IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 361:

  Pension plans that an Employer establishes for retired or disabled employees, regardless of whether an employee contributes, are known as:

  A. Defined benefit plans
  B. Guaranteed Pension benefits
  C. Pre-Pension Schemes
  D. None of the above
  A. Defined benefit plans

• Question 362:

  In option- type securities contracts the option's price is called:

  A. Mark up
  B. Premium
  C. Return value
  D. Both AandB
  B. Premium

• Question 363:

  Workpapers serve as the connecting link between the audit assignment, the auditor's fieldwork, and the final report. Most importantly, the workpapers document the auditor's conclusions and the reasons those conclusions were reached. Workpapers also provide a basis for demonstrating compliance with the IIA's Standards. Among other things, workpapers may include all of the following EXCEPT:

  A. Planning documents and audit procedures
  B. Analysis and test of transactions, processes, and account balances
  C. Results of substantive testing
  D. Audit correspondence that documents the audit conclusions reached
  C. Results of substantive testing

• Question 364:

  Call provisions are often part of ______________, but usually not bonds issued by ______________.

  A. Zero coupon bond, Federal Government bonds
  B. Corporate bonds, Zero coupon bonds
  C. Corporate and municipal bonds, bonds issued by Federal Government
  D. None of these
  C. Corporate and municipal bonds, bonds issued by Federal Government

• Question 365:

  The "combined ratio" of an insurance company is the ratio from combining which of the following? The "loss ratio."

  II. The "other underwriting expense ratio."

  III. The "expense ratio."

  IV.

  The "IBNR."

  A. I and II only.
  B. I and II only.
  C. III and IV only.
  D. I, II, III and IV.
  B. I and II only.

• Question 366:

  Residential loans are usually secured by all EXCEPT:

  A. Mortgages
  B. Current Assets
  C. Deed of truest
  D. Land contracts
  B. Current Assets

• Question 367:

  It should be an immediate decision:

  A. That securities are for trading or for bank's own investment account
  B. That how to record securities in the financial statements
  C. That marketable securities should be accounted for at current market value
  D. Both of these
  B. That how to record securities in the financial statements

• Question 368:

  The tax implications are to be considered in case of life insurance. As, you can take out in chunks to supplement the income, and minimize tax burden, while keeping the majority still under the tax differed status (Not to mention the benefit of Roth IRA).So, the end result of what you have is for disposable income is once again better with the:

  A. 401K
  B. Whole life Insurance
  C. Term life Insurance
  D. None of these
  A. 401K

• Question 369:

  The reliability (competence) of evidence gathered by auditors is a __________. The reliability of evidence is a key factor in the audit analysis. Relevance is also a key factor in determining the quality of evidence.

  A. Fixed term
  B. Variable
  C. Determinant
  D. Subjective philosophy
  B. Variable

• Question 370:

  Which of the following are NOT common funding vehicles used by insurers to invest in retirement plan assets as they are accumulated?

  A. Group deferred annuities.
  B. Deposit administration contracts.
  C. Separate account contracts.
  D. Keogh plans.
  D. Keogh plans.