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Latest IIA-CIA-Part3 Exam Guide - Get Tagged as IIA-CIA-Part3 Certified In No Time

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IIA-CIA-Part3 exam is a critical component of the CIA certification process, as it evaluates the candidate's ability to apply business knowledge and principles to internal auditing practices. IIA-CIA-Part3 exam covers a broad range of topics, including organizational structure, financial and managerial accounting, economics, statistics, risk management, and governance principles. IIA-CIA-Part3 Exam aims to assess the candidate's understanding of how these concepts and principles relate to the role of internal auditing in an organization.

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Our IIA-CIA-Part3 valid practice questions are designed by many experts in the field of qualification examination, from the user's point of view, combined with the actual situation of users, designed the most practical IIA-CIA-Part3 learning materials. We believe that no one will spend all their time preparing for IIA-CIA-Part3 Exam, whether you are studying professional knowledge, or all of which have to occupy your time to review the exam. Using the IIA-CIA-Part3 test prep, you will find that you can grasp the knowledge what you need in the exam in a short time.

IIA-CIA-Part3 exam is designed to test candidates on their knowledge of business and risk management, governance, communication, and IT. IIA-CIA-Part3 exam consists of 100 multiple-choice questions and is timed at two hours and forty-five minutes. To be eligible to take IIA-CIA-Part3 Exam, candidates must have completed the CIA Part 1 and CIA Part 2 exams or have obtained other approved certifications.

IIA Business Knowledge for Internal Auditing Sample Questions (Q28-Q33):

NEW QUESTION # 28
Which stage in the industry life cycle is characterized by many different product variations?

A. Maturity.
B. Introduction.
C. Growth.
D. Decline.

Answer: B

NEW QUESTION # 29
Which of the following statements is true regarding activity-based costing (ABC)?

A. An ABC costing system is similar to conventional costing systems in how it treats the allocation of manufacturing overhead.
B. The primary disadvantage of an ABC costing system is less accurate product costing.
C. An ABC costing system may be used with either a job order or a process cost accounting system.
D. An ABC costing system uses a single unit-level basis to allocate overhead costs to products.

Answer: C

NEW QUESTION # 30
Which of the following is false with regard to Internet connection firewalls?

A. Firewalls provide network administrators tools to retaliate against hackers.
B. Firewalls monitor attacks from the Internet.
C. Firewalls can protect against computer viruses.
D. Firewalls may be software-based or hardware-based.

Answer: C

NEW QUESTION # 31
For the past three years, an entity has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted which are considered material were as follows.
December 31 Year 1 US $56,000
December 31 Year 2 US $51,000
December 31 Year 3 US $64,000
What is included in the entry on December 31, Year 3, to correct for these omissions?

A. Credit to retained earnings for US $64,000.
B. Credit to wage expense for US $64,000.
C. Credit to wage expense for US $13,000.
D. Credit to wage expense for US $51,000.

Answer: C

Explanation:
Failing to record accrued wages is a self-correcting error. Expenses are understated in one year and overstated in the next, resulting in the correction of the error over the 2-year period. The Year 1 error overstated Year 1 earnings and understated Year 2 earnings by US $56,000_ Consequently, no correction is necessary for the Year 1 error.
The Year 2 error overstated Year 2 profit before taxes and understated Year 3 profit before taxes by US $51.000. The Year 3 error overstated Year 3 profit before taxes by US $64.000. Thus, the net effect in Year 3 of the Year 2 and Year 3 errors is a US $13.000$64.000 - $51.000) overstatement. The correcting entry is to debit expense for US $13,000, debit retained earnings for US $51.000, and credit wages payable for US $64,000.

NEW QUESTION # 32
Which of the following is a security feature that involves the use of hardware and software to fitter or prevent specific information from moving between the outside network and the outside network?

A. Architecture model
B. Authorization
C. Firewall
D. Virtual private network

Answer: C

NEW QUESTION # 33
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