BEC - 22

Question 1

Job control language

Answer 1

A command language that specifies priority, program size, and running sequence

Question 2

IIA International Standards for the Professional practice of international Auditing should include:

Answer 2

Purpose
Authority
Responsibility

Question 3

Variable costing

Answer 3

Only variable production costs are capitalized as a cost of the product. Fixed costs are expensed as incurred.

When production exceeds sales, variable costing income will be less than absorption costing because under absorption costing some fixed costs will be capitalized as part of inventory. Under variable costing all fixed costs will be expensed.

Question 4

Absorption Costing

Answer 4

Per GAAP, only absorption costing is used for external reporting.

Question 5

Data control language used in a relational database is most likely to include commands used to control what?

Answer 5

Which users have various privileges relating to a database.

Data control language is composed of commands used to control a database, including controlling which users have various privileged

Question 6

What are the carrying costs of safety stock

Answer 6

1  Storage
2  Interest
3 Spoilage
4 Insurance
5 Property Taxes

Question 7

What are costs of stockouts

Answer 7

1 Profit on lost sales
2 Customer ill will
3 Idle equipment
4 Work stoppages

Question 8

What should the Internal Audit Charter formally define?

Answer 8

1 Purpose
2 Authority
3 Responsibility

The internal audit charter should recognize the need to adhere to the Code of Ethics and International Standards for the Professional Practice of Internal Auditing

Question 9

What is the calculation for the direct material price variance?

Answer 9

(Standard Price - Actual Price) * Actual Quantity

positive is favorable, negative is unfavorable

Question 10

What is a disclosure required by Dodd-Frank Act of 2010?

Answer 10

Must disclose why are why not the chairman of the board is also the CEO.