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 net income for the period will be understated.
• B.The cost of goods sold for the period will be overstated.
• C.The cost of goods sold 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.

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In which of the following scenarios would transfer pricing be used?

• A.Company A moves goods internally from one location to another.
• B.Company A owns both Company B and Company C; all three companies sell goods to the public.
• C.Company A does not own Company
  Company A charges Company B a fee to sell Company B's goods without taking ownership of the goods.
• D.Company A owns Company B; Company B sells goods to Company

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Which of the following IT controls includes protection for mainframe computers and workstations?

• A.Organization and management controls
• B.System software controls
• C.Physical and environmental controls.
• D.Change management controls

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Which of me following application controls is the most dependent on the password owner?

• A.Password selection
• B.Password aging
• C.Password rotation
• D.Password lockout

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According to the COSO enterprise risk management (ERM) framework, which of the following is not a typical responsibility of the chief risk officer?

• A.Guiding integration of ERM with other management activities.
• B.Providing the board with an independent, objective risk perspective on financial reporting.
• C.Establishing risk category definitions and a common risk language for likelihood and impact measures.
• D.Defining ERM roles and responsibilities.

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