BEC 1 Flashcards by Michael Pagan

Q

BoT has sole discretion to

A

declare dividends (distro to shareholder’s)

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Q

Officers (CFO/CEO) are selected/removed by

A

BoT - with or without cause

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Q

quorum

A

vote by majority of BoT (8 of 15)

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Q

____ resolved disputes b/n auditor & mgmt

A

AUDIT COMMITTEE

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Q

2 Qual for being on a Audit Committee

A

BoT mem & independent

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Q

_____ est whistle blower policy

A

AUDIT COMMITTEE

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Q

3 examples of OFF b/s trns

A

op lease; 2. lawsuits; 3. related party trans

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Q

SPE

A

Special Purpose Entity

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Q

disclose ownership of ____ or more

A

10%

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Q

at least 1 mem of aud comm must be a _____

A

FINANCIAL EXPERT (in order to resolve mgmt/aud disputes)

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Q

SEC consider what factor when selecting puc co for review (C PERV)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

SEC consider what factor when selecting puc co for review (C perv)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

SEC consider what factor when selecting puc co for review (c Perv)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

SEC consider what factor when selecting puc co for review (c pErv)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

SEC consider what factor when selecting puc co for review (c peRv)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

SEC consider what factor when selecting puc co for review (c perV)

A

C=large market Cap; P=diff P/e ratio; E=affect Economy (lrg bank); R=issued mat Restatemnt; V=Volatility in stock

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Q

statute of limitations

A

(earlier of 2 or 5) 2 yrs after discover OR 5 yrs after violation

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Q

ERISA

A

Ee Retirement Income Security Act

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Q

Tampering with records penaly is up to ___ yr in prison

A

20

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Q

CRIME

Study These Flashcards

A

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

Q

COSO/ic is ____ based

Study These Flashcards

A

principles-based (must apply judgement)

Q

3 framework objective of i/c (COSO) orc

Study These Flashcards

A

op objectives; 2. reporting obj; 3. compliance obj

Q

Reporting objective pertains to

Study These Flashcards

A

reliab, time, transparency

Q

Operations obj relates to

Study These Flashcards

A

effectiveness & efficieny of operations

Compliance objectives are established to

ensure adherence to laws & regs

ERM

Enterprise Risk Mgmt

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)

(EBOCA HR) E=Ethical val & integrity; B=Board oversight; O=Org structure; C=Commitment to Competence; A=Accountability; HR=hiring, risk mgmt/appetite

Info Quality (FACT)

F=Fair; A=Accurate/Accessible/ Appropriate; C=Current; T=Timely

External benchmarks aka

PRODUCTIVITY MEASURES = variance, efficiency

TFPR

Total Factor Productivity Ratios (output/total cost aka material AND labor)

PPR

Partial Factor Productivity Ratios (output/material OR labor)

what do effective performance measures do?

promote/motivate the achievement of goals

transaction marketing is based on

lowest price (single sale)

interaction-based relationship marketing focuses on

repeat business/ loyalty discounts

database marketing focuses on

Target goups

e-marketing involves the use of

the internet

network marketing focuses on

relationships and REFERRALS

incentivize ee's

motivate, compensate, retain

prime cost =

DM + DL

conversion cost =

DL + OH

period cost are on which f/s

i/s

OH =

IM + IL + oOH (indirect material + indirect labor + other overhead ie factory cost)

objectives of cost accounting (3 PIE)

P=Product costing; I=Income; E=Efficiency

2 categories of indirect cost

factory = product cost (OH); office = period (S,G&A)

job costing is used for

custom orders

process costing is used for

mass production

abnormal spoilage is a _____ cost

PERIOD

reviewing/updating mission values correlates to what component of i/c?

MONITORING