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17 Cards in this Set
- Front
- Back
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Components of Internal Control - COSO Framework (CRIME)
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- Control environment
- Risk assessment - Information and communication systems - Monitoring - Existing control activities |
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Principles of Control Environment (PHRASED)
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- Philosophy and operating style of management
- Human resources - Reporting competencies - Authority and responsibility - Structure (organizational) - Ethical values (and integrity) - Directors (board of) |
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Components of Enterprise Risk Management (IS EAR AIM)
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- Internal environment
- Setting objectives - Event identification - Assessment of risk - Risk response - Activities (control) - Information and communication - Monitoring |
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Components of ERM Internal Environment (PHRASED C)
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- Philosophy of risk management
- Human resources standards - Risk appetite/response - Authority and responsibility - Structure (organizational) - Ethical values (and integrity) - Directors (board of) - Commitment to competence |
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Main types of variances (PURE)
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- Price variance (for DM)
- Usage (quantity) variance (for DM) - Rate variance (for DL) - Efficiency variance (for DL) |
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How variances are calculated for three-way variance (ABA BSA)
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- Actual
- Budget amount based on Actual hours worked (inputs) - Budget amount based on Standard hours allowed for production (units) achieved (output) - Applied |
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Types of responsibility segments (CRPI)
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- Cost
- Revenue - Profit - Investment |
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Balanced scorecard critical success factors (FICA)
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- Financial
- Internal business processes (production) - Customer satisfaction - Advancement of innovation and human resource development (learning and growth) |
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COBIT: seven distinct information criteria (ICE RACE)
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- Integrity
- Confidentiality - Efficiency - Reliability - Availability - Compliance - Effectiveness |
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COBIT: domains that direct the delivery of solutions (PO AIDS ME)
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- Plan and Organize
- Acquire and Implement - Deliver and Support - Monitor and Evaluate |
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Factors that shift aggregate demand (TWICE Government)
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- Taxes
- Wealth - Interest rates - Consumer confidence - Exchange rates - Government spending |
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Expenditure approach to measure GDP (GICE)
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- Government purchase of goods and services
- Investment (Gross purchase domestic) - Consumption (personal expenditures) - Exports (net of imports) |
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Income approach to measure GDP (I PIRATED)
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- Income of proprietors
- Profits of corporations - Interest (net) - Rental income - Adjustments for net foreign income and miscellaneous items - Taxes (indirect business taxes) - Employee compensation - Depreciation (capital consumption allowance) |
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Factors that shift demand curve (microeconomics) (WRITEN)
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Changes in:
- Wealth - Related goods price - Income of consumers - Tastes or preferences of consumers - Expectations of consumers - Number of buyers served by market |
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Factors that shift supply curve (microeconomics) (ECOST)
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Changes in:
- Expectations of price of the supplying firm - Costs of production - Other goods price and demand - Subsidies or taxes - Technology (production) |
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Process management referred as (PDCA)
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- Plan
- Decide - Check - Act |
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Costs of quality (APIE)
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- Appraisal
- Preventive - Internal failure - External failure |
