BEC 6 Flashcards
(35 cards)
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
