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NEW QUESTION 1
Which of the following budgets must be prepared first?
- A. Cash budget.
- B. Production budget.
- C. Sales budget.
- D. Selling and administrative expenses budget.
Answer: C
NEW QUESTION 2
Which of the following conditions could lead an organization to enter into a new business through internal development rather than through acquisition?
- A. It is expected that there will be slow retaliation from incumbents.
- B. The acquiring organization has information that the selling organization is weak.
- C. The number of bidders to acquire the organization for sale is low.
- D. The condition of the economy is poor.
Answer: A
NEW QUESTION 3
According to IIA guidance, which of the following would be a primary reason for an internal auditor to test the organization's IT contingency plan?
- A. To ensure that adequate controls exist to prevent any significant business interruptions.
- B. To identify and address potential security weaknesses within the system.
- C. To ensure that tests contribute to improvement of the program.
- D. To ensure that deficiencies identified by the audit are promptly addressed.
Answer: C
NEW QUESTION 4
What are the objectives of governance as defined by the Standards?
- A. Inform, direct, manage, and monitor.
- B. Identify, assess, manage, and control.
- C. Organize, assign, authorize, and implement.
- D. Add value, improve, assure, and conform.
Answer: A
NEW QUESTION 5
Which of the following statements is true regarding the risks associated with the increased use of smart devices at work?
- A. Due to their small size and portability smart devices and their associated data are typically less susceptible to physical loss
- B. The Bluetooth and WI-FI features of smart devices enhance the security of data while in transit
- C. The global positioning system (GPS) capability of smart devices could be exploited to plan cyberattacks
- D. When the user fads to perform jailbreaking or rooting, data security and privacy risks we increased
Answer: C
NEW QUESTION 6
Which of the following COSO internal control framework components encompasses establishing structures, reporting lines, authorities, and responsibilities?
- A. Control environment.
- B. Control activities.
- C. Information and communication.
- D. Monitoring.
Answer: A
NEW QUESTION 7
Which of the following conflict resolution methods should be applied when the intention of the parties is to solve the problem by clarifying differences and attaining everyone's objectives?
- A. Accommodating.
- B. Compromising.
- C. Collaborating.
- D. Competing.
Answer: C
NEW QUESTION 8
A restaurant deeded to expand its business to include delivery services rather than relying on third-party food delivery services. Which of the following best describes the restaurant's strategy?
- A. Diversification
- B. Vertical integration
- C. Risk avoidance
- D. Differentiation
Answer: B
NEW QUESTION 9
Which of the following statements is true regarding outsourced business processes?
- A. Outsourced business processes should not be considered in the internal audit universe because the controls are owned by the external service provider.
- B. Generally, independence is improved when the internal audit activity reviews outsourced business processes.
- C. The key controls of outsourced business processes typically are more difficult to audit because they are designed and managed externally.
- D. The system of internal controls may be better and more efficient when the business process is outsourced compared to internally sourced.
Answer: D
NEW QUESTION 10
The head of the research and development department at a manufacturing organization believes that his team lacks expertise in some areas, and he decides to hire more experienced researchers to assist in the development of a new product. Which of the following variances are likely to occur as the result of this decision?
* 1. Favorable labor efficiency variance.
* 2. Adverse labor rate variance.
* 3. Adverse labor efficiency variance.
* 4. Favorable labor rate variance.
- A. 1 and 2.
- B. 1 and 4.
- C. 3 and 4.
- D. 2 and 3.
Answer: A
NEW QUESTION 11
Which of me Wowing summarizes information about the cash receipts and cash payments for a specific time period?
- A. Income statement
- B. Statement of cash flows.
- C. Balance sheet
- D. Owner's equity statement
Answer: B
NEW QUESTION 12
A global business organization is selecting managers to post to various international (expatriate) assignments. In the screening process, which of the following traits would be required to make a manager a successful expatriate?
* 1. Superior technical competence.
* 2. Willingness to attempt to communicate in a foreign language.
* 3. Ability to empathize with other people.
- A. 1 and 2 only
- B. 1 and 3 only
- C. 2 and 3 only
- D. 1, 2, and 3
Answer: C
NEW QUESTION 13
Which of the following is the most effective control to prevent unauthorized entrance of a former employee of the organization?
- A. Revoking the former employee's biometrics from the entrance systems
- B. Installing security guards who have undergone a background check at all entrances.
- C. Installing multiple high-powered surveillance cameras throughout the organization
- D. Keeping doors locked and accessible with a key that is provided only to employees
Answer: A
NEW QUESTION 14
Which of the following is a role of the board of directors in the governance process?
- A. Conduct periodic assessments of the organization's governance systems.
- B. Obtain assurance concerning the effectiveness of the organization's governance systems.
- C. Implement an effective system of internal controls to support the organization's governance systems.
- D. Review and approve operational goals and objectives.
Answer: B
NEW QUESTION 15
An internationally recognized brand name is an entrance barrier to new competitors because new competitors would:
- A. Have to initiate a price war in order to enter the industry.
- B. Face increased production costs.
- C. Face increased marketing costs.
- D. Face higher learning costs, which would increase fixed costs.
Answer: C
NEW QUESTION 16
Which of the following is a major advantage of decentralized organizations, compared to centralized organizations?
- A. Decentralized organizations are more focused on organizational goals.
- B. Decentralized organizations streamline organizational structure.
- C. Decentralized organizations tend to be less expensive to operate.
- D. Decentralized organizations tend to be more responsive to market changes.
Answer: D
NEW QUESTION 17
According to IIA guidance, which of the following is the correct order to conduct a business impact analysis (BIA) for the potential loss of an organization's network services''
* 1. identify resources and partners to provide required recovery services
* 2. Identify the business processes supporting the network functionality
* 3. Obtain approval of the BIA from the operating managers relative to their areas of responsibility
* 4. Identify the business impact if the network services cannot be performed
- A. 1, 2, 3, 4
- B. 2, 1, 4, 3
- C. 2, 4, 1, 3
- D. 4, 2, 1, 3
Answer: B
NEW QUESTION 18
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