Wiley CPAexcel 2015 focus notes business environment and concepts
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2015
Wiley
®
CPAexcel
EXAM REVIEW
FOCUS NOTES
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2015
Wiley
®
CPAexcel
EXAM REVIEW
FOCUS NOTES
BUSINESS ENVIRONMENT AND CONCEPTS
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Cover Design by Wiley
Cover image: © turtleteeth/iStockphoto
Copyright © 2015 by John Wiley & Sons, Inc. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means,
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they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and
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ISBN: 978-1-118-91774-9 (paperback); 978-1-119-05163-3 (ebk); 978-1-119-05164-0 (ebk)
Printed in the United States of America
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CONTENTS
Preface
About the Author
About the Contributor
Module 40:
Module 41:
Module 42:
Module 43:
Module 44:
Module 45:
Module 46:
Module 47:
Index
Corporate Governance, Internal Control, and Enterprise Risk Management
Information Technology
Economics, Strategy, and Globalization
Financial Risk Management and Capital Budgeting
Financial Management
Performance Measures and Management Techniques
Cost Measurement and Assignment
Planning, Control, and Analysis
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PREFACE
This publication is a comprehensive, yet simplified study program. It provides a review of all the
basic skills and concepts tested on the CPA exam, and teaches important strategies to take
the exam faster and more accurately. This tool allows you to take control of the CPA exam.
This simplified and focused approach to studying for the CPA exam can be used:
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As a handy and convenient reference manual
To solve exam questions
To reinforce material being studied
Included is all of the information necessary to obtain a passing score on the CPA exam in a
concise and easy-to-use format. Due to the wide variety of information covered on the exam,
a number of techniques are included:
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Acronyms and mnemonics to help candidates learn and remember a variety of rules and
checklists
Formulas and equations that simplify complex calculations required on the exam
Simplified outlines of key concepts without the details that encumber or distract from learning the essential elements
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Techniques that can be applied to problem solving or essay writing, such as preparing a
multiple-step income statement, determining who will prevail in a legal conflict, or developing an audit program
Pro forma statements, reports, and schedules that make it easy to prepare these items by
simply filling in the blanks
Proven techniques to help you become a smarter, sharper, and more accurate test taker
This publication may also be useful to university students enrolled in Intermediate, Advanced
and Cost Accounting; Auditing, Business Law, and Federal Income Tax classes; or Economics and
Finance classes.
Good luck on the exam,
Ray Whittington, PhD, CPA
Preface
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ABOUT THE AUTHOR
Ray Whittington, PhD, CPA, CMA, CIA, is the dean of the Driehaus College of Business at DePaul University. Prior to
joining the faculty at DePaul, Professor Whittington was the Director of Accountancy at San Diego State University. From
1989 through 1991, he was the Director of Auditing Research for the American Institute of Certified Public Accountants
(AICPA), and he previously was on the audit staff of KPMG. He previously served as a member of the Auditing Standards
Board of the AICPA and as a member of the Accounting and Review Services Committee and the Board of Regents of
the Institute of Internal Auditors. Professor Whittington has published numerous textbooks, articles, monographs, and
continuing education courses.
ABOUT THE CONTRIBUTOR
Kurt Pany, PhD, CPA, is a Professor of Accounting at Arizona State University. His basic and advanced auditing courses
provided the basis on which he received the Arizona Society of CPA’s Excellence in Teaching Award and an Arizona
CPA Foundation Award for Innovation in the Classroom for the integration of computer and professional ethics applications. His professional experience includes serving for four years on the AICPA’s Auditing Standards Board, serving as
an academic fellow in the Auditing Division of the AICPA, and prior to entering academe, working as a staff auditor for
Deloitte and Touche.
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CORPORATE GOVERNANCE
AND ENTERPRISE RISK MANAGEMENT
Corporate Governance: Establish Incentives and Monitoring
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Internal Controls
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Internal Controls (continued)
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Internal Controls (continued)
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Enterprise Risk Management: Eight Components
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Enterprise Risk Management: Eight Components (continued)
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Enterprise Risk Management: Eight Components (continued)
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