Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CPA Exams - BEC Pneumonics > ALL BEC Pneumonics > Flashcards

ALL BEC Pneumonics Flashcards

1
Q

ORC

3 Objectives of the IC Framework

A

Operations
Reporting “FACT”
Compliance

FACT= Fair, Accurate, Complete, and Timely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

CRIME

5 Components in the COSO Integrated IC Framework

A
  • Control Environment
  • Risk Assessment
  • Information and Communication
  • Monitoring
  • Existing Control Activity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

EBOCA

Control Environment Principles 5 of 17 in total in the IC framework

A

“The Tone at the Top”

  • Commitment to Ethics and integrity
  • Board Independence and Oversight
  • Organizational Structure
  • Commitment to Competence
  • Accountability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

SAFR

Risk Assessment principles 4 of 17 in total in the IC Framework

A

“Make the entity SAFR” “EAR”

  • Specify objectives
  • Assess changes
  • Fraud
  • Risks “EAR”

How to do this?

  • Event/Risk Identification
  • Assess the risk
  • Risk Response
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

OIE

Information and Communication Principles 3 of 17 in the IC Framework

A

“Awareness”

  • Obtain and Use Information
  • Internally
  • Externally

Information must be “FACT”

Fair
Accurate
Complete
Timely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

SO D

Monitoring principles 3 of 17 in the IC Framework

A

“Review”

  • Seperate Evaluations
  • Ongoing
  • Deficiencies
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

CATPP

Existing Control Activities 5 of 17 principles for the IC Framework

A

“Existing” To mitigate the risk that F A C T will be true!

  • Control
  • Activities
  • Technology
  • Policies
  • Procedure

FACT fair, accurate, complete, timely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

CPER

ERM 1 objective and 4 components

A

Develop value-make it “CPER”

  • Create
  • Preserve
  • Erosion
  • Realization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

ERM Themes set by COSO

Why: Mission / What: Vision / How: Core Values

A
  • Culture- “How: Core Values”
  • Capabilities
  • Practice-applied at all levels
  • Integration - “Why: Mission”
  • Strategy - “What: Vision”
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

GO PRO with ERM

5 components of enterprise risk management (ERM)

A
  • G overnance and Culture
  • Strategy and O bjective Setting
  • P erformance
  • R eview and Revision
  • Information, Communication, and Reporting (O ngoing)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

DOVES

Governance and Culture 5 of 20 principles ERM Framework

A
  • define D esired culture
  • exercise board O versight
  • demonstrate committment to core V alues
  • attracts, develops and retains capable E mployees
  • establishes operating S tructure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

SOAR

Strategy and Objective-Setting 4 of 20 principles of ERM Framework

A
  • evaluate alternative S trategies
  • formulate business O bjectives
  • A nalyzes business context
  • define R isk appetite
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

VAPIR

Performance 5 of 20 principles of ERM Framework

A
  • develops portfolio V iew
  • Assesses severity of risk
  • P rioritizes risk
  • I dentifies risks (events)
  • implements risks R esponses

What are the Risk Response Decisions?

  • Avoid
  • Reduce
  • Transfer
  • Self-Insurance

How do they do this? AARPs my own pneumonic for risk responses from management.

  • Accept the risk
  • Pursue the risk
  • Share the risk
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

SIR

Review and Revision 3 principles of ERM Framework

A
  • Assesses S ubstantial change
  • Pursue I mprovement in ERM
  • R eviews risk and Performance.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

TIP

Information, Communication, and Reporting (Ongoing) ERM Framework

A
  • Leverages info and Technology.
  • Communicates risks I nformation.
  • Reports on risk, culture, and P erformance.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

ARC

The ARC that saves you from a flood of trouble Segregation of Duties

A

A uthority
R ecord Keeping
C ustody

17
Q

DUNS

the 2 classifications of risk

A

“Diversifiable Risk is a non-market, firm specific risk.”

D iversifiable risk same as
U nsystematic risk

“Non-diversifiable Risk are systematic market risk that can not be mitigated by diversification.”

N on-diversifiable risk same as
S ystematic risk (market risk)

Get us “DUNS”

18
Q

OWNES

5 criteria’s to meet to classify a lease as a finance lease (u own it)

A
  • Ownership
  • Written
  • Net
  • Economic
  • Specialized
19
Q

ESOC

Economic Order Quanity

A

EOQ Order Size
Annual Sales in units
Cost per Purchase Order
Carrying Cost (Denominator)

20
Q

SOIL

Carrying Costs

A
  • Storage
  • Oppurtunity Cost
  • Insurance
  • Lost Inventory/ Spoiled/ Obsolete
21
Q

WRITEN

Factors that shift the demand curve

A
  • Wealth
  • Related Good
  • Income
  • Taste
  • Expectations
  • Number of buyers

Shifts to the right good, shifts to the left bad

22
Q

ECOST

Factors that shift the supply curve

A
  • Expectations
  • Costs
  • Other goods
  • Subsidies or taxes
  • Technology

Shifts to the right good, shifts to the left bad

23
Q

TIPS

Effect of inflation on investments

A
  • Treasury
  • Inflation
  • Protection
  • Securities
24
Q

ISWEOT

SWOT

A
  • Internal factors
  • Strength
  • Weaknesses
  • External factors
  • Opportunities
  • Threats
25
Q

FICA

“Balanced Scorecard Elements”

A
  • Financial Measures
  • Internal Business Processes
  • Customer Satisfaction
  • Advancement of Innovation and HR (Learning and Growth)
26
Q

DMAIC

What are the elements in Six Sigma? EXISTING PRODUCTS use DMAIC

A
  • Define the problem
  • Measure key aspects
  • Analyze data
  • Improve or Optimize
  • Control
27
Q

DMADV

What are the elements in Six Sigma? NEW PRODUCTS use DMADV

A
  • Define design goals
  • Measure CTQ (critical to quality) issues
  • Analyze alternatives
  • Design
  • Verify the design
28
Q

CRPI

Responsibility Segments SBU’s (Strategic Business Units)

A
  • Cost SBU
  • Revenue SBU
  • Profit SBU (more work than other two)
  • Investment SBU (most work of all)
29
Q

What is the Business Cycles Pneumonic Sentence.

A

” Every peak, contracts through recovery”!

  • Peak
  • Contraction
  • Trouph
  • Recovery
30
Q

Methods conducting international business pneumonic sentence.

Market influences on business

A

“FIL JVs with direct foreign investments & global sourcing”

  • Franchising
  • International Trade
  • Licensing
  • Joint Ventures
  • Direct Foreign Investment
  • Global Sourcing
31
Q

4 M’s of Fishbone Diagram

What are the potential causes?

A
  1. Materials
  2. Manpower
  3. Machinery
  4. Method
32
Q

IFRS

A

Internet
Firewall
Router
Software

33
Q

PDCA

A

Plan
Do
Check
Act

34
Q

ETL

A

Extract
Transform
Load

CPA Exams - BEC Pneumonics (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions