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The Standards for the Professional Practice of Internal Audit of the Institute

question 11

Multiple Choice

The Standards for the Professional Practice of Internal Audit of the Institute of Internal Auditors (IIA) is classified in three major categories.Which of the following is not one of these categories?


Definitions:

Dollar Terms

A financial expression that quantifies the cost, value, or price of something in terms of currency.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated as net profit divided by the cost of the investment.

Benefit-cost Ratio

A financial ratio used to assess the economic value of an investment, comparing the benefits received from the investment to the costs associated with it.

Equipment Downtime

The period during which machinery or equipment is not operational due to maintenance, repairs, or malfunctions.

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