You are previewing Wiley CPAexcel Exam Review 2015 Study Guide (January): Business Environment and Concepts.
O'Reilly logo
Wiley CPAexcel Exam Review 2015 Study Guide (January): Business Environment and Concepts

Book Description

The world's most effective CPA exam prep system - Business and Environmental Concepts module

Wiley CPAexcel Exam Review is the world's most trusted study guide for the Certified Public Accountant's exam - complete, comprehensive, and updated to align with the latest exam content. With 2,800 practice questions and solutions across four volumes, the unique modular format helps you organize your study program, zeroing in on areas where you need work. This volume, Business Environment and Concepts, contains all current AICPA content requirements, providing total coverage of this section of the exam. You'll get detailed outlines and study tips, simulation and multiple choice questions, and skill-building problems that have made this guide the most effective CPA prep system for over thirty years.

The uniform CPA exam is updated annually to include new laws, regulations, and guidelines, so it's important that your study guide be up to date as well. Wiley CPAexcel Exam Review is updated annually to reflect the latest version of the exam, and is the number-one bestselling CPA study guide in the world because it provides full, comprehensive coverage of all exam content, and more practice questions than any other guide - many of which are taken directly from past exams. The unique format allows you to:

  • Identify, target, and master problem areas section by section

  • Learn how to logically build your knowledge stores for better recall

  • Practice with thousands of sample questions taken from past exams

  • Review all exam content, including the newest guidelines and regulations

  • No one wants surprises on exam day, and thorough preparation is the key to successful performance. Whether you're embarking on a new study program, or just need a quick refresher before the exam, Wiley CPAexcel Exam Review is proven to be the most current, complete, comprehensive prep you can get.

