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BEC > BEC 2 HW > Flashcards

BEC 2 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

Information Quality

A

(FAIR) F=Fair; A=Accurate,Accessible,Appropriate, C=Current; T=Timely

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3
Q

CRIME (COSO Framework)

A

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

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4
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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5
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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6
Q

objectives of cost accounting

A

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

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7
Q

OPERATING budgets contain what factors? 4

A

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

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8
Q

3 major section of CASH BUDGET

A
  1. Cash Available; 2. Cash Disbursement; 3. Financing=line of credit
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9
Q

variable needed for flex budgets

A
  1. rev per unit; 2. vc per unit; 3. fc per unit
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10
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

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11
Q

3 purposes of standard costing systems

A
  1. cost control; 2. variance analysis; 3. learn from & improve processes
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12
Q

4 measures of SBU to which mgmt is held accountable

A

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

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13
Q

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

A

Accurate, Timely, Understandable, Specific

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14
Q

Factors w/in the BALANCED SCORECARD

A

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

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15
Q

3 examples of off b/s transactions

A
  1. op lease; 2. lawsuits; 3. related party trans
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16
Q

the difference b/n VARIABLE costing & FULL ABSORBTION costing lies in the treatment of ____

A

FIXED MANU COSTS

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17
Q

in FULL ABSORBTION COSTING, fixed manu are treated as ____

A

PRODUCT costs

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18
Q

in VARIABLE COSTING, fixed manu are treated as ____

A

PERIOD costs

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19
Q

in FULL ABSORBTION COSTING, fixed Manu OH =

A

full MOH/units produced=n; n x units sold = full absorbtion manu OH

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20
Q

which will give you less Manu OH, thus higher NI? (full or absorbtion)

A

FULL ABSORBTION

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21
Q

what ‘costs’ should be considered when considering discountinuing a product line?

A

RELEVANT COST = those costs that will change under different alternatives

22
Q

breakeven formula

A

FC + VC(n) = SP(n)

23
Q

Contribution Margin =

A

CM = Sales - VC

24
Q

FC / CM% =

A

Breakeven

25
Q

CM%

A

CM/Sales

26
Q

Margin of Safety =

A

Actual Sales - BE Sales

27
Q

ROE =

A

NI / Shareholder’s Equty

28
Q

multiple regression differs from simple regression in that it

A

has more INDEPENDENT variables

29
Q

define: relevant RANGE

A

the range over which cost relationships are valid

30
Q

____costing encourages LARGER inventories

A

ABSORBTION

31
Q

SPE

A

Special Purpose Entity

32
Q

External Benchmarks aka

A

PRODUCTIVITY MEASURES

33
Q

OVERAPPLIED = (dr?cr?)

A

CREDIT

34
Q

is debr part of FC when computing BE?

A

YES so is variable selling costs

35
Q

which forecasting method relies MOSTLY on judgement?

A

DELPHI

36
Q

under the ____ forecasting method, multiple geo dispersed teams work together (highly judgemental input used)

A

DELPHI

37
Q

the best TRANSFER (interco) pricing model is based on _____ price

A

MARKET price

38
Q

which costing method may be used for external reporting? (variable or absorbtion)

A

ABSORBTION is appropriate for external reporting

39
Q

a ____ is a series of budgets based on different activity levels within the relevant range

A

FLEXIBLE BUDGET

40
Q

Flex Budgets are appropriate for

A

anything with VARIABLE costs

41
Q

the ____ is a performance measurement tool used to evaluate multiple DIMENSIONS (aka “critical success factors”) of business outcomes

A

BALANCED SCORECARD

42
Q

Critical Success Factors are classified as 4 (hint Financial & non financial)

A

Human resource(aka Learning & Growth & Innovation), Business process, Customer satisfaction, Financial performance

43
Q

a ____ is responsible for revenue and costs

A

PROFIT center

44
Q

Strategic Business Units are classified into 4 types

A

Cost, Revenue, Profit, Investment

45
Q

Strategic Business Units are established in a ____ environment

A

DECENTRALIZED

46
Q

COGM =

A

DM+DL+OH app + Bwip - Ewip

47
Q

COGS =

A

COGM + Bfg - Efg

48
Q

Pro Forma budget preparation order 3

A
  1. b/s 2. i/s 3. scf
49
Q

revenue variance aka

A

sales price variance (is due to a change in unit SELLING PRICE)

50
Q

standard costing systems are used in conjunction with ____

A

FLEXIBLE BUDGET

51
Q

performance mgmt measure/tracking that integrates fin & nonfin performance measures

A

BALANCED SCORECARD

52
Q

Sensitivity analysis uses

A

trial and error testing

BEC (12 decks)

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