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BEC 1 HW Flashcards

(54 cards)

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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

ethics training aka

A

corp COMPLIANCE training (related to COMPLIANCE OBJ)

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7
Q

what do STRATEGIC OBJ do? (orcS)

A

support the mmission (strat obj are implemented via various strategies & objectives)

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8
Q

which component of ERM (CRRRIMES) addresses reporting deficiencies?

A

MONITORING

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9
Q

which component of ERM (CRRRIMES) addresses assigning authority & responsibility?

A

CONTROL/INTERNAL ENVIRO

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10
Q

event identification occurs ____ the development of objectives

A

AFTER - events will either favorably or unfavorably impact the achievement of objectives

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11
Q

RISK RESPONSE associated with 1. self insuring or 2. tolerating current conditions or 3. doing “nothing”

A

ACCEPTANCE

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12
Q

RISK RESPONSE associated with 1. diversification or 2. acts that may mitigate risk/exposure or 3. relocation

A

REDUCTION

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13
Q

RISK RESPONSE associated with 1. insuring against losses or 2. entering joint venture

A

SHARING

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14
Q

RISK RESPONSE associated with eliminating/selling bus unit/product line/geo segment

A

AVOIDANCE

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15
Q

listing risks from PUBLISHED INDUSTRY SOURCES is a technique known as

A

EVENT INVENTORY

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16
Q

residual risk is the amount . . .

A

that remains after mgmt responds

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17
Q

inherent risk is the amount. . .

A

that will be paid if mgmt does NOTHING

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18
Q

how many org layers should exist b/n CFO and those involved in financial reporting?

A

3

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19
Q

ABC

A

Activity Based Costing

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20
Q

securities fraud (misrepresent financials) may be fined and/or imprisoned for up to ____ years

A

25

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21
Q

a director is protected against being liable for losses under the

A

business judgement rule

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22
Q

BoT has a ____ responsibility/relationship to the co

23
Q

a ____ illustrates a process & potential problems that contribute to the occurrence of defects

Study These Flashcards
A

FISHBONE DIAGRAM

24
Q

a ____ illustrates the performance of a process in relation to acceptable upper & lower limits of deviation (RANGE)

Study These Flashcards
A

CONTROL CHART (goalpost conformance)

25
_____ are used to determine the qc issues that are most FREQUENT/costly
PARETO DIAGRAMS
26
_____ shows the individual and cumulative frequency of qc issues (defects)
PARETO DIAGRAMS
27
_____ is comparing a co's fin data to published industry info
BENCHMARKING
28
____ may be easily identified by the use of a HISTOGRAM and a LINE GRAPH
PARETO DIAGRAMS
29
On a Pareto Diagram qc issues are displayed from ____ to ____ frequent
MOST to LEAST
30
Fishbone diagram aka
CAUSE & EFFECT diagram (analyze problems that contribute to the occurrence of defects)
31
elements of fishbone diagram include (MMMM)
Machinery, Materials, Method, Manpower
32
characteristics of performance measures (8-13131)
(GCCCUBBE) G=relate to org/co GOALS; C=reflect CRITICAL success factors in balanced score card; C=under CONTROL/influence of ee; C=used CONSISTENTLY; U=UNDERSTOOD by ee; B=BALANCE long term & st issues; B=influence BEHAVIOR; B=BOTH eval & reward ee; E=EASILY measured
33
focus group help improve what objective? ORCS
Operating
34
supporting/implementing the co mission & vision is related to what objective? ORCS
Strategic
35
Carry costs are?
the cost of CARRYING invy
36
Sunk costs are?
in the PAST and UNAVOIDABLE
37
Committed costs are?
in the FUTURE and UNAVOIDABLE
38
MIXED costs are?
a MIX of variable & fixed
39
in allocating joint cost to joint product. . .sp-dc=
sp @ split off
40
COGM aka CO Jobs Completed =
DM+DL+OH 'applied'+B.wip-E.wip
41
CONVERSION COSTS =
DL + OH
42
addtnl IM (indirect materials) increases
factory Overhead CONTROL (decrease stores CONTROL)
43
overapplied = control dr?cr?
credit
44
a ____ is a causal factor that increases the total cost of an objective
COST DRIVER-often nonfinancial (activities that cause costs to increase as the activity increases)
45
cost that is fixed PER UNIT =
VC
46
plant-wide application rates of OH to machine hours is a ____ costing apprroach to allocating costs
TRADITIONAL
47
manufacturing costs =
DL+DM+OH(applied)
48
____ emphasizes lt product analysis (when fc become vc)
ABC
49
ABC costing is ____ for external reporting & ____ for internal reporting
ABC costing is NOT ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting
50
JOB costing is ____ for external reporting & ____ for internal reporting
JOB costing is ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting
51
VARIABLE costing is ____ for external reporting & ____ for internal reporting
VARIABLE costing is NOT ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting
52
PROCESS costing is ____ for external reporting & ____ for internal reporting
PROCESS costing is ACCEPTABLE for external reporting & ACCEPTABLE for internal reporting
53
____ costing is collects fin & operating data on the basis of the underlying nature & extent of the cost drivers
ABC
54
Formula for COGS
COGM +B.FG -E.FG

BEC (12 decks)

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