Quickly learn and retain critical CPA exam information
Wiley's CPA Jan 2022 Focus Notes: Business Environment and Concepts delivers practical and hands-on flashcard-style notes on the Business Environment and Concepts (BEC) portion of the Certified Public Accountants series of exams. The Focus Notes include coverage of every competency tested by the challenging exam, including:
- Corporate Governance
- Economic Concepts and Analysis
- Financial Management
- Information Technology
- Operations Management
Ideal for rapid, efficient, and effective preparation for the BEC-CPA exam, these Focus Notes are an irreplaceable study aid for students from any background.
Table of Contents
Preface xi
Corporate Governance and Internal Control 1
Corporate Rights, Responsibilities, and Authority 1
17 Principles of Internal Control 6
Limitations of and Deficiencies in Accounting Controls 10
Categories of Controls 12
Internal Control Monitoring Purpose and Terminology 15
Fraud Risk Management 19
The COSO ERM Model 22
Enterprise Risk Management: Limitations 25
Introduction to Enterprise Risk Management 26
ERM Components, Principles, and Terms 32
ERM Governance and Culture - Principles 1-5 36
ERM Strategy and Objective Setting - Principles 6-7 37
ERM Strategy and Objective Setting - Principles 8-10 38
ERM Performance, Review, and Communication - Principles 10-11 39
ERM Performance, Review, and Communication - Principle 12 40
ERM Performance, Review, and Communication - Principle 13 41
ERM Performance, Review, and Communication - Principle 14 42
Monitoring, Review, and Revision - ERM Principles 15-16 43
Monitoring, Review, and Revision - ERM Principles 16-17 44
ERM Communication and Reporting - Principle 18 45
ERM Communication and Reporting - Principles 19-20 46
Practical Steps for Starting an Enterprise Risk Management (ERM) Initiative 47
Information Technology and Communications 50
Risks and Controls in Computer-Based Accounting Information Systems 50
The COBIT Model of IT Governance and Management 52
System Development and Implementation 55
Introduction to E-Business and E-Commerce 57
Risks of E-Commerce 58
Introduction to Enterprise-Wide and Cloud-Based Systems 59
Data Governance and Data Management 61
Data, Metadata, and Data Integrity 67
Data Structures, Software, and Databases 71
Information Systems Hardware 73
Size and Power of Computers 74
Storage Devices 75
Transaction Processing 76
Accounting System Cycles 77
Emerging AIS Technologies 78
What is Big Data? 83
Bitcoin and Blockchain 85
Artificial Intelligence and Machine Learning 89
Computer Networks and Data Communications 96
The Internet - Structure and Protocols 98
Economic Concepts 101
Demand 101
Supply 105
Market Equilibrium 108
Consumer Demand and Utility Theory 110
Inputs and the Cost of Production 111
Gross Measures - Economic Activity 113
Gross Measures - Employment/Unemployment 114
Aggregate Demand and Supply 115
Business Cycle 116
Price Levels and Inflation/Deflation 118
Money, Banking, and Monetary/Fiscal Policy 121
Reasons for International Activity 123
Introduction to Business Strategy and Market Analysis 127
Financial Management 128
Introduction to Financial Management 128
Time Value of Money Tools 132
Financial Valuation 134
Introduction and the Payback Period Approach 135
Introduction and Financial/Capital Structure 140
Introduction to Working Capital Management 148
Accounts Receivable Management 152
Quality and Inventory Management 153
Quality Control 157
Performance Measures and Management Techniques 164
Manufacturing Costs 164
Costing Methods 166
Cost Behavior Patterns 170
Absorption and Direct Costing 175
Joint and By-Product Costing 181
Budgeting 184
Master and Static Budgets 185
Forecasting Techniques 191
Cost-Volume-Profit (Breakeven) Analysis Calculations 194
Transfer Pricing and Benchmarking 196
Measurement Frameworks 197
Project Management and Benchmarking 202
Index 206
