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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 6

Which of the following contract concepts is typically given in exchange for the execution of a promise?

Correct Answer: B
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Question 7

RLF Corporation had profit before taxes of US $60,000 for the year. Included in this amount were depreciation of US $5,000. a charge of US $6,000 for the amortization of bond discounts, and US $4,000 for interest expense. The estimated cash flow for the period is:

Correct Answer: D
To determine cash flow for the period, all noncash expenses should be added back to profit. Adding the US $5,000 of depreciation and the US $6,000 of discount amortization to the US $60,000 of profit produces a cash flow of US $71,000.
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Question 8

While conducting an audit of the accounts payable department, an internal auditor found that 3% of payments made during the period under review did not agree with the submitted invoices. Which of the following key performance indicators (KPIs) for the department would best assist the auditor in determining the significance of the test results?

Correct Answer: B
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Question 9

Which of the following factors would reduce dissatisfaction for a management trainee but would not particularly motivate the trainee?

Correct Answer: D
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Question 10

In a business combination, the sum of the amounts assigned by the acquiring entity to assets acquired and liabilities incurred and assumed exceeds the consideration paid for the acquired entity. The excess should be reported as a:

Correct Answer: C
In a business combination, any excess of the fair value of the net assets acquired over the sum of the considerations transferred, any noncontrolling interests, and any previously held equity interest must be recognized immediately in profit or loss as a gain. Before concluding that the identification and measurement of the acquirer's assets, liabilities etc must be reassessed.
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