USCPA1 月大型考前辅导系列直播点石成金 --BEC

Transcription

1 USCPA USCPA1 月大型考前辅导系列直播点石成金 --BEC 嘉宾讲师 :Lai 老师

2 考点 1 Topic: cloud computing, disaster recovery plan Cloud-based disaster recovery plan

3 Disaster recovery plan: Disaster recovery consists of an entity's plans for restoring and continuing operations in the event of the destruction of program and data files, as well as processing capability. The steps in a disaster recovery plan are to assess the risks, identify mission-critical applications and data, develop a plan for handling the mission-critical applications, determine the responsibilities of the personnel involved in disaster recovery, test the disaster recovery plan. Assistance of cloud technology: Cloud computing Allows organizations to use the Internet to access and use services and applications that run on remote third-party technology infrastructure. The best reason for the company to consider switching to cloud computing as a solution is that it usually has lower up-front costs for equipment and maintenance.

4 考点 2 Topic: macroeconomics Inflation rate 的计算, 不难, 根据公式 给了两年的 CPI

5 Inflation is defined as a sustained increase in the general prices of goods and services, usually measured on an annual basis. It occurs when prices on average are increasing over time. Demand-pull inflation could be caused by factors such as: increases in government spending; decreases in taxes; increases in wealth; or increases in the money supply. Cost-push inflation could be caused by factors such as: an increase in oil prices an increase in nominal wages. Inflation rate = (CPI 2 CPI 1 ) / CPI 1

6 Sample Question 2015 CPI index: CPI index: 105 Inflation rate: ( )/100=5%

7 考点 3 Topic: Project management Issues concerning conversion from U.S. GAAP to IFRS 公司是跨国大公司, 预计将来几年会要用 IFRS report 你是 IT 和 accounting department liaison, 你写信给 CEO 解释下 US GAAP transmit to IFRS 对 IT system 的 requirement

8 1. Process in project management Project initiation, project planning, project execution, project monitoring and control, project closure 2. Elements of project management (key considerations) Resources, time, money, scope 3. Problems in project management Organizational uncertainty (matrix structure for the project team) Unusual decision pressure Inadequate senior management support

9 4. Regarding the GAAP to IFRS transition plan Elements of transition project -Scope of transition plan sales cycle, purchase cycle and other operational transaction cycle inclusion of specific transaction treatment (pension, consolidation, lease, investment property) focus on updates of GAAP and IFRS reconciliation with tax filing -Resources: coordination amount project team members accounting department, IT department, staff from business side communication scheme, disputes solutions

10 4. Regarding the GAAP to IFRS transition plan (cont.) Process of transition project -Process execution project crashing (crash time), considering reporting deadline of financial report ABC analysis: which activities should be prioritized (by cycle, section) work breakdown structure: assignment of responsibilities, which should be broken down into different manageable, independent elements. -Project control and monitoring tool: milestone schedule to track progress of project periodic and ongoing evaluation of the quality of the work completed evaluate performance of project management and staff based on accountability system, budget and other tools.

11 考点 4 Topic: residual income 已知 revenue, required rate of return, total assets, residual income 求 expense 计算 residual income 的习题

12 Residual income is net income (or operating income after taxes) minus a cost of capital based on capital invested in a division or project. Residual income = net income cost on investment = net income required rate of return * invested capital A similar concept in relation to residual income is return on investment. Return on investment = net income / investment

13 Residual income profile is a graphic way to look at the relationship between residual income and ROI. ROI is the biggest acceptable cost of capital for an investment or project. Residual income $ Cost of capital ROI %

14 Sample Question The following is selected data for the Consumer Products division of Arron Corporations for 200X: Sales $50,000,000 Average invested capital 20,000,000 Net income 2,000,000 Cost of capital 8% What is the amount of residual income for the division? $400,000

15 考点 5 Topic: business plan You are a CFO of a bicycle production company, your company currently have a new strategic plan: implementing bicycle accessories production. What factors might hinder the implementation and your plan to address it?

