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Material from Uniorm CPA Examination Selected Questions and Unofcial Answers, 1989, 1990, 1991, 1992, 1993, 1994,
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Becker Professi onal Education I CPA Exam Review Business
BUSINESS
program attendance record
Student: _______ _____________ Location:
BUSINESS 1 BUSINESS 2
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IMPORTANT NOTES TO STUDENTS REGARDING "THE BECKER PROMISE"

You must stamp this sheet at the end of each class attended. This is the only acceptable record of your classroom attendance.

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Please fx documentation to 866-398-7375 no l ater than 45 days foll owing the completion of each section.
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Business Becker Professi onal Education I CPA Exam Review
NOTES
vi
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Becker Professi onal Education I CPA Exam Review Business
BUSINESS
table of contents
Program ottendance record .............................................................................................................................................................. v
Introduction ................................................................................................................................................................................ Intro-1
BUSINESS 1: Corporate Goverance and Operations Management
1. Corporate governance ........................................................................................................................... ................................. 81-3
2. Operations management: Performance management and i mpact of measures on behavior ............................................ . 81-31
3. Operations management: Cost measurement methods and techni ques ............................................................................. 81-39
4. Class questions ..................................................................................................................................................................... 81-67
BUSINESS2: Strategic Planning
1. Planni ng techni ques: Forecasting and projection ................................................................................................................... 82-3
2. Planni ng techni ques: Budgeting and analysis ....................................................................................................................... 82-24
3. Class questions ............................................................................................................................ .. ....................................... 82-55
BUSINESS3: Financial Management
1. Financial modeling and analysis .............................. .................................... ........................................................................... 83-3
2. Capital management, i ncludi ng working capital ................................................................................................................... 83-20
3. Class questions ..................................................................................................................................................................... 83-51
BUSINESS4: Information Systems and Communications
1. Organi zational needs assessment ........................................................................................................................................... 84-3
2. Systems design and other elements ................................................................................................................ ..................... 84-20
3. Security ................................................................................................................................................................................. 84-34
4. The I nternet: I mplications for business ................................................... ............................................................................. 84-40
5. Types of i nformation systems and technology risks ............................................................................................................. 84-52
6. Disaster recovery and busi ness conti nui ty ........................................................................................................................... 84-57
7. Appendi x: I T fundamentals ................................................................................................................................................... 84-60
8. Class questions ..................................................................................................................................................................... 84-75
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Business Becker Professional Education I CPA Exam Review
U5| N555: Economic Concepts
1. Changes in economic and busi ness cycles ............................................................................................. ................................. 85-3
2. Economic measure5!i ndi cators ............................................................................................................................................. 85-13
3. Market influence on busi ness strategies .............................................................................................................................. 85-26
4. Class questions ..................................................................................................................................................................... 85-57
U5lN556: Process and Project Management, Globalization, Financial Risk Management, Decisions, and Valuation
1. Operations management: Process management .................................................................................................................... 86-3
2. Operations management: Project management ................................................ .................................................................. 86-14
3. Globalization and local economies ....................................................................................................................................... 86-24
4. Fi nancial risk management ................................................................................................................................................... 86-32
5. Fi nancial decisions ................................................................................................................................................................ 86-51
6. Fi nancial valuation ................................................................................................................................................................ 86-58
7. I nternal audi ti ng standards ................................................................................................................................................... 86-64
8. Cl ass questions ..................................................................................................................................................................... 86-73
Class question explanations ......................................................................................................................................................... CQ-1
Glossary .................................................................................................................................................................................. Glossar-1
Index ................................................................................................................................................. ......................................... Index-1
vi i i
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COURSE INTRODUCTION
and Written Communication Lecture
'.
