Wiley_CPAexcel Exam Review 2015 Focus Notes_Business Environment and Concepts

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Incentives to Defeat Agency Problem (continued) Focus onCorporate Governance, Internal Control, and 4Enterprise Risk Management—Module 40
Incentives to Defeat Agency Problem (continued) Focus onCorporate Governance, Internal Control, and 5Enterprise Risk Management—Module 40
Page 3: 2015WileyCPAexcel®EXAM REVIEWFOCUS
Page 6 and 7: Cover Design by WileyCover image:
Page 9 and 10: PREFACEThis publication is a compre
Page 11: ABOUT THE AUTHORRay Whittington, Ph
Page 14 and 15: Incentives to Defeat Agency Problem
Page 18 and 19: Internal ControlsCOSO: Internal Con
Page 20 and 21: Internal Controls (continued)
Page 22 and 23: Internal Controls (continued)
Page 24 and 25: Enterprise Risk Management: Eight C
Page 26 and 27: Enterprise Risk Management: Limitat
Page 28 and 29: Benefits of ITConsistency—Compute
Page 30 and 31: Systems Design and Process Improvem
Page 32 and 33: HardwareHardware is the actual elec
Page 34 and 35: Storage DevicesMagnetic tape—Inex
Page 36 and 37: SoftwareSoftware is either system s
Page 38 and 39: Types of Computer SystemsTransactio
Page 40 and 41: Electronic CommerceElectronic comme
Page 42 and 43: NetworksIn a computer network, comp
Page 44 and 45: The Internet (continued)To make use
Page 46 and 47: Networks and Control RiskTo minimiz
Page 48 and 49: Control Objectives for Information
Page 50 and 51: Organization in a Segregated Depart
Page 52 and 53: Other Technical ServicesOther techn
Page 54 and 55: General ControlsGeneral controls en
Page 56 and 57: Application ControlsApplication con
Page 58 and 59: Edit TestsEdit tests scrutinize dat
Page 60 and 61: Output ControlsOutput controls ensu
Page 62 and 63: Controls Over MicrocomputersMicroco
Page 64 and 65: ECONOMIC CONCEPTSDemand CurveAs the
Page 66 and 67:
Positive Demand Curve ShiftCertain
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Elasticity of DemandPrice Elasticit
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Supply CurveAs the price of a produ
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Factors Causing a Supply Curve Shif
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Short-Run Costs of ProductionOver s
Page 76 and 77:
Measures of Economic ActivityGross
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Measuring Price InflationThere are
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Cost-Push InflationWhen production
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Business CycleExpansion—Periods o
Page 84 and 85:
UnemploymentThe unemployment rate i
Page 86 and 87:
Government Involvement in the Econo
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Obstacles to Free TradeFree trade i
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Foreign Exchange RatesThe value of
Page 92 and 93:
Expected ReturnsFINANCIAL RISK MANA
Page 94 and 95:
Standard DeviationThe most common m
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Portfolio RiskThe SD of a portfolio
Page 98 and 99:
Yield CurveThe interest rate charge
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Risks Associated with DerivativesDe
Page 102 and 103:
Valuing DerivativesFor derivatives
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CAPITAL BUDGETINGUsed to evaluate c
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Accounting Rate of ReturnIncrease i
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Net Present ValueAfter-tax net cash
Page 110 and 111:
Relevant CostingIncrease or decreas
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Working Capital ManagementInventory
Page 114 and 115:
Marketable SecuritiesTo maximize ea
Page 116 and 117:
Inventory ManagementEconomic Order
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Just-in-Time (JIT) PurchasingCosts
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Receivables ManagementA company set
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Debt CovenantsBorrowers often must
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Provisions Affecting Repayment of B
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Variations on Bond InterestZero-cou
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Preferred StockPreferred stock shar
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Cost of CapitalDebt—The cost of d
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MergersHorizontal merger—When a f
Page 134 and 135:
PERFORMANCE MEASURES ANDMANAGEMENT
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Value-Based ManagementReturn on Inv
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Business Process Management: Focus
Page 140 and 141:
Asset Utilization RatiosReceivable
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Market RatiosPrice/Earnings (PE) Ra
Page 144 and 145:
Quality ControlISO Quality Standard
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Cost of Quality (continued)3. Inter
Page 148 and 149:
Project Management (continued)Effec
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Project Management (continued)3. Pr
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Cost Classifications (continued)Var
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Manufacturing Overhead1. Calculate
Page 156 and 157:
Job Order CostingUsed when units ar
Page 158 and 159:
Process Costing (continued)Process
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Process Costing (continued)4. Costs
Page 162 and 163:
Activity Based Costing (ABC)Method
Page 164 and 165:
Cost EstimationCalculating Total Co
Page 166 and 167:
Regression AnalysisCoefficient of c
Page 168 and 169:
PLANNING, CONTROL, AND ANALYSISFlex
Page 170 and 171:
Preparing a Master Budget1. Estimat
Page 172 and 173:
Standard CostingMaterial VariancesS
Page 174 and 175:
Standard Costing (continued)Overhea
Page 176 and 177:
Transfer PricingTransfer price—pr
Page 178 and 179:
Graphical Approach to Breakeven$FCO
Page 180 and 181:
Joint Product Costing (continued)Al
Page 182 and 183:
Product and Service PricingFactors
Page 184 and 185:
Costing Methods, 141Cost-push infla
Page 186 and 187:
Performance Measures, 122Planning,
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Wiley_CPAexcel Exam Review 2015 Focus Notes_Business Environment and Concepts

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