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Free PDF 2025 High-quality IIA-CIA-Part3: Business Knowledge for Internal Auditing Valid Test Camp

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IIA Business Knowledge for Internal Auditing Sample Questions (Q159-Q164):

NEW QUESTION # 159
Bandit Co. will recognize revenue from the December sale of the maintenance contracts in the, List A, year if it selects <List B> basis reporting.

A. Option B
B. Option C
C. Option A
D. Option D

Answer: C

Explanation:
Under the cash basis of accounting, revenue is recognized when the cash is received. Because the customers paid cash for the maintenance contracts in the first year, that is the year in which the revenue should be recognized. On January 1. a new landscaping firm, Bandit Co., acquired a fleet of vehicles, all the necessary tools and equipment, and a parking and storage facility. It began operations immediately. It is now the end of the first year of operations, and the first set of year-end financial statements are being prepared. Several decisions have to be made regarding the appropriate accounting and reporting practices for this company. Relevant information for several of these items is described in the following list of transactions and events: At year-end, the parking and storage facility that was purchased for US $150,000 has a fair value of US $250,000. The physical flow of inventory is first in, first out, and the cost of materials has risen steadily over the year. To promote sales for the coming year, maintenance contracts were sold in December at very reasonable prices, provided that the customers paid cash. On April 1, the company arranged a US $100,000 10% bank loan. Interest payments of US $5,000 are due on October 1 and April 1 of each year during the 5-year term of the loan. During the first year of operations, the company experienced a 5% bad debt rate on credit sales None of the bad debts are expected to be recovered, given that 5% i s the industry average level of bad debts. Total credit sales for the year were U $400,000. The year-end balance of accounts receivable includes uncollected overdue accounts of US $100,000. Half of the uncollected overdue amounts are estimated to be uncollectible.

NEW QUESTION # 160
Finance leases are differentiated from operating leases in that finance leases normally

A. Are cancelable at any time upon request by the lessee.
B. Are used only by financial institutions.
C. Provide for maintenance service at no extra cost to the lessee.
D. Have rental payments that are approximately equal to the amortized cost of the leased asset.

Answer: D

Explanation:
A lease may be classified as either a finance lease or an operating lease by a lessee. A finance lease transfers substantially all of the risks and rewards of ownership of the asset to the lessee. A lease is classified at its inception. It normally is classified as a finance lease if for example,
1.The lease provides for the transfer of ownership of the asset by the end of the lease term.
2.The lease contains a bargain purchase option: i.e., the lessee has the option to purchase at a price expected to be sufficiently below the fair value of the exercise date that, at the lease's inception, exercise is reasonably certain.
3.The lease term is for the major part of the economic life of the asset.
4.The present value of the minimum lease payments is at least substantially all of the fair value of the leased asset at the inception of the lease.
5.The leased assets are such that they can be used only by the lessee without major modification. Thus, the rental payments tend to approximate thy--t of the leased property plus a return on the investment.

NEW QUESTION # 161
On June 1 of the current year, XYZ Company purchased British pounds for 10,000 euros. It also acquired land for 25,000 euros. At the end year or XYZ Company's fiscal year on December 31, the spot rate for the pound was 1.20 euros. The land had a value of 27,500 euros. XYZ Company records its nonmonetary items at historical cost. Which of the following is the correct presentation of this transaction on XYZ Company's balance sheet?

A. EUR12,000 EUR25,000
B. EUR10,000 EUR27,500
C. EUR10,000 EUR25,000
D. EUR12,000 EUR27,500

Answer: A

Explanation:
At the balance sheet date, monetary items are reported at the closing rate, which is often the spot rate on the balance sheet date. Nonmonetary items measured at historical cost reported at the rate on the transaction date. Thus, the pounds are reported at EUR12.0001.20
EUR/E x EUR10,000), and the land is reported at EUR25,000.

NEW QUESTION # 162
An organization produces products X and Y.
The materials used for the production of both products are limited to 500 Kilograms

(kg ) per month. All other resources are unlimited and their costs are fixed. Individual product details are as follows in order to maximize profit, how much of product Y should the organization produce each month?
$10 $13
2 kg
70 units
6 kg
120 units

A. 50 units
B. 1:20 units
C. 60 units
D. 70 units

Answer: C

NEW QUESTION # 163
The carrying amount cost minus accumulated depreciation) of property plant, and equipment disposed of in Year 2 was:

A. US $20,000
B. US $32,000
C. US $7,000
D. US $17,000

Answer: C

Explanation:
The cost of PPE disposed of is US $20,000$295,000 beginning PPE + 65,000 acquisitions - $340,000 ending PPE). The accumulated depreciation + $30,000 depreciation expense - $119,000 ending encountered depreciation. Thus, the carrying amount of PPE disposed of is US $7,000'.I I Or II i depreciation).
Balance sheets on December 31, Year 1, and December 31, Year 2, are presented below

NEW QUESTION # 164
......

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