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IIA-CIA-Part3 Exam
IIA.IIA-CIA-Part3.v2025-10-13.q454 Dumps

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Question 411

Which of the following control techniques would minimize the risk of interception during transmission in an electronic data interchange system?
1. Encryption.
2. Traffic padding.
3. Edit checks.
4. Structured data format.

A.1 and 2 only
B.2 and 3 only
C.1, 2, and 3 only
D.3 and 4 only

Correct Answer: A

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Question 412

A total interruption of processing throughout a distributed information technology system can be minimized through the use of:

A.Exception reporting.
B.Fault tolerant
C.Backup and recovery.
D.Data file security.

Correct Answer: B

An advantage of distributed processing is fault tolerant, that is, the ability to continue processing at all site opt a nonfunctioning one.

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Question 413

If the construction company uses the percentage-of-completion [cost-to-cost basis) method of revenue recognition, in Year 1 the amount of revenue it will recognize on the long-term contract will be:

A.US $3,000,000
B.US $4,705,882
C.US $5,000,000
D.US $6,000,000

Correct Answer: B

Under the cost-to-cost approach to determining the stage of completion of the contract, the stage of completion equals contract costs incurred to date divided by the most recent estimate of total contract costs Hence, the revenue to be recognized in the first year is US $4,705,882 [$10,000,000 $4,000,000 $8,500,000.)]. amount equals costs incurred plus recognized profit. On January 1, Year 1, a construction company signed a contract with a property management firm involving the construction of a large urban office tower. The total price of constructing the tower was agreed to be US $10 million with US $2 million being paid on the date of the agreement. Construction began immediately upon the signing of the contract and was expected to take 3 years to complete. The original estimate of total construction costs was US $8 million. During the year ended De _ _tuber 31, Year 1, US $4 million of construction costs were incurred, and engineering estimates indicated that the office tower was 30% complete at year-end. At year-end, the revised estimate of total construction costs was US. million and the property management firm had been billed a further US $4 million, although only US $1 million of that amount had been collected by year-end.

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Question 414

An investor has been given several financial ratios for an entity but none of the financial reports. Which combination of ratios can be used to derive return on equity?

A.Market-to-book-value ratio and total-debt-to-total-assets ratio.
B.Price-to-earnings ratio, earnings per share, and profit margin.
C.Price-to-earnings ratio and return-on-assets ratio.
D.Profit margin, total assets turnover, and equity multiplier.

Correct Answer: D

The profit margin equals the profit available to ordinary shareholders divided by sales, the total assets turnover equals sales divided by total assets, and the product of these two ratios is the return on assets. This result is the basic Du Pont equation. In the extended Du Pont equation, the return on assets is multiplied by the leverage factor, also called the equity multiplier total assets + ordinary equity at carrying amount). The extended Du Pont equation gives the return on ordinary equity. This result is obtained because the total assets and sales factors cancel in the multiplication of the three ratios.

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Question 415

The following information is available for an entity for the quarter ended March 31 of the current year:

The gross profit margin is normally 200 of sales. What is the estimated cost of the merchandise inventory at March 31 of the current year?

A.US $20,000
B.US $40,000
C.US $60.000
D.US $180,000

Correct Answer: C

The gross profit margin percentage is given as 20% of sales. Hence, cost of goods sold must have been US $160,000 [$:4110,000 sales x1_0 - 2)]. The estimated cost of the inventory at March 31 is computed as follows:

An entity had the following opening and closing inventory balances during the current

The following transactions and events occurred during the current year:
US $300,000 of raw materials were purchased, of which US $20,000 were returned
because of defects. US $600,000 of direct labor costs were incurred.
US $750,000 of production overhead costs were incurred.

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