Iia chinesedumps iia-cia-part3 Exam Results by Preston q306 vce pdf

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Exam Name:	Business Knowledge for Internal Auditing
Exam Code:	IIA-CIA-Part3 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	516 Q&A's	Shared By:	preston

Question 128

An internal auditor was asked to review an equal equity partnership. In one sampled transaction, Partner A transferred equipment into the partnership with a self-declared value of $10,000, and Partner B contributed equipment with a self-declared value of $15,000. The capital accounts of each partner were subsequently credited with $12,500. Which of the following statements is true regarding this transaction?

Options:

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

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

No action is necessary 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.

Discussion

Question 129

An organization with global headquarters in the United States has subsidiaries in eight other nations. If the organization operates with an ethnocentric attitude, which of the following statements is true?

Options:

Standards used for evaluation and control are determined at local subsidiaries, not set by headquarters

Orders, commands, and advice are sent to the subsidiaries from headquarters

People of local nationality are developed for the best positions within their own country

There is a significant amount of collaboration between headquarters and subsidiaries

Discussion

Question 130

Which of the following best explains why an organization would enter into a capital lease contract?

Options:

To increase the ability to borrow additional funds from creditors

To reduce the organization’s free cash flow from operations

To improve the organization’s free cash flow from operations

To acquire the asset at the end of the lease period at a price lower than the fair market value

Discussion

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Question 131

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

Options:

A clothing company designs, makes, and sells a new item

A commercial construction company is hired to build a warehouse

A city department sets up a new firefighter training program

A manufacturing organization acquires component parts from a contracted vendor