[Jan-2022] IIA IIA-ACCA Exam: Basic Questions With Answers
New 2022 Realistic Free IIA IIA-ACCA Exam Dump Questions & Answer
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NEW QUESTION 327
An organization's balance sheet indicates that the total asset amount and the total capital stock amount remained unchanged from one year to the next, and no dividends were declared or paid. However, the organization reported a loss of $200,000. Which of the following describes the most likely year-over-year change to the organization's total liabilities and total stockholder equity?
- A. The total liabilities increased, and the total stockholder equity decreased.
- B. The total liabilities and total stockholder equity both decreased.
- C. The total liabilities decreased, and the total stockholder equity increased.
- D. The total liabilities and total stockholder equity both increased.
Answer: A
NEW QUESTION 328
A government agency maintains a system of internal control, according to the COSO model, and has made a change to its employee performance reviews and rewards program. This change relates to which of the following components of COSO's internal control framework?
- A. Information and communication.
- B. Monitoring activities.
- C. Control environment.
- D. Control activities.
Answer: C
NEW QUESTION 329
Which of the following budgets must be prepared first?
- A. Selling and administrative expenses budget.
- B. Sales budget.
- C. Production budget.
- D. Cash budget.
Answer: B
NEW QUESTION 330
Which of the following is most likely to function as a directive control?
- A. Alert employees.
- B. Security dogs.
- C. Cycle counts.
- D. Insurance claims.
Answer: A
NEW QUESTION 331
Which of the following strategies is most appropriate for an industry that is in decline?
- A. Control costs.
- B. Invest in research and development.
- C. Shift toward mass production.
- D. Invest in marketing.
Answer: A
NEW QUESTION 332
Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.
- A. 3 and 4
- B. 1 and 4
- C. 1 and 2
- D. 2 and 3
Answer: D
NEW QUESTION 333
The main reason to establish internal controls in an organization is to:
- A. Safeguard the resources of the organization.
- B. Encourage compliance with policies and procedures.
- C. Ensure the accuracy, reliability, and timeliness of information.
- D. Provide reasonable assurance on the achievement of objectives.
Answer: D
NEW QUESTION 334
Which of the following statements is false regarding the internal audit approach when a set of standards other than The IIA's Standards is applicable to a specific engagement?
- A. If there are inconsistencies between the other standards and The IIA's Standards, the internal auditor must use the more restrictive standards.
- B. The internal auditor may cite the use of other standards during audit communications.
- C. If the other standards are government-issued, the internal auditor should apply them in conjunction with The IIA's Standards.
- D. If there are inconsistencies between the other standards and The IIA's Standards, the internal auditor must use the less restrictive standards.
Answer: D
NEW QUESTION 335
International marketing activities often begin with:
- A. Limited exporting.
- B. Global marketing.
- C. Standardization.
- D. Domestic marketing.
Answer: A
NEW QUESTION 336
According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?
- A. Risk assessment.
- B. Control environment.
- C. Monitoring.
- D. Control activities.
Answer: C
NEW QUESTION 337
A multinational organization has multiple divisions that sell their products internally to other divisions. When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
- A. Variable cost plus a markup
- B. Market price of the product
- C. Full cost plus a markup.
- D. Full cost
Answer: B
NEW QUESTION 338
An organization accomplishes its goal to obtain a 40 percent share of the domestic market, but is unable to get the desired return on investment and output per hour of labor. Based on this information the organization is most likely focused on which of the following?
- A. Capital investment and not marketing
- B. Efficiency and not input economy.
- C. Marketing and not capital investment.
- D. Effectiveness and not efficiency.
Answer: D
NEW QUESTION 339
The board has asked the internal audit activity (IAA) to be involved in the organization's enterprise risk management process. Which of the following activities is appropriate for IAA to perform without safeguards?
- A. Develop risk management strategies for board approval.
- B. Evaluate risk management processes.
- C. Coach management in responding to risks.
- D. Facilitate identification and evaluation of risks.
Answer: B
NEW QUESTION 340
All of the following are true with regard to the first-in, first-out inventory valuation method except:
- A. It generates the highest profit when prices are rising.
- B. It approximates the physical flow of goods.
- C. It values inventory close to current replacement cost.
- D. It minimizes current-period income taxes.
Answer: D
NEW QUESTION 341
What is the purpose of a secondary control?
- A. lt combines with other controls to help reduce significant risk exposures to an acceptable level.
- B. It partially reduces the residual risk level when a key control does not operate effectively.
- C. It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
- D. It helps to ensure the completeness and accuracy of automated controls in a system environment.
Answer: A
NEW QUESTION 342
Which of the following application controls checks the integrity of data entered into a business application?
- A. Output controls
- B. Input controls.
- C. Processing controls
- D. Integrity controls
Answer: B
NEW QUESTION 343
During a fraud interview, it was discovered that unquestioned authority enabled a vice president to steal funds from the organization. Which of the following best describes this condition?
- A. Opportunity.
- B. Pressure.
- C. Scheme.
- D. Rationalization.
Answer: A
NEW QUESTION 344
The activity that involves a trial run of a product in a typical segment of the market before proceeding to a national launch is referred to as:
- A. Positioning
- B. Test marketing
- C. Segmentation
- D. Experimentation
Answer: B
NEW QUESTION 345
According to MA guidance on IT which of the following best describes a but recovery and restore processes have not been defined?
- A. Cold recovery plan.
- B. Warm recovery plan
- C. Absence of recovery plan
- D. Hot recovery plan
Answer: C
NEW QUESTION 346
Maintenance cost at a hospital was observed to increase as activity level increased. The following data was gathered:
Activity Level -
Maintenance Cost
Month
Patient Days
Incurred
January
5,600
$7,900
February
7,100
$8,500
March
5,000
$7,400
April
6,500
$8,200
May
7,300
$9,100
June
8,000
$9,800
If the cost of maintenance is expressed in an equation, what is the independent variable for this data?
- A. Variable cost.
- B. Fixed cost.
- C. Patient days.
- D. Total maintenance cost.
Answer: C
NEW QUESTION 347
Which of the following statements accurately describes the responsibility of the internal audit activity (IAA) regarding IT governance?
1. The IAA does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
2. The IAA must assess whether the IT governance of the organization supports the organization's strategies and objectives.
3. The IAA may assess whether the IT governance of the organization supports the organization's strategies and objectives.
4. The IAA may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.
- A. 3 and 4
- B. 4 only
- C. 1 only
- D. 2 and 4
Answer: D
NEW QUESTION 348
Which of the following is the most appropriate test to assess the privacy risks associated with an organization's workstations?
- A. Social engineering test.
- B. Physical control test.
- C. Penetration test.
- D. Vulnerability test.
Answer: B
NEW QUESTION 349
When auditing an application change control process, which of the following procedures should be included in the scope of the audit?
1. Ensure system change requests are formally initiated, documented, and approved.
2. Ensure processes are in place to prevent emergency changes from taking place.
3. Ensure changes are adequately tested before being placed into the production environment.
4. Evaluate whether the procedures for program change management are adequate.
- A. 1 and 3 only
- B. 1 only
- C. 1, 3, and 4 only
- D. 2 and 4 only
Answer: C
NEW QUESTION 350
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