CPA Review BEC

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Author:
Anonymous
ID:
97147
Filename:
CPA Review BEC
Updated:
2011-08-16 21:09:15
Tags:
BEC CPA Review
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Description:
BEC Review
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  1. COSO Framework
    • Control Activities
    • Risk Assessment
    • Information and Communication
    • Monitoring
    • Control Environment
  2. COSO Control Environment
    • Philosophy and operating style of management
    • Human Resources
    • Reporting (financial) competencies
    • Authority and responsibility
    • Structure (organizational)
    • Ethical values (and integrity)
    • Directors
  3. ERM Enterprise Objectives
    • Strategic
    • Operations
    • Reporting
    • Compliance
  4. ERM Components
    • Internal Envrionment
    • Setting objectives
    • Event identification
    • Assessment of risk
    • Risk Response
    • Control Activities
    • Information and communication
    • Monitoring
  5. ERM Internal Environment key elements
    • Philosophy of risk management
    • Human resources standards
    • Risk Appetite
    • Assignment of Authority and responsibility
    • Structure (organizational)
    • Ethical values (and integrity)
    • Directors
    • Commitment to Competence
  6. Balance Scorecard critical success factors
    • Financial
    • Efficency and effectivness of business process
    • Customer
    • Human resource capabilities (learning and growth)
  7. COGM
    Applied OH+DL+DM
  8. Prime Costs
    DL+DM
  9. Conversion Costs
    DL+OH applied
  10. Objectives of Cost Accounting
    • Product costing
    • Efficiency
    • Income
  11. COGM Statement
    • BWIP
    • + DL
    • + DM
    • + Applied OH
    • - EWIP
  12. COGS Statement
    • Beg Finished Goods Inv
    • + COGM
    • = COG available for sale
    • - End Finished Goods Inv
  13. Manufacturing OH credit/debit balance
    • Debit balance = underapplied OH
    • Credit balance = overapplied OH
  14. Application of OH
    • Calculated OH rate = budgeted OH costs / estimated cost driver
    • Then:
    • Apply OH = Actual cost driver * OH rate (from above)
  15. Equivalent Units Weighted-Average
    • Units Completed
    • + ending WIP * % completed
  16. FIFO equivalent units
    • Beginning WIP * % to be completed
    • + Units completed - Beginning WIP
    • + Ending WIP * % completed

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