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?

• A)Attribute standards.
• B)Performance standards.
• C)Governance standards.
• D)Implementation standards.

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Definitions:

Standard Cost System

A cost accounting method that assigns expected costs to each unit of product to help managers assess actual performance.

Retained Earnings

The portion of a company's profits not distributed to shareholders as dividends but retained for reinvestment in the business or to pay off debt.

Ending Balance

The final amount in an account at the end of a period, after all debits and credits have been accounted for.

FOH Volume Variance

A financial metric that measures the difference between the budgeted fixed overhead and the applied fixed overhead based on actual production volumes.