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  1. Home
  2. IIA Certification
  3. IIA-CIA-Part3 Exam
  4. IIA.IIA-CIA-Part3.v2024-06-15.q282 Dumps
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Question 121

The main reason to establish internal controls in an organization is to:

Correct Answer: A
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Question 122

An organization created a formalized plan for a large project. Which of the following should be the first step in the project management plan?

Correct Answer: B
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Question 123

Which of the following statements about slack time and milestones are true?
1.Slack time represents the amount of time a task may be delayed without delaying the entire project.
2.A milestone is a moment in time that marks the completion of the project's major deliverables.
3.Slack time allows the project manager to move resources from one task to another to ensure that the project is finished on time.
4.A
milestone requires resource allocation and needs time to be completed.

Correct Answer: C
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Question 124

If a just-in-time purchasing system is successful in reducing the total inventory costs of a manufacturing company, which of the following combinations of cost changes would be most likely to occur?

Correct Answer: C
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Question 125

Which of the following inventory items would be the most frequently reviewed in an ABC inventory control system?

Correct Answer: D
The ABC system is a method for controlling inventories that divides inventory items into three groups: Group A -- high-monetary value items, which account for a small portion perhaps 10%) of the total inventory usage Group B -- medium-monetary value items, which may account for about 20% of the total inventory items
Group C -- low-monetary value items, which account for the remaining 70% of sales or usage The ABC system permits the proper degree of managerial control to be identified and exercised over each group. Group A items are reviewed on a regular basis. Group B items may not have to be revered as often as group A items, but more often than group C items. For group C, extensive use of models and records is not cost effective. It is cheaper to order large quantities infrequently. The ABC method therefore reduces the safety-stock investment because high-value items are frequently monitored and medium-value items are monitored more often than inexpensive items. Frequent review can prevent stockouts and decrease inventory levels, and the cost of such review is minimized if it is limited to high- or mediumvalue items.
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