At the end of September, a entity has outstanding accounts receivable of US $350 on third-
quarter credit sales, composed as follows.

The percentage of receivables in the 31-to-5O-day age group at the end of September is:

• A.22.86%
• B.28.57%
• C.48.57%
• D.71.43%

Correct Answer: C

Receivables from August sales still outstanding at the end of September are in the 31 to60-day age group. This group represents 48.57% of total receivables [US $170 -$100 +$170+ $80)].
An entity sells goods on an installment basis. The table below includes information about the level of installment sales, the cost of the goods sold on installment, and the cash receipts on installment sales for Year 1 through Year 3. All cash receipt amounts shown are net of any interest charges.

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Which of the following is an example of a nonfinancial internal failure quality cost?

• A.Decreasing gross profit margins over time.
• B.Excessive time to convert raw materials into finished goods.
• C.Foregone contribution margin on lost sales.
• D.Defective units shipped to customers.

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Which of the following is a key component of an organization's cybersecurity governance?

• A.Senior management of the organization setting the cybersecurity policy
• B.Administrators monitoring the use, assignment and configuration of privileges on the network.
• C.The IT department establishing implementing, and actively managing security configurations.
• D.Management identifying and classifying the types of critical data in the organization's system

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A third party who provides payroll services to the organization was asked to create audit or "read-only 1 functionalities in their systems. Which of the following statements is true regarding this request?

• A.This will support execution of the right-to-audit clause.
• B.This will enforce robust risk assessment practices
• C.This will address cybersecurity considerations and concerns.
• D.This will enhance the third party's ability to apply data analytics

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Value engineering is:

• A.A policy of seeking continuous improvement in all phases of company{ activities.
• B.A method of determining prices based on a cost determination.
• C.An element of a marketing mix strategy.
• D.A systematic approach to assessing all aspects of cost buildup for a product.

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