BEC 6 Flashcards
mnemonic: SEC consider what factor when selecting puc co for review
(C PERV) C=large market Cap; P=diff P/e ratio; E=affect Economy; R=issued mat Restatemnt; V=Volatility in stock
CRIME (COSO Framework)
Control Environment; mgmt Risk Assess; Info & comm sys; Monitoring; Exist control activities
mnemonic: Components of ERM
(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)
Control/Internal Environment Factors
(EBOCA HR) E=Ethical val & integrity; B=Board oversight; O=Org structure; C=Commitment to Competence; A=Accountability; HR=hiring, risk mgmt/appetite
objectives of cost accounting
(PIE) P=Product costing; I=Income; E=Efficiency
OPERATING budgets contain what factors? 4
(PPSS)Personnel, Production, Sales, Selling/Admin
3 major section of CASH BUDGET
- Cash Available; 2. Cash Disbursement; 3. Financing=line of credit
variable needed for flex budgets
- rev per unit; 2. vc per unit; 3. fc per unit
Order of budget preparation (5)
(Some People Make Cash Payments) 1. Sales; 2. Production; 3. Materials/Labo/OH purchased; 4. Cash; 5. Pro Forma F/s
3 purposes of standard costing systems
- cost control; 2. variance analysis; 3. learn from & improve processes
4 measures of SBU to which mgmt is held accountable
(CRPI=mgmt is creepy) C=Cost; R=Revenue; P=Profit; I=Investment
FEEDBACK w/in financial scorecards must be (AT US)
Accurate, Timely, Understandable, Specific
Factors w/in the BALANCED SCORECARD
(FICA) F=Financial; I=Internal bus processes; C=Customer satisfaction; A=Advancement of innovation & hr develpmnt
3 examples of off b/s transactions
- op lease; 2. lawsuits; 3. related party trans
IT Components
(P HaNDS) People; Hardware; Network; Data; Sortware
Heirarchy of data
Bit; Byte; Entity; Attibute; Field; Record; File; Database
7 info criteria
(ICE RACE) Integrity; Confidential; Efficiency; Reliability; Availability; Compliance; Effectiveness
4 Domains of COBIT Framework
(PO AIDS ME) 1. PO=Plan & Organize; 2. AI=Acquire & Implement; 3. DS=Deliver & Support; ME=Monitor & Evaluate
Supply Chain Mgmt (SCM) functions
(PMSD) Planning; Making; Sourcing; Delivery
4 systems risk categories
(SOFI) Strategic; Operating; Financial; Information
gdp EXPENDITURE approach
(GICE) Gov’t purchases; Investment; Consumption; net Exports-Imports
gdp INCOME approach
(IPIRATED) Income of proprietors; Profits of corps; net Interest; Rental income; Adj for foreign income; Taxes; EE compensation; Depreciation
factors that SHIFT SUPPLY curves
(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
Porter’s 5 Forces (factors the affect competitive environment)
- barriers to market entry; 2. market competitiveness; 3. existence of substitute products; 4. bargaining power of customers; 5. bargaining power of suppliers
supply chain (supplier of raw materials .to.
supplier of raw materials .to. Mfg .to. Wholesaler .to. Retailer
supply chain operations reference (SCOR) model includes
Plan, Source, Make, Deliver
5 categories of process mgmt
(MODEM) Modeling; Optimization; Design; Execution; Monitoring
modeling is based on
what-if’ analysis
process mgmt commonly referred to as
Plan, Do, Check, Act
Measures to assess progress of process mgmt
(SCOR) S=customer Satisfaction; C=customer Contacts; O=Operational statistics; R=gross Revenue
nonconformance is
FAILURE (internal or external)
conformance is
Appraisal (IDENTIFY defective products & services) & Prevention (PREVENT issuing defective prod/services)
5 phases of a PROJECT
- Authorization; 2. Planning; 3. Implementation; 4. Monitoring; 5. Closing
authorization engagement document
CHARTER
Quality of deliverabls in PROJECT
(SMART) Specific; Measurable; Attainable; Relevant; Time-based
