IIA-ACCA Exam Questions Tutorials

The capital accounts of the partners should be increased by the original cost of the contnbuted equipment.

The capital accounts should be increased using a weighted average based on the current percentage of ownership

No action is needed as the capital account of each partner was increased by the correct amount

The capital accounts of the partners should be increased by the fair market value of their contribution

Each nation's total imports approximately equal its total exports.

Each good is produced by the nation that has the lowest opportunity cost for that good.

Goods that contribute to a nation's balance-of-payments deficit are no longer imported.

International trade is unrestricted and tariffs are not imposed.

Inform, direct, manage, and monitor.

Identify, assess, manage, and control.

Organize, assign, authorize, and implement.

Add value, improve, assure, and conform.

The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.

The highest risk assessment should always be assigned to the area with the largest potential loss.

The highest risk assessment should always be assigned to the area with the highest probability of occurrence.

Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.