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IIA-CIA-Part3 certification exam is an essential certification for professionals working in the field of internal auditing. IIA-CIA-Part3 Exam Tests the candidate's knowledge and skills in various areas of business and is designed to help candidates advance their careers in the field of internal auditing. Candidates who pass the exam are awarded the prestigious CIA designation, which is recognized by employers around the world.

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IIA CIA Part 2 Exam Reference

IIA Business Knowledge for Internal Auditing Sample Questions (Q186-Q191):

NEW QUESTION # 186
For employees, the primary value of implementing job enrichment is which of the following?

A. Validation of the achievement of their goals and objectives.
B. Support for personal growth and a meaningful work experience.
C. Increased knowledge through the performance of additional tasks.
D. An increased opportunity to manage better the work done by their subordinates.

Answer: B

Explanation:
Explanation/Reference: https://na.theiia.org/about-us/Public%20Documents/Esther%20R%20%20Sawyer%20Research%
20Manuscript%207-26-11-Rachel%20Bond.pdf

NEW QUESTION # 187
Overtime conditions and pay were recently set by the human resources department. The production department has just received a request for a rush order from the sales department. The production department protests that additional overtime costs will be incurred as a result of the order. The sales department argues that the order is from an important customer. The production department processes the order. To control costs, which department should never be charged with the overtime costs generated as a result of the rush order?

A. Shared by production department and sales department.
B. Human resources department.
C. Sales department
D. Production department.

Answer: B

Explanation:
The sales department should be responsible for the overtime costs because it can best judge whether the additional cost of the rush order is justified. The production department also may be held responsible for the overtime costs because charging the full overtime cost to the sales department would give the production department no incentive to control these costs. However, the human resources department would never be charged with the overtime costs because it has no effect on the incurrence of production overtime.

NEW QUESTION # 188
To comply with the matching principle, the cost of labor services of an employee who participates in the manufacturing of a product normally should be charged to the income statement in the period in which the:

A. Employee is paid.
B. Product is sold.
C. Product is completed.
D. Work is performed.

Answer: B

Explanation:
Recognition of expenses occurs concurrently with recognition of increases in liabilities or decreases in assets. Expenses are recognized if the costs are directly associated with the earning of particular income items. This process is often called matching is simultaneous or combined recognition of the revenues and that result directly and jointly from the same transactions or other events. This direct relationship is exemplified by the sale of a product. This transaction results in revenue sales revenue) for receipt of cash or a receivable, the recognition of an expense cost of sales) for the sacrifice of the product to a customer, and a decrease in inventory. The direct labor cost of manufacturing the product is absorbed by the finished goods inventory and is not recognized until sale.

NEW QUESTION # 189
The percentage of sales method, rather than the percentage of receivables method, would be used to estimate uncollectible accounts if an organization seeks to:

A. Use a method that approximates the matching principle.
B. Use an aging schedule to more closely estimate uncollectible accounts.
C. Eliminate the need for an allowance for doubtful accounts.
D. Emphasize the accuracy of the net realizable value of the receivables on the balance sheet.

Answer: A

NEW QUESTION # 190
Which of the following describes the result if an organization records merchandise as a purchase, but fails to include it in the closing inventory count?

A. The cost of goods sold for the period will be overstated.
B. The cost of goods sold for the period will be understated.
C. The net income for the period will be understated.
D. There will be no effect on the cost of goods sold or the net income for the period.

Answer: A

NEW QUESTION # 191
......

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