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90 Cards in this Set

  • Front
  • Back
Components of Internal Control
Control Environment
Risk Assesment
Information and Communication Systems
Monitoring
Existing COntrol Activities
Control Environment
Philosophy of managemnet
Human Resources
Reprting competentcies
Authority and Responsibility
Structure
Ethical Values
Dircetors
Components of ERM
Internal Environment
Setting Objectives
Event Identification
Assessment of Risk
Risk response
Control Activities
Information and Communication
Monitoring
ERM Internal environment
PHRASED
Plus Committment to competence
ERM Enterprise objectives
Strategic
Operations
Reprting
Compliance
Fishbone diagram
Materials
Manpower
Machinery
Method
Cost Accounting System objectives
Product Costing
Income Determination
Efficiency Measures
Weighted average method
Units completed
+ Ending WIP x % complete
FIFO Method
Beg WIP x % to be completed
+Units completed - Beg WIP
+ Ending WIP x % completed
Cost per Equivalent Unit
Weighted = (Beg cost+Cur Cost)/EQ Units

FIFO= Cur Cost/ EQ units
VC NI vs Absorption NI
No change =
Increas in INV: Abs NI> VC NI
Decrease in INV: VC NI> Abs NI
Breakeven Point in Units
Total Fixed Costs/ CM per unit
Breakeven point in dollars
Total FC/ CM Ratio
Margin of Safety in Dollars
Total Sales-Breakeven Sales
Margin of Safety %
Margin of Safety/Total Sales
DM Price Variance
Actual Quan Purchase * (Act price- STD price)
DM usage variance
STD price * (Act quan used-STD quan allowed)
DL Rate variance
Act hours worked *( Act rate- STD rate)
DL Efficiency Variance
Std rate * (Act hours worked - Std hours allowed)
Net Overhead Variance
Overhead applied - Actual Overhead
Overhead Budget Variance
(Budgeted FOH +(Std DLH allowed*stadard VOH rate))-Actual overhead

Also: OH Efficiency + OH Spending
Overhead Vol Variance
Overhead Applied - (Budgeted FOH +(Std DLH allowed*stadard VOH rate))
Overhead Spending Variance
(Budgeted FOH+(Actual DLH worked*Standard VOH rate))- Actual OH
Overhead Efficiency Variance
(Budgeted FOH +(Std DLH allowed*stadard VOH rate))-(Budgeted FOH+(Actual DLH worked*Standard VOH rate))
Sales Price Variance
(Actual Unit SP- Budgeted unit SP)* Actual Units sold
Sales Volume Variance
(Actual Sold UNits- Budgeted unit sales)* Std UCM
Sales Mix Variance
(Actual sales mix-Budgeted Sales mix)*actual sld units*Std UCM
Market Size Variance
(Act Mkt Size-Std Mkt Size)* Std mkt share* UCM
Market Share Variance
(Act Mkt %-Std mkt%)* actual industry units*Std UCM
Responsibility Segments
Cost SBU
Revenue SBU
Prfit SBU
Investment SBU
Designs for Financial Scorecards
Accurate
Timeley
Understandbale
Specific Accountability
Profitability Index
PV Net future inflows/PV initial investment
Payback Period
Net Initial Investment/ Increase in annual net after tax cash flow
Degree operating leverage
% change in EBIT/% change in sales
Degree Financial Leverage
% change EPS/% change in EBIT
Degree Combined Leverage
% change EPS/ % Change Sales

DOL*DFL
Weighted Average interest rate
Effective Annual interest payments/ debt cash available
Cost of debt
Pre tax cost of debt * (1-Tax rate)
Cost of Preferred stock
Div per share/ Proceeds per share
Cost of Retained earnings or Equity
CAPM
or
(D1/P0)+ g
ROI
Income/Investment Capital

Profit margin*invesment turnover
Investment Turnover
Sales/invested capital
Return on Assets
NI/ Average total assets
Residual Income
NI-Reqd return

Req return = NBV*hurdle rate
EVA
Income after taxes - Req return
debt to total capital ratio
Total D/ D+E
Debt to assets
Total debt/Total assets
Debt to equity
Debt/Total SE
Quick ratio
Cash+Mkt securites +receivables)/current liabilities
APR of quick payment discount
=(360/(pay perid-disc period))*(disc/100-disc%)
Cash conversion cycle
inventory conversion period
+ receivables collection period
-Payables deferral period
Inventory Turnover
COGS/average inventory
Inventory Conversion Period
365/Inventory Turnover
Accts receivable turnover
Sales/Avg A/R
Receivables Collection Period/Days sales outstanding
365/A/R turnover
A/P turnover
COGS/ Avg A/P
Accounts payable defferal period
365/ A/P Turnover
Reorder point
Sfety stock +(lead time*sales during lead time)
Economic order quantity
((2*Annual Sales*Cost per order)/Carrying cost per unit)^1/2
SDLC
Analysis
Design
Implementation
Training
Testing
Operations/Maintenance
7 Information Criteria
Integrity
Confidentiality
Efficiency
Reliability
Availability
Compliance
Effectiveness
COBIT Framework
Direct: Plan and organize
Soution: Acquire and Implement
Service: Deliver and Support
Ensure Direction: Monitor and Evaluate
Real GDP
Nominal GDP/GDL deflator * 100
Factors that shift aggregate demand
Wealth changes
Real interest rates
Future Expectations
Exchange Rates
Govt Spedning
Taxes
Multiplier effect
1/(1-MPC)

1-MPC=MPS
Factors that shift SR agg supply
Input prices
Supply shocks
GDP Expenditure Approach
Govt Purchases
+Private investment
+Personal COnsumption
+Net Exprts
GDP Income Approach
Income of proprietors
profits of corporations
interest
rental income
adj for net freign income
taxes
wages
depreciation
Unemployment rate
# seeking/Total labor force
Inflation rate
(CPI current - CPI prior period)/CPI prior period
Factors that shift demand curves
Wealth
Price of related goods
Consumer income
Consumer taxes
Expectations
# of buyers
Factors that shift supply
Price expecations of supplying firm
price of inputs
price or demand of other goods we sell
subsidies f taxes
production tech
Price Elasticity of demand
% change in quan demanded/ % change in price
Midpoint method
((Q2-Q1)/(Q2+Q1))/((P2-P1)/(P2+P1))
Price elasticity of supply
% change in quan supplied/% change in price
Cross elasticityof demand/supply
% change in # unit X demanded or supplied/% change in price of Y
Income elasticity of Demand
% change in # of units X demanded/% change in income
Marginal Cost
Change in Total cost/ change in quantity
4 stages of Quality Reporting
Prevention
Appraisal
Internal failure
External failure
APR
Annual interest paid/ net proceeds
Effective annual percentage rate
((1+effective periodic Rate)^n)-1
Simple interest
Principal*interest rate per time period*# of periods
Compound interest
P*(1+i)^n
Foreign Currency
Foreign Dwn/Domestic Up= Inflows loss, outflows gain

Foreign Up/ Domestic Dwn= Inflow gain. outflow loss
Per share valuation
Dividend/Req return
Per share valuation with growth
D1/(r-g)
P/E Ratio
P0/E1
PEG
P/E Ratio/G
Price to sales
P0/S1
Internal Auditing performance standards
Managing internal audit activity
nature of work
engagement planning
performing the engagement
communicating results
monitoring progress
managements acceptance f risk