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BEC > Corporate Governance & Operations Management > Flashcards

Corporate Governance & Operations Management Flashcards

1
Q

Board of Directors

A

no individual authority

fiduciary duty

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2
Q

officers

A

individual agents
selected by the directors
ceo/cfo
not required to be a shareholder but may be

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3
Q

SOX Act of 2002

A

corporate responsibility
enhanced financial disclosures
fraud

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4
Q

Public Company Audit Committees

A

auditor reports directly to the audit committee
resolves disputes between auditor & mgmt
members of the issuer’s bod but otherwise independent

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5
Q

section 404

A

assessment of internal control

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6
Q

corporate and criminal fraud

A

up to 10-20 years in jail

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7
Q

tempering with record or impending an official proceeding

A

not more than 20 yrs in prison

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8
Q

COSO’s framework

A

an appropriate and comprehensive basis to document the assessment of internal controls over financial reporting

used by management/board and stockholders

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9
Q

internal control

A

a process that is designed and implemented by an organization’s mgmt to provide reasonable assurance that it will achieve its compliance, operating, and reporting objectives

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10
Q

Framework Objectives

A

ORC

operations objectives - efficiency of an entity’s operations

reporting objectives - reliability, timeliness, and transparency

compliance objectives - ensure the entity is adhering to all applicable laws and regulations

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11
Q

Control Environment

A 
Commitment to ethics and integrity
board independence and oversight
organizational structure
commitment to competence
accountability
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12
Q

Risk Assessment

A 
EAR
Specify Objectives
Identify and Analyze Risk
Consider Potential for Fraud
Identify and Asess Changes
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13
Q

Info. and Communication

A

between internal and external parteners, fact

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14
Q

Monitoring Activities

A

assessing the quality of IC performance over time, frequency of testing determined by risk

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15
Q

Existing Control Activities

A

to mitigate risk, detective or preventative

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16
Q

Effective Internal Control, Present Requirement

A

components and relevant principles are included in the design and implementation of the internal control system

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17
Q

ERM

A

to assist organizations in developing a comprehensive response to risk mgmt

18
Q

ERM 4 Enterprise Objectives

A

Strategic - high level goals
operations - achieving objectives through effective and efficient use of resources
reporting - reliable and consistent reporting
compliance - compliance with laws and regulations

19
Q

ERM Components

A

IS EAR AIM

internal environment
setting objectives

event id
assessment of risk
risk response

activities control
info and comm.
monitoring

20
Q

Total Factor Productivity Ratios

A

output/total cost

21
Q

partial productivity ratios

A

output/specific quantity

22
Q

control chart

A

commonly used to determine zero defects & goal post conformance

23
Q

fishbone diagram

A

analyzes the source of potential problems & their location within a process

24
Q

pareto (histogram) diagram

A

displays the individual & cumulative frequency of quality issues, defects & programs

25
Q

cost objectives

A

resources or activities that serve as the basis for mgmt decisions

Product Cost
Income determination
Efficiency

26
Q

Prime Costs

A

DM + DL

27
Q

Conversion Costs

A

DL + Factory OH

28
Q

Product Costs

A

inventoriable, not expensed until product sold

dm + dl + mfg o/h applied

29
Q

Period costs

A

i/s only

expensed in the period in which they are incurred, not inventoriable

sg&a and interest (financing) expense

30
Q

Manufacturing Costs

A

product costs, direct and indirect costs

31
Q

Cost accounting system objectives

A

product costing (inventory & cogm)

income determination (profitability)

efficiency measurements (comparisons to std)

32
Q

traditional costing application of overhead

A

overhead rate= budgeted oh costs/ estimated cost driver

applied overhead = actual cost driver x overhead rate

cost driver = dl, doh, mh

33
Q

COGM

A 
Beg. WIP
\+DM USED
\+DL
\+mfg OH applied
= total mfg costs incurred
-ending WIP
=COGM
34
Q

COGS

A 
Beg FG
\+COGM (net purchases)
=COG avail for sale
- Ending FG 
= COGS
35
Q

Job Order Costing

A

used when there are relatively few units produced, unique or easily identifiable

36
Q

FIFO

A

Beg WIP x % to be completed
+Units started and completed - beg WIP
+End WIP x % completed
= equivalent units

37
Q

Weighted Average

A

Units completed & transferred out
+End WIP x % completed
= equivalent units

38
Q

cost driver

A

has the ability to change total costs, nonfinancial, statistical measurements of activities such as sales or productions are identified by ABC and are related to one of multiple cost pools for cost allocation

39
Q

Gross Profit

A

Sales - COGS

40
Q

COGS

A

beg. FG
+ COGM
- end. FG
= COGS

BEC (13 decks)

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