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BEC > BEC 2 > Flashcards

BEC 2 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

Contribution margin =

A

revenue - variable cost

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7
Q

NI =

A

CM - FC

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8
Q

if invy increases, which method will have higher ni? Absorbtion or Variable?

A

ABSORBTION less fixed oh expensed under absorbtion

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9
Q

total fc / cm per unit =

A

breakeven in units

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10
Q

total fc / cm RATIO =

A

break eve in units

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11
Q

total sales - breakeven sales =

A

margin of safety

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12
Q

____ is used when analyzing bus decisions (focuses on rev & exp)

A

marginal analysis

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13
Q

incremental costs cost aka

A

prime costs

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14
Q

marginal cost =

A

vc + avoidable fc

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15
Q

slope = vc per unit =

A

change in Total COST (TC)/ change in VOLUME

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16
Q

Total Cost (TC)=

A

Tot FC + (VC per unit x Volume)

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17
Q

the ____ is a simple technique that is used to estimate the fixed & variable portions of costs

A

high-low method

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18
Q

in linear regression the ‘intercept’ =

A

total FC

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19
Q

_____ applies to a SINGLE-USE plan to a specific circumstance/time frame

A

TACTICAL PLAN (ie an annual budget)

20
Q

master budget aka

A

STATIC budget (1 level of activity)

21
Q

____ serves to communicate the criteria for performance

A

MASTER BUDGET

22
Q

Master Budget contains (2)

A
  1. OPERATING budgets; 2. FINANCIAL budgets
23
Q

OPERATING budgets contain what factors? 4

A

(PPSS)Personnel, Production, Sales, Selling/Admin

24
Q

FINANCIAL budgets contain what factors? 2

A

Pro forma f/s; Cash budgets

25
Q

____ is the FIRST budget prepared

A

SALES BUDGET

26
Q

COGS does not include

A

Selling exp or Admin exp

27
Q

Budgeted Production Formula =

A

Budgeted Sales +Desired End Invy -Beg Invy = Bud Production

28
Q

Direct Labor Budget is driven by

A

PRODUCTION

29
Q

3 major section of CASH BUDGET

A
  1. Cash Available; 2. Cash Disbursement; 3. Financing=line of credit
30
Q

analysis from flex budgets focuses on ____

A

SUBSTANTIVE variances from standards rather than simple changes in volume or activity

31
Q

variable needed for flex budgets

A
  1. rev per unit; 2. vc per unit; 3. fc per unit
32
Q

Order of budget preparation (5)

A

(Some People Make Cash Payments) 1. Sales; 2. Production; 3. Materials/Labo/OH purchased; 4. Cash; 5. Pro Forma F/s

33
Q

3 purposes of standard costing systems

A
  1. cost control; 2. variance analysis; 3. learn from & improve processes
34
Q

variables that are considered to be MORE CONTROLLABLE

A

DM, DL, VOH

35
Q

____ are used to evaluate the effectiveness id’ing target markets & strategies

A

SALES & CONTRIBUTION margin

36
Q

____ is a flexible budget variance

A

SALES VOLUME VARIANCE

37
Q

fin performance is a function of ____

A

ORGANIZATIONAL DECISIONS and the objectives assigned to each segment

38
Q

responsibility acctg is dependent on proper ____ and ____

A

DELEGATION & AUTHORITY

39
Q

SBU

A

Strategic Business Unit

40
Q

4 measures of SBU to which mgmt is held accountable

A

(CRPI=mgmt is creepy) C=Cost; R=Revenue; P=Profit; I=Investment

41
Q

Financial Scorecards rely on

A

FEEDBACK for reporting performance

42
Q

FEEDBACK w/in financial scorecards must be (AT US)

A

Accurate, Timely, Understandable, Specific

43
Q

Common costs are considered

A

NOT controllable

44
Q

CONTROLLABLE MARGIN =

A

contribution margin -controllable fc (ie ads & sales promo)

45
Q

Factors w/in the BALANCED SCORECARD

A

(FICA) F=Financial; I=Internal bus processes; C=Customer satisfaction; A=Advancement of innovation & hr develpmnt

BEC (12 decks)

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