    Table of Contents

    1. Cover Page
    2. Title Page
    3. Copyright
    4. Contents
    5. PREFACE
    6. ABOUT THE AUTHOR
    7. ABOUT THE CONTRIBUTOR
    8. INTRODUCTION
      1. Chapter 1: Beginning Your CPA Review Program
        1. GENERAL COMMENTS ON THE EXAMINATION
        2. ATTRIBUTES OF EXAMINATION SUCCESS
        3. PURPOSE AND ORGANIZATION OF THIS REVIEW TEXTBOOK
        4. SELF-STUDY PROGRAM
        5. PLANNING FOR THE EXAMINATION
      2. Chapter 2: Examination Grading
        1. Setting the Passing Standard of the Uniform CPA Examination
        2. Grading the Examination
      3. Chapter 3: The Solutions Approach
      4. Chapter 4: Taking the Examination
        1. EXAMINATION STRATEGIES
        2. CPA EXAM CHECKLIST
      5. Chapter 5: Exam Content Overview
        1. AICPA CONTENT AND SKILLS SPECIFICATIONS
    9. BUSINESS ENVIRONMENT AND CONCEPTS
      1. Module 40: Corporate Governance, Internal Control, and Enterprise Risk Management
        1. A. Corporate Governance
        2. B. Internal Controls
        3. C. Enterprise Risk Management
        4. KEY TERMS
        5. Multiple-Choice Questions (1–51)
        6. Multiple-Choice Answers and Explanations
        7. Written Communication Tasks
        8. Written Communication Task Solutions
      2. Module 41: Information Technology
        1. A. Information Systems Within a Business
        2. B. Characteristics of IT Systems—General
        3. C. Characteristics of IT Systems—Specific
        4. D. Control Objectives for Information and Related Technology (COBIT)
        5. E. IT Risks and Internal Control
        6. F. Flowcharting
        7. KEY TERMS
        8. Multiple-Choice Questions (1–149)
        9. Multiple-Choice Answers and Explanations
        10. Written Communication Task
        11. Written Communication Task Solution
      3. Module 42: Economics, Strategy, and Globalization
        1. MICROECONOMICS
        2. A. Focus
        3. B. Demand
        4. C. Supply
        5. D. Market Equilibrium
        6. E. Costs of Production
        7. F. Production
        8. G. Market Structure
        9. MACROECONOMICS
        10. A. Focus
        11. B. Aggregate Demand and Supply
        12. C. Business Cycles
        13. D. Economic Measures
        14. E. Monetary Policy
        15. F. Fiscal Policy
        16. G. Economic Theories
        17. H. The Global Economy and International Trade
        18. I. Foreign Exchange Rates
        19. J. Foreign Investment
        20. THE EFFECTS OF THE GLOBAL ECONOMIC ENVIRONMENT ON STRATEGY
        21. A. The general environment includes the following factors:
        22. C. Industry Analysis
        23. D. Strategic Planning
        24. E. Estimating the Effects of Economic Changes
        25. KEY TERMS
        26. Multiple-Choice Questions (1–126)
        27. Multiple-Choice Answers and Explanations
        28. Written Communication Task
        29. Written Communication Task solution
      4. Module 43: Financial Risk Management and Capital Budgeting
        1. A. Risk and Return
        2. B. Return on a Single Asset
        3. C. Portfolio Returns and Risk
        4. D. Interest Rates
        5. DERIVATIVES AND HEDGING
        6. A. The Nature of Derivatives
        7. B. Risks in Using Derivatives
        8. C. Uses of Derivatives
        9. D. Financial Statement Effects of Derivative Transactions
        10. E. Hedging Examples
        11. PRESENT VALUE
        12. A. The Time Value of Money
        13. B. Valuation of Bonds
        14. CAPITAL BUDGETING
        15. A. Stages
        16. B. Payback and Discounted Payback
        17. C. Accounting Rate of Return
        18. D. Net Present Value
        19. E. Internal Rate of Return
        20. F. Mutually Exclusive Projects
        21. G. Determining Future Cash Flows
        22. H. Considering Risk in Capital Budgeting
        23. KEY TERMS
        24. Multiple-Choice Questions (1–85)
        25. Multiple-Choice Answers and Explanations
        26. Written Communication Task
        27. Written Communication Task Solution
      5. Module 44: Financial Management
        1. WORKING CAPITAL MANAGEMENT
        2. CAPITAL STRUCTURE
        3. ASSET AND LIABILITY VALUATION
        4. BUSINESS VALUATION
        5. MERGERS
        6. KEY TERMS
        7. Multiple-Choice Questions (1–138)
        8. Multiple-Choice Answers and Explanations
        9. Written Communication Task
        10. Written Communication Task Solution
      6. Module 45: Performance Measures and Management Techniques
        1. A. Financial and Nonfinancial Performance Measures
        2. B. Balanced Scorecard and Performance Measures
        3. C. Value-Based Management (VBM) and Financial Performance Measures
        4. D. Choosing among Different Performance Measures
        5. E. Traditional Financial Statement Analysis
        6. F. Benchmarking and Best Practices
        7. G. Quality Control Principles and Tools
        8. H. Cost of Quality
        9. I. Business Process Management
        10. J. Project Management
        11. KEY TERMS
        12. Multiple-Choice Questions (1–76)
        13. Multiple-Choice Answers and Explanations
        14. Written Communication Tasks
        15. Written Communication Task Solutions
      7. Module 46: Cost Measurement and Assignment
        1. A. Cost of Goods Manufactured
        2. B. Cost Flows
        3. C. Job-Order Costing
        4. D. Accounting for Overhead
        5. E. Disposition of Under- and Overapplied Overhead
        6. F. Service Department Cost Allocation
        7. G. Process Costing
        8. H. Hybrid-Costing System
        9. I. Backflush Costing
        10. J. Activity-Based Costing
        11. K. Joint Products
        12. L. By-Products
        13. M. Estimating Cost Functions
        14. N. Variable (Direct) and Absorption (Full) Costing
        15. KEY TERMS
        16. Multiple-Choice Questions (1–62)
        17. Multiple-Choice Answers and Explanations
        18. Written Communication Task
        19. Written Communication Task Solution
      8. Module 47: Planning, Control, and Analysis
        1. A. Cost-Volume-Profit (CVP) Analysis
        2. B. Financial Planning
        3. C. Budgeting
        4. D. Forecasting Methods
        5. E. Flexible Budgets
        6. F. Responsibility Accounting
        7. G. Segmented Reporting and Controllability
        8. H. Standards and Variances
        9. I. Product and Service Pricing
        10. J. Transfer Pricing
        11. K. Short-Term Differential Cost Analysis
        12. KEY TERMS
        13. Multiple-Choice Questions (1–78)
        14. Multiple-Choice Answers and Explanations
        15. Written Communication Task
        16. Written Communication Task Solution
    10. APPENDICES
      1. Appendix A: Business Environment and Concepts Sample Examination
        1. Testlet 1
        2. Hints for Testlet 1
        3. Answers to Testlet 1
        4. Explanations to Testlet 1
        5. Testlet 2
        6. Hints for Testlet 2
        7. Answers to Testlet 2
        8. Explanations to Testlet 2
        9. Testlet 3
        10. Hints for Testlet 3
        11. Answers to Testlet 3
        12. Explanations to Testlet 3
        13. Testlet 4
      2. Appendix B: Sample Business Environment and Concepts Testlet Released by AICPA
      3. Appendix C: 2014 Released AICPA Questions for Business Environment and Concepts
    11. Index