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IIA-CIA-Part3 Exam Dumps - IIA CIA Questions and Answers

Question # 64

A large retail customer made an offer to buy 10.000 units at a special price of $7 per unit. The manufacturer usually sells each unit for §10, Variable Manufacturing costs are 55 per unit and fixed manufacturing costs are $3 per unit. For the manufacturer to accept the offer, which of the following assumptions needs to be true?

Options:

A.

Fixed and Variable manufacturing costs are less than the special offer selling price.

B.

The manufacturer can fulfill the order without expanding the capacities of the production facilities.

C.

Costs related to accepting this offer can be absorbed through the sale of other products.

D.

The manufacturer’s production facilities are currently operating at full capacity.

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Question # 65

An organization has a declining inventory turnover but an Increasing gross margin rate, Which of the following statements can best explain this situation?

Options:

A.

The organization's operating expenses are increasing.

B.

The organization has adopted just-in-time inventory.

C.

The organization is experiencing Inventory theft

D.

The organization's inventory is overstated.

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Question # 66

An organization has 10,000 units of a defect item in stock, per unit, market price is $10$; production cost is $4; and defect selling price is $5. What is the carrying amount (inventory value) of defects at your end?

Options:

A.

$0

B.

$4,000

C.

$5,000

D.

$10,000

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Question # 67

Which of the following statements is true regarding cost-volume-profit analysis?

Options:

A.

Contribution margin is the amount remaining from sales revenue after fixed expenses have been deducted.

B.

Breakeven point is the amount of units sold to cover variable costs.

C.

Breakeven occurs when the contribution margin covers fixed costs.

D.

Following breakover1, he operating income will increase by the excess of fixed costs less the variable costs per units sold.

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Question # 68

Which of the following situations best applies to an organisation that uses a project, rather than a process, to accomplish its business activities?

Options:

A.

Clothing company designs, makes, and sells a new item.

B.

A commercial construction company is hired to build a warehouse.

C.

A city department sets up a new firefighter training program.

D.

A manufacturing organization acquires component parts from a contracted vendor

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Question # 69

Which of the following is true of matrix organizations?

Options:

A.

A unity-of-command concept requires employees to report technically, functionally, and administratively to the same manager.

B.

A combination of product and functional departments allows management to utilize personnel from various Junctions.

C.

Authority, responsibility and accountability of the units Involved may vary based on the project's life, or the organization's culture

D.

It is best suited for firms with scattered locations or for multi-line, Large-scale firms.

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Question # 70

According to IIA guidance on IT, which of the following best describes a situation where data backup plans exist to ensure that critical data can be restored at some point in the future, but recovery and restore processes have not been defined?

Options:

A.

Hot recovery plan

B.

Warm recovery plan

C.

Cold recovery plan

D.

Absence of recovery plan

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Question # 71

According to IIA guidance, which of the following is a broad collection of integrated policies, standards, and procedures used to guide the planning and execution of a project?

Options:

A.

Project portfolio.

B.

Project development

C.

Project governance.

D.

Project management methodologies

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Question # 72

As it relates to the data analytics process, which of the following best describes the purpose of an internal auditor who cleaned and normalized cate?

Options:

A.

The auditor eliminated duplicate information.

B.

The auditor organized data to minimize useless information.

C.

The auditor made data usable for a specific purpose by ensuring that anomalies were Identified and corrected.

D.

The auditor ensured data fields were consistent and that data could be used for a specific purpose.

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Question # 73

Which of the following is a primary driver behind the creation and prloritteation of new strategic Initiatives established by an organization?

Options:

A.

Risk tolerance

B.

Performance

C.

Threats and opportunities

D.

Governance

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Exam Code: IIA-CIA-Part3
Exam Name: Business Knowledge for Internal Auditing
Last Update: Apr 1, 2025
Questions: 416
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