Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

IIA Exam IIA-CIA-Part3 Topic 3 Question 30 Discussion

Actual exam question for IIA's IIA-CIA-Part3 exam
Question #: 30
Topic #: 3
[All IIA-CIA-Part3 Questions]

An organization has recorded the following profit and expenses:

Profit before interest and tax

$200,000

Sales

$2,300,000

Purchases of materials

$700,000

Interest expenses

$30,000

If the value-added tax (VAT) rate is 20 percent and the corporate tax rate is 30 percent, which of the following is the amount of VAT that the organization has to pay?

Show Suggested Answer Hide Answer
Suggested Answer: D

by Sue at May 06, 2022, 02:55 PM

Limited Time Offer

25%

Off

Get Premium IIA-CIA-Part3 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
My
5 days ago
I practiced a similar question where we had to find VAT, and I think the answer was just the sales amount multiplied by the VAT rate. So, I might go with $460,000 as the base before tax.
upvoted 0 times
...
Roy
5 days ago
I think the VAT is calculated on sales, so I remember needing to take 20% of $2,300,000, but I'm not sure if I need to subtract anything first.
upvoted 0 times
...
Kassandra
8 days ago
I remember a practice question similar to this. I think working capital stays the same since cash just replaces equity.
upvoted 0 times
...
Helaine
8 days ago
Ranking and classification - that's it! I remember those from the textbook. The nonquantitative methods don't use numerical scores or points, they just sort the jobs in a more qualitative way. This is a good question to practice, since I want to make sure I have these key concepts down.
upvoted 0 times
...
Jonelle
16 days ago
I'm a bit confused by the options presented here. I'll need to review the differences between a connection reference, custom connector, desktop flow, and data gateway to decide which one is the most appropriate recommendation for this scenario.
upvoted 0 times
...
Ricarda
18 days ago
Hmm, I'm a bit unsure about this one. I know there's a fee, but I can't remember if it's $25 or not. I'll have to think this through carefully.
upvoted 0 times
...

Save Cancel