CIMA CIMAPRA19-P03-1-ENG P3 Risk Management (Online) Online Training
CIMA CIMAPRA19-P03-1-ENG Online Training
The questions for CIMAPRA19-P03-1-ENG were last updated at Nov 20,2024.
- Exam Code: CIMAPRA19-P03-1-ENG
- Exam Name: P3 Risk Management (Online)
- Certification Provider: CIMA
- Latest update: Nov 20,2024
James owns a small company which sometimes suffers from credit risk.
Which of the following measures should he put in place to help reduce this risk?
- A . Introduce credit checks for new customers.
- B . Reduce the company bank loans.
- C . Pay suppliers’ invoices quicker.
- D . Look for a loan with a lower interest rate.
Which risks should be given the highest priority?
- A . Risks which have a high impact and have a low likelihood of arising.
- B . Risks which have a low impact but which arise frequently.
- C . Risks which have a low impact and a low likelihood of arising.
- D . Risks which have a high impact and which may arise occasionally.
Amber selects appropriate suppliers and places purchase orders.
Brian passes invoices for payment and submits payment instructions to the bank.
Chris checks incoming inventory and unpacks goods from their containers.
Dirwan posts purchase invoices and files invoices and supporting documents.
Which member of staff could most easily commit fraud?
- A . Amber
- B . Brian
- C . Chris
- D . Dirwan
The long-term prospects for interest rates in the UK and the USA are 2% and 6% per annum respectively.
The GBP/USD spot rate is currently GBP/USD1.71.
Using interest rate parity theory, what GBP/USD spot rate would you expect to see in six months’ time?
- A . GBP/USD = 1.74
- B . GBP/USD = 1.78
- C . GBP/USD = 1.65
- D . GBP/USD = 1.67
The long-term prospects for interest rates in the UK and the USA are 2% and 6% per annum respectively.
The GBP/USD spot rate is currently GBP/USD1.71.
Using interest rate parity theory, what GBP/USD spot rate would you expect to see in six months’ time?
- A . GBP/USD = 1.74
- B . GBP/USD = 1.78
- C . GBP/USD = 1.65
- D . GBP/USD = 1.67
The long-term prospects for interest rates in the UK and the USA are 2% and 6% per annum respectively.
The GBP/USD spot rate is currently GBP/USD1.71.
Using interest rate parity theory, what GBP/USD spot rate would you expect to see in six months’ time?
- A . GBP/USD = 1.74
- B . GBP/USD = 1.78
- C . GBP/USD = 1.65
- D . GBP/USD = 1.67
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.
JNH is a major corporation that stores its customer database in the Cloud JNH has suffered a data breach that has led to customer credit card details being made available for sale on the internet JNH’s Head of Security wishes to analyse network traffic at the cloud-based server in order to gain a better understanding of the manner in which the data was intercepted, but has been refused access.
Which of the following is the most likely explanation for the third-party owner’s refusal to assist JNH’s Head of Security?
- A . The Cloud is impregnable and so the breach must have been elsewhere
- B . The network data will not have been stored by the server’s owner
- C . The server will contain data belonging to other clients
- D . Admitting the breach would harm the reputation of the Cloud
Which of the following are threats to the control environment?
- A . Directors not producing receipts for their expenses.
- B . Internal auditors not following up on internal control problems.
- C . Directors ignoring unethical practices that increase sales.
- D . Regularly changing procedures to comply with legislation.
- E . Allowing staff to follow unwritten policies.
Which of the following risks should be given highest priority?
- A . Risks which have a high impact and which may arise occasionally
- B . Risks which have a low impact but which arise frequently
- C . Risks which have a high impact and have a low likelihood of arising
- D . Risks which have a low impact and a low likelihood of arising
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