1. Business environment & concepts content specification outline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Intro-3
2. Becker' s CPA Exam Review-Course i ntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I ntro-S
Introduction ...................................................................... ..................................... ....................................................... . I ntro-S
Lecture series ........ .... .................... ................................................ .......................................... ....................................... I ntro-S
Textbooks ....................................................................................................................................................................... I ntro-S
Course sofware ....................................... .. ............... .. ........................................................... ...................... ................ .. I ntro-6
Study planner ................................................................................................................................................................. I ntro-7
Study roadmap ................................................................................................................... ............................. .............. I ntro-7
Flashcards .................................. .................. ....................................................................................................... .... ....... I ntro-8
Becker Community and Support ................. ............................................................................................... ................... I ntro-lO
The Uniorm CPA Exam-Overview ....................................... ....................................................................................... I ntro-lO
Passing the CPA Exam ........................................... .................................................................................. ............... ...... I ntro-l2
Managing your stress before the examination ..... ............................. .......................................................................... I ntro-l4
Surviving the examination ............................................................................ ............ ................................................... I ntro-lS
3. Written Communi cati on-Lecture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I ntro-16
4. Written Communi cation-Additional ti ps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Intro-32
Business Becker Professional Education I CPA Exam Review
NOTES
Intro-2
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Becker Professional Education I CPA Exam Review
BUSINESS ENVIRONMENT & CONCEPTS CONTENT SPECIFICATION OUTLINE
B U SI NE SS E NVI R ONME N T & C ONCE P T S
3 hours
. E- -------- 85 Po|nts
. 15 o|nts
Test|et#1
24
MC
Questions
I 40-45 mi nutes
Test|et#2 Test|et#3 Test|et#4
24
MC
Questions
24 3
MC Written
Questions Com. Tasks
40-45 mi nutes I I 40-45 mi nutes 40-45 mi nutes
Business
I. Corporate governance 16-20%
A. Rights, duties, responsibilities, and authority of the board of
di rectors, officers, and other employees
1. Fi nanci al reporting
2. Internal control (including COSO or si mil ar framework)
3. Enterprise risk management (including COSO or simil ar
framework)
B. Control environment
1. Tone at the top-establishing control environment
2. Monitoring control efectiveness
3. Change control process
II. Economic concepts and analysis 16-20%
A. Changes in economic and business cycles-economic measures/
i ndicators
B. Globalization and local economies
1. Impacts of globalization on companies
2. Shifts in economic balance of power (e.g., capital) to/from
developed from/to emerging markets
C. Market influences on business strategies
D. Financi al risk management
1. Market, interest rate, currency, liquidity, credit, price, and
other risks
2. Means for mitigating/controlling financial risks
III. Financial management 19-23%
A. Fi nanci al modeling, projections, and analysis C. Capital management, i ncl udi ng working capital
1. Forecasting and trends 1. Capital structure
2. Fi nanci al and risk anal ysi s 2. Short-term and long-term financing
3. Impact of inflation/deflation 3. Asset effectiveness and/or efficiency
B. Financial decisions D. Fi nanci al valuations (e.g. fair value)
1. Debt, equity, leasing 1. Methods for calculating valuations
2. Asset and investment management 2. Eval uating assumptions used i n valuations
E. Financial transaction processes and controls
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I
Business Becker Professional Education I CPA Exam Review
IV. Information systems and communications 15-19%
A. Organizati onal needs assessment
1. Data capture
2. Processing
3. Reporting
4. Role of information technology i n business strategy
B. Systems design and other elements
1. Busi ness process design (integrated systems, automated,
and manual interfaces)
2. Information technology (IT) control objectives
3. Role of technology systems i n control monitoring
4. Operati onal effectiveness
5. Segregation of duties
6. Policies
C. Security
1. Technologies and security management features
2. Policies
D. Internet-i mpl ications for business
1. Electronic commerce
2. Opportunities for business process reengineering
3. Roles of Internet evolution on busi ness operations and
organization cul tures
E. Types of information system and technology risks
F Disaster recovery and business continuity
V. Strategic planning 10-14%
A. Market and risk analysis
B. Strategy development, i mpl ementation, and monitoring
C. Pl anni ng techniques
1. Budget and analysis
2. Forecasting and projection
3. Coordinating information from various sources for
i ntegrated pl anni ng
VI. Operations management 12-16%
A. Performance management and impact of measures on behavior
1. Fi nanci al and nonfi nanci al measures
2. Impact of marketi ng practices on performance
3. Incentive compensation
B. Cost measurement methods and techniques
C. Process management
1. Approaches, techniques, measures, and benefits to
process-management-driven busi nesses
2. Roles of shared services, outsourcing, and offshore
operations, and their i mpl i cations on business risks and
controls
3. Selecting and implementing improvement i nitiatives
4. Busi ness process reengineering
5. Management philosophies and techniques for performance
i mprovement such as just i n time (liT), qual ity, lean, demand
flow, theory of constrai nts, and Si x si gma
Intro-4
D. Project management
1. Project pl anni ng, impl ementation, and monitoring
2. Roles of project managers, project members, and oversight
or steering groups
3. Project risks, i ncl udi ng resource, scope, cost, and
deliverables
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Becker Professi onal Education I CPA Exam Review Business
BECKER'S CPA EXAM REVIEW-COURSE INTRODUCTION
I NTR ODU CTI ON
Becker Professional Education's CPA Exam Review products were developed with you, the candidate, i n
mind. To that end we have developed a series of products designed t o tap all of your learning and retention
capabilities. Our course is first and foremost a time-management system. The Becker lecture series,
comprehensive texts, and course software are designed to be fully i ntegrated but each can also stand alone.
