CIMAPRA19-P03-1-ENG 시험 - CIMA실제시험문제와 답 - 247문항

Question No : 1

In the purchasing department, the purchasing manager selects and approves all suppliers, as they are the only person with sufficient experience to do so. They use a very limited number of suppliers because they can rely on these suppliers to provide goods of the quality required at a competitive price. They do not keep any documents in relation to negotiations with other potential suppliers or other quotes obtained.
In relation to the above, which of the following statements are valid?

A.The fact that the purchasing manager uses a very small number of suppliers is, in itself, a sign of poor internal controls.
B.It is acceptable for clerks in the trade receivables section to make journal adjustments without authorisation provided the amounts involved are not material to U's financial statements.
C.It is acceptable for clerks in the trade receivable section to make journal adjustments without authorisation, provided they have no access to cash receipts.
D.The fact that the purchasing manager does not keep documentation relating to negotiations with suppliers, or potential suppliers, is evidence that they are involved in fraudulent activity.
E.Clerks making journal adjustments without reference to their supervisor is evidence of inadequate separation of duties.
F.The way the role of purchasing manager is carried out in U increases the chance that the company will fall victim to fraudulent activity.

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Question No : 2

DRAG DROP
As part of risk assessment exercise for a low-cost airline you are requested to match the risks listed below with the most approriate method of minimising or dealing with each risk.

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Question No : 3

UIO sells mobile phones through a cham of 100 shops spread across the country Shop managers have considerable discretion over pncmg and the incentives offered to sales staff Shop managers are evaluated on the monthly contribution from completed sales.
Those who exceed targets by more than 10% for three successive months are promoted Those who fail to achieve monthly targets in two successive months lose their jobs
Which of the following statements are true of the performance management of UIO's shop managers?
Select ALL that apply

A.LHO's shop managers have an incentive to offer excellent customer service
B.UIO's shop managers are encouraged to take risks that may harm UIO
C.UIO's shop managers have an incentive to develop attractive sates promotions for their shops
D.UIO's shop managers are encouraged to sell phones at a loss
E.UIO's shop managers may have very little sense of loyalty to the company

정답:

Question No : 4

Company W produces mobile phone components and has recently tendered for a substantial contract. The results of the tendering process will not become available until three months from now. If the company is successful it will require 2,000 units of a commodity which is currently traded in an open commodity market for $740 per unit.
However, there has been speculation that this commodity could increase substantially in price over the next three months and so the company is considering purchasing the commodity now and storing it for three months.
The funds to buy the commodity would be borrowed at an annual interest rate of 7% and the storage cost of the product would be $5.40 per unit per month. The storage costs would be paid at the end of the three month storage period.
Which of the following represents the gain or loss (to the nearest thousand dollars) that will accrue to Company W assuming that the price of the commodity rises to $800 in three months' time?

A.$62,000 gain
B.$95,000 gain
C.$88,000 gain
D.$16,000 loss

정답:

Question No : 5

P has decided to invest in a new warehouse at a cost of $2,000,000. The discount rate of the project is 18% and the present value of the tax shield is £26,000.
What is the minimum acceptable Internal Rate of Return of the project?

A.18%
B.17.77%
C.18.23%
D.16.50%

정답:

Question No : 6

M, a manufacturing company, has had some problems with defects in one of the main
products it produces. This product has been made by the company for many years and is very profitable. Last month it had over 300 defects reported by customers which is more than 15% of products sold. This is a reputation risk for M and is also affecting profitability.
Which of the following controls could M introduce to reduce defects and also increase profitability?

A.M could increase the number of quality control staff.
B.M could introduce a procedure where quality control staff sign a form at the end of each day to say they have examined 1 in 10 products for defects and they are satisfied with the quality.
C.The production director could examine one in every 10 products and sign a form to say they are satisfactory.
D.M could service machinery at least once a month as recommended by the machinery supplier.
E.M could check all employees qualifications to ensure they are qualified for their jobs.

정답:

Question No : 7

Which TWO of the following are benefits of carrying out a post-completion audit of capital projects?

