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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Information Security | 25% | - Information Security Principles
|
| Topic 2: Information Technology | 20% | - IT Governance and Strategy
|
| Topic 3: Financial Management | 20% | - Financial Accounting and Reporting
|
| Topic 4: Business Acumen | 35% | - Governance, Risk, and Control
|
>> Exam IIA-CIA-Part3 Dumps <<
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NEW QUESTION # 704
An entity offers its customers credit terms of a 2% discount if paid within 10 days or the full balance is due within 30 days2/10, n/30). If some customers take advantage of the cash discount and others do not, which of the following accounts will appear on the income statement if the net method of recording receivables is employed?
Sales Discounts
Sales Discounts Forfeited
Answer: B
Explanation:
The gross method accounts for receivables at their face amount. If a discount is taken a sales discount is recorded and classified as an offset to sales in the income statement to yield net sales. The net method records receivables net of the applicable discount. If the payment is not received during the discount period, an interest revenue account, such as sales discounts forfeited is credited at the end of the discount period or when the payment is received. Accordingly, the application of the net method requires a sales discount forfeited but not a sales discount account.
NEW QUESTION # 705
Auditors making database queries often need to combine several tables to get the information they want. One approach to combining tables is known as:
Answer: C
Explanation:
In data management terminology, joining is the combining of data files based on a common data element. For example, if rows in a table containing information about specified parts have been selected, the result can be joined with a table that contains information about suppliers. The join operation may combine the two tables using the supplier number assuming both tables contained this element) to provide information about the suppliers of particular parts.
NEW QUESTION # 706
Which one of the following input validation routines is not likely to be appropriate in a real-time operation?
Answer: B
Explanation:
The program controls listed prescreen or edit data prior to processing, but the sequence check is most likely to be used only in batch processing. A sequence -heck lets to determine that records are in proper order. For example, a payroll input file can be sorted into Social Security number order. A sequence check can then be performed to verify record order. This control would not apply in a real-time operation be :-,use records are not processed sequentially.
NEW QUESTION # 707
Bandit Co. will recognize revenue from the December sale of the maintenance contracts in the, List A, year if it selects <List B> basis reporting.
Answer: A
Explanation:
Under the cash basis of accounting, revenue is recognized when the cash is received. Because the customers paid cash for the maintenance contracts in the first year, that is the year in which the revenue should be recognized. On January 1. a new landscaping firm, Bandit Co., acquired a fleet of vehicles, all the necessary tools and equipment, and a parking and storage facility. It began operations immediately. It is now the end of the first year of operations, and the first set of year-end financial statements are being prepared. Several decisions have to be made regarding the appropriate accounting and reporting practices for this company. Relevant information for several of these items is described in the following list of transactions and events: At year-end, the parking and storage facility that was purchased for US $150,000 has a fair value of US $250,000. The physical flow of inventory is first in, first out, and the cost of materials has risen steadily over the year. To promote sales for the coming year, maintenance contracts were sold in December at very reasonable prices, provided that the customers paid cash. On April 1, the company arranged a US $100,000 10% bank loan. Interest payments of US $5,000 are due on October 1 and April 1 of each year during the 5-year term of the loan. During the first year of operations, the company experienced a 5% bad debt rate on credit sales None of the bad debts are expected to be recovered, given that 5% i s the industry average level of bad debts. Total credit sales for the year were U $400,000. The year-end balance of accounts receivable includes uncollected overdue accounts of US $100,000. Half of the uncollected overdue amounts are estimated to be uncollectible.
NEW QUESTION # 708
In making a cash flow analysis of property, plant, and equipment PPE), the internal auditor discovered that depreciation expense for the period was US $10,000. PPE with a cost of US $50,000 and related accumulated depreciation of US $30,000 was sold for a gain of US $1.000. If the carrying amount of PPE increased by US $80,000 during the period, how much PPE was purchased this period?
Answer: B
Explanation:
The carrying amount of the PPE account, net of accumulated depression is increased by the cost of purchases and decreased by the carrying amount of items of PPE sold and depreciation. the net PPE decreased by the carrying amount of items sold, or US$20,000($50,000 cost-$30,000 accumulated depreciation),and by the US$10,000 of depreciation, if PE still increased byUS$80,000,US$110,000($30,000 total decrease+$80,000 increase)of equipment must have3 been purchased.
NEW QUESTION # 709
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