All the Information You Need to Master the 2018 CPA Exam
The Wiley CPAexcel Study Guides four–volume set, fully updated for the 2018 CPA Exam, reviews all four parts of the exam. The Study Guides provide the detailed information candidates need to master or reinforce tough topic areas. Content is organized into Bite–Sized Lessons that map perfectly to the Wiley CPAexcel online course. The books are designed to supplement the online course but may also be used as a stand–alone study tool.
- Detailed text covers the complete AICPA content blueprint
- Organized in Bite–Sized Lesson format
- Maps perfectly to the Wiley CPAexcel online course
- Explains every topic tested
- Used by leading review providers
Titles in the WILEY CPAexcel EXAM REVIEW STUDY GUIDE 2018 FOUR–VOLUME SET:
Auditing and Attestation Business Environment and Concepts Financial Accounting and Reporting Regulation
Table of Contents
About the Authors ix
About the Business Professors xi
Welcome to Business Environment and Concepts xiii
Corporate Governance 1
Internal Control Frameworks 2
Introduction to COSO, Internal Control, and the COSO Cube 2
17 Principles of Internal Control 6
Types and Limitations of Accounting Controls 10
Internal Control Roles and Responsibilities 13
Internal Control Monitoring Purpose and Terminology 16
Internal Control Monitoring and Change Control Processes 20
Enterprise Risk Management Frameworks 26
The COSO ERM Model 26
Risk Management Policies and Procedures 32
Fraud Risk Management 36
Other Regulatory Frameworks and Provisions 43
Economic Concepts and Analysis 49
Introduction to Economic Concepts 50
Microeconomics 54
Introduction and Free–Market Model 54
Demand 56
Supply 59
Market Equilibrium 61
Elasticity 64
Consumer Demand and Utility Theory 70
Inputs and the Cost of Production 72
Market Structure and Firm Strategy 75
Introduction to Market Structure 75
Perfect Competition 76
Perfect Monopoly 79
Monopolistic Competition 81
Oligopoly 83
Summary of Market Structure 85
Macroeconomics 86
Introduction to Macroeconomics 86
Aggregate Demand 89
Aggregate Supply 95
Aggregate (Economy) Equilibrium 97
Gross Measures Economic Activity 99
Gross Measures Employment/Unemployment 103
Business Cycles and Indicators 106
Price Levels and Inflation/Deflation 109
Money, Banking, and Monetary/Fiscal Policy 113
International Economics 120
Introduction and Reasons for International Activity 120
Issues at National Level 123
Role of Exchange Rates 126
Issues at Entity Level 130
Currency Exchange Rate Issue 130
International Transfer Price Issue 135
Globalization 139
Introduction to Globalization 139
Globalization of Trade 142
Globalization of Production 146
Globalization of Capital Markets 148
Globalization and Power Shifts 152
Becoming Global 156
Business Strategy and Market Analysis 160
Introduction to Business Strategy and Market Analysis 160
Macro–Environmental Analysis 162
Industry Analysis 164
Entity/Environment Relationship Analysis 167
Generic Strategies 169
Summary and Extensions 173
Financial Management 177
Introduction to Financial Management 178
Concepts and Tools 179
Cost Concepts 179
Time Value of Money Tools 184
Interest Rate Concepts and Calculations 192
Financial Valuation 200
Introduction to Financial Valuation 200
Valuation Techniques General 203
Valuation Techniques CAPM 205
Valuation Techniques Option Pricing 209
Valuation Techniques Business Entity 212
Hedging and Derivatives 220
Capital Budgeting 228
Introduction and Project Risk 228
Evaluation Techniques 231
Introduction and the Payback Period Approach 231
Discounted Payback Period Approach 234
Accounting Rate of Return Approach 236
Net Present Value Approach 238
Internal Rate of Return Approach 241
Ranking Projects 245
Capital Project Ranking Decisions 248
Financing Options 251
Introduction and Financial/Capital Structure 251
Short–Term (Working Capital) Financing 252
Introduction to Short–Term Financing 252
Payables 253
Standby Credit and Commercial Paper 256
Receivables and Inventory 258
Long–Term (Capital) Financing 260
Introduction to Long–Term Financing 260
Long–Term Notes and Financial Leases 261
Bonds 264
Preferred Stock 268
Common Stock 271
Cost of Capital and Financing Strategies 275
Working Capital Management 278
Introduction to Working Capital Management 278
Cash Management 280
Short–Term Securities Management 286
Accounts Receivable Management 290
Inventory Management 294
Current Liabilities Management 298
Ratios and Measures for Working Capital Management 299
Introduction to Ratio Analysis 299
Liquidity Measures 301
Operational Activity Measures 304
Financial Management Risk Concepts Summary 307
Information Technology 313
Information Technology Governance 314
Risks and Controls in Computer–Based Accounting–Information Systems 314
The COBIT Model of IT Governance and Management 317
Introduction to Enterprise–Wide and Cloud–Based Systems 319
IT Functions and Controls Related to People 322
Role of Information and Technology in Business 326
IT and Business Strategy 326
System Types by Activity 328
System Types by Data Structure 330
Data Structures, Software, and Databases 332
Information Systems Hardware 336
Transaction Processing 338
Emerging Technologies 342
Emerging Technologies in AIS 342
Big Data 346
Bitcoin and Blockchain 348
Machine Learning and Artificial Intelligence 353
Information Security/Availability 357
Protection of Information 357
IT Security Principles 357
Managing Cyber Risk: Part I Applying COSO Principles to Cyber Risk 360
Managing Cyber Risk: Part II A Framework for Cybersecurity 363
IT Policies 369
Introduction to E–Business and E–Commerce 371
E–Commerce Applications 373
ERM for Cloud Computing 376
Mobile Device, End–User, and Small Business Computing 378
Multi–Location System Structure 381
Computer Networks and Data Communication 382
The Internet Structure and Protocols 386
Logical and Physical Access Controls 388
Logical Access Controls 388
Physical Access Controls 391
Encryption and Secure Exchanges 393
System Disruption/Resolution 396
Organizational Continuity Planning and Disaster Recovery 396
Backup and Restoration 399
Computer Crime, Attack Methods, and Cyber–Incident Response 401
Processing Integrity (Input/Processing/Output Controls) 405
Program Library, Documentation, and Record Management 405
Input and Origination Controls 407
Processing, File, and Output Controls 410
Accounting System Cycles 412
The Accounting System Cycle: Introduction 412
Revenue Cycle 415
Expenditure Cycle 419
Production Cycle 422
HR and Payroll Cycle 425
General Ledger, Reporting, and Financing Cycle 429
Systems Development and Maintenance 432
System Development and Implementation 432
Operations Management 437
Financial and Nonfinancial Measures of Performance 438
Quality Management 438
Balanced Scorecard and Benchmarking 442
Competitive Analysis 446
Ratio Analysis 450
Risk Management 454
Performance Improvement Tools 457
Cost Accounting 462
Manufacturing Costs 462
Spoilage, Cost, and Inventory Flow 465
Cost Behavior Patterns 469
Cost–Volume–Profit Analysis 472
Absorption and Direct Costing 480
Job Costing 487
Process Costing 491
Joint and By–Product Costing 498
Sales and Direct Cost Variance Analysis 501
Overhead Variance Analysis 507
Process Management 512
Cost Relevance 512
Special Decisions 518
Transfer Pricing 522
Activity–Based Costing and Process Management 526
Planning Techniques 531
Budgeting 531
Forecasting Techniques 536
Index 541