The best results are achieved when all the components are used collectively.
Passing the CPA Exam is difficult, but the professional rewards a CPA enjoys make thi s a challenge all
accounti ng professionals should meet. You will pass the CPA Examination if you prepare properly. Keep thi s in
mi nd as you work with our course materials. We created our CPA Exam Review afer evaluati ng the needs of
CPA candidates and analyzing the CPA Exam over the years. Those efforts have enabled us to produce a CPA
Exam Review unparalleled in today's market. Our course materials comprehensively present topics you must
know to pass the examination, teaching you the most effective tactics for learning the material.
LE C TU R E S E R I E S
Becker gives you the option of attendi ng live classes or viewing the lectures on your own using the Becker
onli ne course platform or the desktop course sofware. No matter what format you choose, you will see and
hear the most dynamic CPA Exam Review lecturers i n the country. Our lecturers are exam-oriented and spend
countless hours analyzing past exams and developing strategies to help you pass-this time.
Each section of the Becker course includes a self-study, at-home lecture that is to be viewed by all students,
i ncluding Live Classroom students. In the Business course, the self-study lecture is the B6 lecture. These
lectures were added to improve the overall pace of the Becker course, to reduce the amount of work that you
must complete with each lecture, and to allow us to better cover the topics currently tested on the CPA Exam.
You must view the self-study lectures in order to fully prepare for the CPA Exam.
TE X T B O OKS
Our textbooks, written by our faculty and subject matter experts, are specifically designed to prepare you for the
CPA Exam effectively and efficiently. Written i n outline form, they follow the same sequence as the lectures
providing reduced note-taki ng and allowing students to concentrate their attention on the presentation.
This textbook contai ns i nformation that was current at the time of printing. The eBook and multimedia lectures
in your course sofware will be updated on a regular basis (through software updates) as the content that is
tested on the CPA Exam evolves and as we improve our materials. Note the version reference and click on
Communi ty and Support at http://www.becker.com/cpa/ for a list of available updates for this version or to see if
a newer version of this book is available for ordering.
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Business Becker Professional Education I CPA Exam Review
Textbook Icons
Throughout the Becker materials you will fi nd icons that have been designed to assist with your preparation
for the CPA Examinati on. These icons are located i n the margins of your textbook for easy identification of
important i nformation.
Pass Keys
Memorize Notations
Keyword Search
FASB Accounting
Standards Codifcation
Notes, Exceptions, etc.
IFRS-specifc Content
Interational
Comparison
C O URSE S O F TWARE
Throughout the course materials you will fi nd Pass Keys that have
been prepared to assist in your understanding of major concepts.
Pass Keys will be identified with thi s icon in the margins.
Important items withi n the materials that should be memorized will
be identified with this icon in the margins.
As par of the task-based simulation porion of the exam, candidates
are required to search professional literature to find the solution to
a given question. A keyword search of the relevant authoritative
literature i s a candidate's most time-effective tool. Potential keywords
to search with will be identified with thi s icon in the margins.
These numbers represent the location of this topic i n the FASB
Accounting Standards Codification. These will be identified with thi s
i con i n the margins.
When important notes, exceptions, etc., are i ncluded withi n the
materials, it will be identified with this icon in the margins.
When IFRS-specific i nformation is i ncluded wi thi n the materials,
it will be identified with thi s icon i n the margi ns.
When i nternational comparison i nformation is i ncluded wi thi n the
materials, it wi ll be identified wi th thi s i con i n the margins.
An i ntegral part of Becker's CPA Exam Review program is the use of the course software, which provides
access to the nearly 100 hours of multimedia lecture content, thousands of multiple-choice questions, and
hundreds of si mulation tasks, including questions and tasks from prior exams. The multiple-choice questions
and simulations rei nforce the concepts i ntroduced i n the materials, and is organized on a lecture-by-Iecture
basis. The software also provides two comprehensive fi nal exams for each part. The Business (BEC) section
of the CPA Exam i ncludes simulations that test the candidate's writing skills. We encourage you to watch the
Wrien Communication Lecture as it will help you gai n an understandi ng of what the examiners are looking for
i n a well-written response.
Intro6
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