Wiley_CPAexcel Exam Review 2015 Focus Notes_Business Environment and Concepts

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Enterprise Risk Management: Eight Components (continued) Focus onCorporate Governance, Internal Control, and 12Enterprise Risk Management—Module 40
Enterprise Risk Management: Eight Components (continued) Focus onCorporate Governance, Internal Control, and 13Enterprise 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 16 and 17: 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 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
Page 68 and 69: Elasticity of DemandPrice Elasticit
Page 70 and 71: Supply CurveAs the price of a produ
Page 72 and 73: Factors Causing a Supply Curve Shif
Page 74 and 75:
Short-Run Costs of ProductionOver s
Page 76 and 77:
Measures of Economic ActivityGross
Page 78 and 79:
Measuring Price InflationThere are
Page 80 and 81:
Cost-Push InflationWhen production
Page 82 and 83:
Business CycleExpansion—Periods o
Page 84 and 85:
UnemploymentThe unemployment rate i
Page 86 and 87:
Government Involvement in the Econo
Page 88 and 89:
Obstacles to Free TradeFree trade i
Page 90 and 91:
Foreign Exchange RatesThe value of
Page 92 and 93:
Expected ReturnsFINANCIAL RISK MANA
Page 94 and 95:
Standard DeviationThe most common m
Page 96 and 97:
Portfolio RiskThe SD of a portfolio
Page 98 and 99:
Yield CurveThe interest rate charge
Page 100 and 101:
Risks Associated with DerivativesDe
Page 102 and 103:
Valuing DerivativesFor derivatives
Page 104 and 105:
CAPITAL BUDGETINGUsed to evaluate c
Page 106 and 107:
Accounting Rate of ReturnIncrease i
Page 108 and 109:
Net Present ValueAfter-tax net cash
Page 110 and 111:
Relevant CostingIncrease or decreas
Page 112 and 113:
Working Capital ManagementInventory
Page 114 and 115:
Marketable SecuritiesTo maximize ea
Page 116 and 117:
Inventory ManagementEconomic Order
Page 118 and 119:
Just-in-Time (JIT) PurchasingCosts
Page 120 and 121:
Receivables ManagementA company set
Page 122 and 123:
Debt CovenantsBorrowers often must
Page 124 and 125:
Provisions Affecting Repayment of B
Page 126 and 127:
Variations on Bond InterestZero-cou
Page 128 and 129:
Preferred StockPreferred stock shar
Page 130 and 131:
Cost of CapitalDebt—The cost of d
Page 132 and 133:
MergersHorizontal merger—When a f
Page 134 and 135:
PERFORMANCE MEASURES ANDMANAGEMENT
Page 136 and 137:
Value-Based ManagementReturn on Inv
Page 138 and 139:
Business Process Management: Focus
Page 140 and 141:
Asset Utilization RatiosReceivable
Page 142 and 143:
Market RatiosPrice/Earnings (PE) Ra
Page 144 and 145:
Quality ControlISO Quality Standard
Page 146 and 147:
Cost of Quality (continued)3. Inter
Page 148 and 149:
Project Management (continued)Effec
Page 150 and 151:
Project Management (continued)3. Pr
Page 152 and 153:
Cost Classifications (continued)Var
Page 154 and 155:
Manufacturing Overhead1. Calculate
Page 156 and 157:
Job Order CostingUsed when units ar
Page 158 and 159:
Process Costing (continued)Process
Page 160 and 161:
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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