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BEC > BEC 1 HW > Flashcards

BEC 1 HW Flashcards

1
Q

mnemonic: SEC consider what factor when selecting puc co for review

A

(C PERV) C=large market Cap; P=diff P/e ratio; E=affect Economy; R=issued mat Restatemnt; V=Volatility in stock

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2
Q

CRIME (COSO Framework)

A

Control Environment; mgmt Risk Assess; Info & comm sys; Monitoring; Exist control activities

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3
Q

mnemonic: Components of ERM

A

(CRRRIMES) C=Control/internal enviro; R=assess Risk; R=id Risk; R=Risk response; I=Info & comm sys; M=Monitoring; E=Effective control activities; S=Setting objectives (orcS)

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4
Q

Control/Internal Environment Factors

A

(EBOCA HR) E=Ethical val & integrity; B=Board oversight; O=Org structure; C=Commitment to Competence; A=Accountability; HR=hiring, risk mgmt/appetite

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5
Q

objectives of cost accounting

A

(PIE) P=Product costing; I=Income; E=Efficiency

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6
Q

ethics training aka

A

corp COMPLIANCE training (related to COMPLIANCE OBJ)

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7
Q

what do STRATEGIC OBJ do? (orcS)

A

support the mmission (strat obj are implemented via various strategies & objectives)

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8
Q

which component of ERM (CRRRIMES) addresses reporting deficiencies?

A

MONITORING

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9
Q

which component of ERM (CRRRIMES) addresses assigning authority & responsibility?

A

CONTROL/INTERNAL ENVIRO

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10
Q

event identification occurs ____ the development of objectives

A

AFTER - events will either favorably or unfavorably impact the achievement of objectives

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11
Q

RISK RESPONSE associated with 1. self insuring or 2. tolerating current conditions or 3. doing “nothing”

A

ACCEPTANCE

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12
Q

RISK RESPONSE associated with 1. diversification or 2. acts that may mitigate risk/exposure or 3. relocation

A

REDUCTION

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13
Q

RISK RESPONSE associated with 1. insuring against losses or 2. entering joint venture

A

SHARING

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14
Q

RISK RESPONSE associated with eliminating/selling bus unit/product line/geo segment

A

AVOIDANCE

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15
Q

listing risks from PUBLISHED INDUSTRY SOURCES is a technique known as

A

EVENT INVENTORY

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16
Q

residual risk is the amount . . .

A

that remains after mgmt responds

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17
Q

inherent risk is the amount. . .

A

that will be paid if mgmt does NOTHING

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18
Q

how many org layers should exist b/n CFO and those involved in financial reporting?

A

3

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19
Q

ABC

A

Activity Based Costing

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20
Q

securities fraud (misrepresent financials) may be fined and/or imprisoned for up to ____ years

A

25

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21
Q

a director is protected against being liable for losses under the

A

business judgement rule

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22
Q

BoT has a ____ responsibility/relationship to the co

A

FIDUCIARY

23
Q

a ____ illustrates a process & potential problems that contribute to the occurrence of defects

A

FISHBONE DIAGRAM

24
Q

a ____ illustrates the performance of a process in relation to acceptable upper & lower limits of deviation (RANGE)

A

CONTROL CHART (goalpost conformance)

25
Q

_____ are used to determine the qc issues that are most FREQUENT/costly

A

PARETO DIAGRAMS

26
Q

_____ shows the individual and cumulative frequency of qc issues (defects)

A

PARETO DIAGRAMS

27
Q

_____ is comparing a co’s fin data to published industry info

A

BENCHMARKING

28
Q

____ may be easily identified by the use of a HISTOGRAM and a LINE GRAPH

A

PARETO DIAGRAMS

29
Q

On a Pareto Diagram qc issues are displayed from ____ to ____ frequent

A

MOST to LEAST

30
Q

Fishbone diagram aka

A

CAUSE & EFFECT diagram (analyze problems that contribute to the occurrence of defects)

31
Q

elements of fishbone diagram include (MMMM)

A

Machinery, Materials, Method, Manpower

32
Q

characteristics of performance measures (8-13131)

A

(GCCCUBBE) G=relate to org/co GOALS; C=reflect CRITICAL success factors in balanced score card; C=under CONTROL/influence of ee; C=used CONSISTENTLY; U=UNDERSTOOD by ee; B=BALANCE long term & st issues; B=influence BEHAVIOR; B=BOTH eval & reward ee; E=EASILY measured

33
Q

focus group help improve what objective? ORCS

A

Operating

34
Q

supporting/implementing the co mission & vision is related to what objective? ORCS

A

Strategic

35
Q

Carry costs are?

A

the cost of CARRYING invy

36
Q

Sunk costs are?

A

in the PAST and UNAVOIDABLE

37
Q

Committed costs are?

A

in the FUTURE and UNAVOIDABLE

38
Q

MIXED costs are?

A

a MIX of variable & fixed

39
Q

in allocating joint cost to joint product. . .sp-dc=

A

sp @ split off

40
Q

COGM aka CO Jobs Completed =

A

DM+DL+OH ‘applied’+B.wip-E.wip

41
Q

CONVERSION COSTS =

A

DL + OH

42
Q

addtnl IM (indirect materials) increases

A

factory Overhead CONTROL (decrease stores CONTROL)

43
Q

overapplied = control dr?cr?

A

credit

44
Q

a ____ is a causal factor that increases the total cost of an objective

A

COST DRIVER-often nonfinancial (activities that cause costs to increase as the activity increases)

45
Q

cost that is fixed PER UNIT =

A

VC

46
Q

plant-wide application rates of OH to machine hours is a ____ costing apprroach to allocating costs

A

TRADITIONAL

47
Q

manufacturing costs =

A

DL+DM+OH(applied)

48
Q

____ emphasizes lt product analysis (when fc become vc)

A

ABC

49
Q

ABC costing is ____ for external reporting & ____ for internal reporting

A

ABC costing is NOT ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting

50
Q

JOB costing is ____ for external reporting & ____ for internal reporting

A

JOB costing is ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting

51
Q

VARIABLE costing is ____ for external reporting & ____ for internal reporting

A

VARIABLE costing is NOT ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting

52
Q

PROCESS costing is ____ for external reporting & ____ for internal reporting

A

PROCESS costing is ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting

53
Q

____ costing is collects fin & operating data on the basis of the underlying nature & extent of the cost drivers

A

ABC

54
Q

Formula for COGS

A

COGM +B.FG -E.FG

BEC (12 decks)

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