronger measure of liquidity because it excludes inventory, which might not be quickly converted to cash.
* B. Average collection period - This measures the efficiency of accounts receivable collections, but it does not directly measure overall liquidity.
* C. Current ratio - While this ratio is commonly used, it includes inventory, which can distort liquidity assessments if inventory is not easily sold.
* D. Inventory turnover - This measures how quickly inventory is sold, but it does not directly assess liquidity.
* IIA IPPF Standard 2130 - Control emphasizes liquidity monitoring as a key financial control.
* COSO ERM Framework - Financial Performance Measures discusses acid-test ratio as a critical liquidity metric.
* IFRS 7 - Financial Instruments Disclosures outlines the importance of liquidity risk assessments.
Explanation of Each Option:IIA References:
NEW QUESTION # 183
An analysis of an entity's US $150,000 accounts receivable at year-end resulted in a US $5,000 ending balance for its allowance for uncollectible accounts and a bad debt expense of US $2,000. During the past year recoveries on bad debts previously written off were correctly recorded at US $500. If the beginning balance in the allowance for uncollectible accounts was US $4,700. What was the amount of accounts receivable written off as uncollectible during the year?
Answer: C
Explanation:
Under the allowance method, uncollectible accounts are written off by a debit to the allowance account and a credit to accounts receivable. The US $500 bad debts is accounted for by a debit to accounts receivable and a credit to the allowance account. The US $2,000 bad debt expense is also credited to the allowance account. The amount of accounts receivable written off as uncollectible is US $2,200 [$5,000 ending allowance $4.700 beginning allowan,.8 + $500 recoveries + $2,000 bad debt expense)].
NEW QUESTION # 184
According to The IIA's Three Lines Model, which of the following IT security activities is commonly shared by all three lines?
Answer: C
NEW QUESTION # 185
An internal auditor performed a review of IT outsourcing and found that the service provider was failing to meet the terms of the service level agreement. Which of the following approaches is most appropriate to address this concern?
Answer: A
NEW QUESTION # 186
An entity has daily rash receipts of US $300,000 and is interested in acquiring a lockbox service in order to reduce collection time Bank 1's lockbox service cost US $3,000 per month and will reduces collection time by 3 days. Bank 2's lockbox service costs US $5000 per month and will reduce collection time by 4 days. Bank 3's lockbox service cost US $500 per month and will reduce collection time by 4 days. Bank 2's lockbox service costs US $500 per month and will reduce collection time by 4 days. Bank 3's lockbox service cost US $500 per month and will reduce collection time by 1 day. Bank 4's lockbox service cost US $1,000 per month and will reduce collection time by 2 days.
If money market rates are expected to average 6% during the year, and the entity wishes to maximize income, which bank should the entity choose?
Answer: D
Explanation:
Because collections made using Bank 4's lockbox service will be accelerated by 2 days at a rate of US $300,000 per day, the entity will have an additional US $600,000 to invest.
At a rate of 6%, the interest earned will be US $36,000 per year. However, the bank will charge US $12,000 12 months x $1,000 per month) for its services. Thus, the entity will gain US $24,000 $36,000 - $12.000).
NEW QUESTION # 187
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