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BEC > BEC 5 > Flashcards

BEC 5 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

OPERATING budgets contain what factors? 4

A

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

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7
Q

3 major section of CASH BUDGET

A
  1. Cash Available; 2. Cash Disbursement; 3. Financing=line of credit
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8
Q

variable needed for flex budgets

A
  1. rev per unit; 2. vc per unit; 3. fc per unit
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9
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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10
Q

3 purposes of standard costing systems

A
  1. cost control; 2. variance analysis; 3. learn from & improve processes
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11
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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12
Q

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

A

Accurate, Timely, Understandable, Specific

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13
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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14
Q

3 examples of off b/s transactions

A
  1. op lease; 2. lawsuits; 3. related party trans
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15
Q

IT Components

A

(P HaNDS) People; Hardware; Network; Data; Sortware

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16
Q

Heirarchy of data

A

Bit; Byte; Entity; Attibute; Field; Record; File; Database

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17
Q

7 info criteria

A

(ICE RACE) Integrity; Confidential; Efficiency; Reliability; Availability; Compliance; Effectiveness

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18
Q

4 Domains of COBIT Framework

A

(PO AIDS ME) 1. PO=Plan & Organize; 2. AI=Acquire & Implement; 3. DS=Deliver & Support; ME=Monitor & Evaluate

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19
Q

Supply Chain Mgmt (SCM) functions

A

(PMSD) Planning; Making; Sourcing; Delivery

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20
Q

4 systems risk categories

A

(SOFI) Strategic; Operating; Financial; Information

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21
Q

gdp EXPENDITURE approach

A

(GICE) Gov’t purchases; Investment; Consumption; net Exports-Imports

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22
Q

gdp INCOME approach

A

(IPIRATED) Income of proprietors; Profits of corps; net Interest; Rental income; Adj for foreign income; Taxes; EE compensation; Depreciation

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23
Q

Depreciation aka

A

Capital Consumption Allowance

24
Q

if gdp is down, employment will be ____

A

down

25
Q

as inflation increases, UNEMPLOYMENT ____

A

DECREASES

26
Q

gov’t spend more, tax less in order to

A

stimulate DEMAND

27
Q

nominal interest rate =

A

real risk-free rate (aka tvm) + expected inflation rate

28
Q

NOMINAL INTEREST RATE & INFLATION are ____ related

A

DIRECTLY

29
Q

money supply & interest rates are ____ related

A

INVERSELY

30
Q

M2 are

A

cd less than $100k; mm; mutual funds; savings accts

31
Q

M3 are

A

cd greater than $100k

32
Q

LOWERING the discount rate ____ the money supply

A

INCREASES

33
Q

the fed res BUYING gov’t bonds ____ the money supply

A

INCREASES

34
Q

FC / CM%

A

BE

35
Q

which costing method produces the LOWEST invy value

A

VARIABLE

36
Q

y is the

A

dependent variable

37
Q

x is the

A

independent variable

38
Q

Demand dictates

A

prices & vice versa

39
Q

factors that SHIFT DEMAND curve

A

(WRITEN) W=Wealth UP, d-UP; R=Related good (comp$ UP, d-DOWN; sub$ UP; d-UP); I=consumer Income UP, d-UP; T=changes in consumer Tastes; E=changes in consumer Expectations; N=chngs in Number of buyers (up, d-UP)

40
Q

a SHIFT in deman is not due to

A

a change in the PRICE of a good

41
Q

if the price of a substitue product INCREASES, demand for original product will

A

INCREASE b/c now seen as a bargain

42
Q

if the price of a complimentary product INCREASES, demand for original product will

A

DECREASE

43
Q

factors that SHIFT SUPPLY curves

A

(E COST) E=Expectations; C=chng in production Cost; O=chng in demand of Other goods; S=chng in Subsidies or taxes; T=chng in production Technology

44
Q

a ____ is a price that Is below equilibium price that causes shortages to develop

A

PRICE CEILING (causes prices to be artificially low, creating greater demand than supply available (ie rent control))

45
Q

a ____ is a price that Is above equilibium price that causes surpluses to develop

A

PRICE FLOOR (ie min wage)

46
Q

change Dependent variable / change in Independent variable =

A

SLOPE

47
Q

% chng Demand / % chng Price =

A

SLOPE

48
Q

marginal costs depends solely on

A

VC

49
Q

____ do not influence marginal costs

A

FC

50
Q

4 market stuctures

A

Monopoly; Monopolistic Competition; Oligopoly; Pure Competition

51
Q

Oligopoly is characterized by

A

few large sellers (entering market difficult to impossible)

52
Q

Factor (resources) of production include

A

Land, Labor, Capital

53
Q

a monopsony is

A

when there is only ONE employer in the market

54
Q

Porter’s 5 Forces (factors the affect competitive environment)

A
  1. barriers to market entry; 2. market competitiveness; 3. existence of substitute products; 4. bargaining power of customers; 5. bargaining power of suppliers
55
Q

supply chain (supplier of raw materials .to.

A

supplier of raw materials .to. Mfg .to. Wholesaler .to. Retailer

56
Q

supply chain operations reference (SCOR) model includes

A

Plan, Source, Make, Deliver

BEC (12 decks)

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