A.A post-completion audit can help find out who was to blame for a project exceeding the budget.
B.A post-completion audit can help management understand what went wrong with a project in order to try and prevent the same problem occurring in the future.
C.A post-completion audit can help find out where a project went wrong so it can be fixed immediately.
D.A post-completion audit can investigate variances from the budget on completed projects.

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Question No : 8

Z plc has recently undertaken a SWOT analysis. The SWOT analysis identified two main threats to Z plc:
• The threat that the currency of Z plc's main overseas competitor weakens compared to Z plc's home currency.
• The threat that there will be a military coup which will overthrow the government in the country that Z plc purchases most of its raw materials from.
Which TWO of the following categories of risk correspond most closely to the above threats?

A.Financial risk
B.Political risk
C.Business risk
D.Economic risk

정답:

Question No : 9

Which of the following is the major advantage of Cloud storage for an enterprise?

A.It provides unlimited free use for the enterprise
B.The enterprise has complete control over it
C.in-house staff are not required to maintain the infrastructure
D.Sharing storage space with others

정답:

Question No : 10

Under the COSO Enterprise Risk Management Framework, who is responsible for risk management?

A.Every member of the entity.
B.The board of directors only.
C.Managers and directors only.
D.The shareholders.

정답:

Question No : 11

CORRECT TEXT
M plc has a $2 million loan outstanding on which the interest rate is reset every 6 months for the following 6 months and the interest is payable at the end of that 6-month period. The next 6-monthly reset period starts in 3 months and the treasurer of M plc thinks that interest rates are likely to rise between now and then.
Current 6-month rates are 7.2% and the treasurer can get a rate of 7.7% for a 6-
month forward rate agreement (FRA) starting in 3 months' time. By transacting an FRA the treasurer can lock in a rate today of 7.7%.
If interest rates are 8.5% in 3 months' time, what will the net amount payable be?
Give your answer to the nearest thousand dollars.

정답: $77000

Question No : 12

DRAG DROP
A's directors do not believe that they always get value for money from their investment in capital projects. Over the past decade the company has invested in 55 projects that have cost more than $1m. They are considering introducing a system of post completion audit to see if this will help them to understand any problems they have had with projects in the past. They hope to use the results of the post completion audits to significantly improve the results of their capital investments
State whether you agree or disagree with the points raised by A's directors.

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Question No : 13

The interest rate on EUR deposits is 7%. The interest rate on GBP deposits is 5%. The spot rate is EUR/GBP0.8500.
What is the one year forward rate predicted to be assuming interest rate parity holds true?

A.0.8662
B.0.8341
C.0.7500
D.0.9633

정답:

Question No : 14

DRF is a manufacturing company
The internal auditor is conducting an investigation into the operation of the payroll system and has discovered a compliance error
The Head of Human Resources (HR) is required to add any new names to the payroll, using a specific computer password The Head of HR was absent for a month because of ill health During that period a senior member of the Wages Office, who is normally responsible only for organising wage payments, was issued a temporary password in order to add new names to the payroll The password was cancelled when the Head of HR returned to work
Which TWO of the following statements are correct?

A.The senior member of the Wages Office should be disciplined for being in breach of the rules
B.The senior member of the Wages Office could have committed fraud
C.The compliance error should be overlooked because it was as a result of staff absence
D.The internal auditor should ignore the error because it only lasted for one month
E.The payroll should be checked thoroughly to ensure that only authorised staff are present

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Question No : 15

Zia is an accountant and wishes to take out a Forward Rate Agreement (FRA) as a hedging instrument. The company treasurer has advised that a short-term interest rate (STIR) future would be better.
Which of the following is true of an STIR?

A.A STIR can be tailored to the exact needs of the company.
B.A STIR is flexible and the position can be closed quickly and easily.
C.A STIR must be kept for the whole duration of the contract.
D.If interest rates have gone down the price of the future will have fallen.

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CIMA CIMAPRA19-P03-1-ENG 시험