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NEW QUESTION 1
Which of me following rs appfccaWe lo both a job order cost system and a process cost system?
- A. Total manufacturing costs are determined at the end of each period.
- B. Costs are summarized in a production cost repot for each department
- C. Three manufacturing cost elements are tracked direct materials direct labor and manufacturing overhead.
- D. The unit cost can be calculated by dividing the total manufacturing costs for the period by the units produced during the period
Answer: C
NEW QUESTION 2
Which of the following statements is true regarding the roles and responsibilities associated with a corporate social responsibility (CSR) program?
- A. The board has overall responsibility for the internal control processes associated with the CSR program.
- B. Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with the CSR program.
- C. The internal audit activity is responsible for ensuring that CSR principles are integrated into the organization's policies and procedures.
- D. Every employee has a responsibility for ensuring the success of the organization's CSR objectives.
Answer: D
NEW QUESTION 3
When is an organic organizational structure likely to be more successful than a mechanistic organizational
structure?
- A. When a manufacturing organization has stable demand for its products.
- B. When an organization is subjected to strong political and social pressures
- C. When a manufacturer has reliable resources and suppliers
- D. When an organization is infrequently affected by technological advances
Answer: D
NEW QUESTION 4
Which of the following IT controls includes protection for mainframe computers and workstations?
- A. Change management controls
- B. Physical and environmental controls.
- C. System software controls
- D. Organization and management controls
Answer: C
NEW QUESTION 5
According to IIA guidance on IT auditing, which of the following would not be an area examined by the internal audit activity?
- A. Access system security.
- B. Policy development.
- C. Change management.
- D. Operations processes.
Answer: B
NEW QUESTION 6
When applied to international economics, the theory of comparative advantage proposes that total worldwide output will be greatest when:
- A. Each nation's total imports approximately equal its total exports.
- B. Each good is produced by the nation that has the lowest opportunity cost for that good.
- C. Goods that contribute to a nation's balance-of-payments deficit are no longer imported.
- D. International trade is unrestricted and tariffs are not imposed.
Answer: B
NEW QUESTION 7
Which of the following is true regarding the COSO enterprise risk management framework?
- A. The framework categorizes an organization's objectives to distinct, non overlapping objectives.
- B. Control environment is one of the framework's eight components.
- C. The framework facilitates effective risk management, even if objectives have not been established.
- D. The framework integrates with, but is not dependent upon, the corresponding internal control framework.
Answer: D
NEW QUESTION 8
Which of the following IT-related activities is most commonly performed by the second line of defense?
- A. Block unauthorized traffic.
- B. Encrypt data.
- C. Review disaster recovery test results.
- D. Provide independent assessment of IT security.
Answer: C
NEW QUESTION 9
During the last year, an organization had an opening inventory of $300,000, purchases of $980,000, sales of $1,850,000, and a gross margin of 40 percent. What is the closing inventory if the periodic inventory system is used?
- A. $170,000
- B. $280,000
- C. $300,000
- D. $540,000
Answer: A
NEW QUESTION 10
Listening effectiveness is best increased by:
- A. Resisting both internal and external distractions.
- B. Waiting to review key concepts until the speaker has finished talking.
- C. Tuning out messages that do not seem to fit the meeting purpose.
- D. Factoring in biases in order to evaluate the information being given.
Answer: A
NEW QUESTION 11
An organization engages in questionable financial reporting practices due to pressure to meet unrealistic performance targets. Which internal control component is most negatively affected?
- A. Monitoring.
- B. Control activities.
- C. Risk assessment.
- D. Control environment.
Answer: D
NEW QUESTION 12
Which of the following accounting methods is an investor organization likely to use when buying 40 percent of the stock of another organization?
- A. Cost method
- B. Equity method
- C. Consolidation method
- D. Fair value method
Answer: B
NEW QUESTION 13
Which of the following statements is true regarding an organization's inventory valuation1?
- A. The valuation will be incorrect it the inventory includes goods m transit shipped free on board (FOB) destination to another organization
- B. The valuation will be correct if the inventory includes goods received on consignment from another organization
- C. The valuation will be incorrect it the inventory includes goods in transit shipped FOB shipping point from another organization
- D. The valuation will be correct it the inventory includes goods sent on consignment to anotherorganization
Answer: B
NEW QUESTION 14
Which of the following security controls focuses most on prevention of unauthorized access to the power plant?
- A. An offboarding procedure is initiated monthly to determine redundant physical access rights
- B. Logs generated by smart locks are automatically scanned to identify anomalies in access patterns
- C. Requests for additional access rights are sent for approval and validation by direct supervisors
- D. Automatic notifications are sent to a central security unit when employees enter the premises during nonwork hours
Answer: C
NEW QUESTION 15
Which of the following are typical responsibilities for operational management within a risk management program?
* 1. Implementing corrective actions to address process deficiencies.
* 2. Identifying shifts in the organization's risk management environment.
* 3. Providing guidance and training on risk management processes.
* 4. Assessing the impact of mitigation strategies and activities.
- A. 1 and 2 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 3 and 4 only
Answer: B
NEW QUESTION 16
Which of the following is the most likely reason an organization may decide to undertake a stock split?
- A. To keep stock price constant.
- B. To keep shareholders' equity constant.
- C. To increase shareholders' equity.
- D. To enhance the stock liquidity.
Answer: D
NEW QUESTION 17
Which of the following statements is true regarding the resolution of interpersonal conflict?
- A. Unrealized expectations can be avoided with open and honest discussion.
- B. Reorganization would probably not help ambiguous or overlapping jurisdictions.
- C. Deferring action should be used until there is sufficient time to fully deal with the issue.
- D. Timely and unambiguous clarification of roles and responsibilities will eliminate most interpersonal conflict.
Answer: A
NEW QUESTION 18
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