16 1. Porter five force model Competitors Potential entrants into the market Equivalent products Bargaining power of customers Bargaining power of input suppliers 2. Entry barriers for potential entrants Economies of scales Proprietary product of difference Switching cost Capital requirement Access to distribution/necessary cost inputs Government policy Absolute cost advantages Others

17 考点 6 Topic: variance analysis Variance: efficiency 的 variance variance 的计算题

18 Direct material and direct labor Price/rate Quantity(usage)/efficiency variance AQ*AP variance AQ*SP SQ*SP AQ: actual quantity of input (labors, feet, tons, units of materials) actual labor hours SQ: standard quantity of input (labors, feet, tons, units of materials) standard labor hours SP: standard price per unit of input/standard labor hourly rate AP: actual price per unit of input/actual labor hourly rate

19 Overhead Actual variable overhead Actual fixed overhead Spending variance Budget/spending variance AQ*SR Budget efficiency variance Production volume variance SQ*SP SQ*SP The production volume variance is solely a fixed overhead variance it is caused by under- or overutilization of capacity, if actual output is less than or more than capacity activity, an unfavorable or favorable output level variance results. The capacity volume is the activity level sued to set the predetermined fixed overhead rate for product costing purposes. All other variances are controllable variances. Note: SP = budgeted fixed overhead / normal production volume

20 Sample Question During fiscal year 20X5, the company used 100,000 machines hours to manufacture 20,000 units of Product A. Variable overhead is around $900,000. Budget information for Product A is summarized as below: hour per unit: 4 hours Budgeted variable overhead per hour: $7.5 How much is the variable overhead efficiency variance, based on the above information? $7.5 * (100,000 20,000 *4) = $150,000 unfavorable

21 考点 7 Topic: financial ratio Finance 的 formula 考 current ratio, 用现金买存货, 对 current ratio 和 quick ratio 的影响

22 Profitability ratio: Gross margin ratio = gross profit / sales Contribution margin ratio = contribution margin / sales Operating profit margin = operating profit / sales Return on asset = net profit / average asset Return on equity = net profit / average equity Asset utilization ratio: Receivable turnover ratio = sales / average accounts receivable Inventory turnover ratio = COGS / average inventory Accounts payable turnover ratio = COGS / average accounts payable

23 Liquidity ratio: Current ratio = current asset / current liability Quick ratio = quick asset / current liability Cash ratio = (cash and equivalents + trading securities) / current liability Debt utilization ratio: Debt to total assets ratio = debt / total asset Debt to equity ratio = debt / equity Times interest earned ratio = EBIT / interest expense Market ratio: Price/earnings ratio = price / earnings per share

24 Sample Question Depoole Company is a manufacturer of industrial products and employs a calendar year for financial reporting purposes. Assume that Depoole s total quick assets exceeded total current liabilities both before and after the transaction. Further assume that Depoole has positive profits during the year and a credit balance throughout the year in its retained earnings account. The purchase of raw materials for $85,000 on open account would A. Increase the current ratio. B. Increase the quick ratio. C. Increase both the current and quick ratios. D. Decrease the current ratio. Answer: D

25 考点 8 Topic: COSO framework COSO 中 integrity & ethics 的重要性以及 employee accountability

26 Control environment Demonstrate commitment to integrity and ethical values (E) An important element to accomplish the tone at the top, which creates a compliancesupporting culture that is committed to enterprise risk management Written Code of Conduct is a solution for the commitment to integrity Lead by example (e.g. Emphasizing ethical behavior through oral communication and management example) for small-business enterprises, especially in the absence of written codes of conducts.

27 Enforce accountability 1. Background of accountability: delegation and authority Organizations delegate authority and responsibility to enable management and other personnel to make decisions according to management s directives. Delegating authority increases risks. Therefore, management should establish appropriate limitations of authority 2. Examples of accountability The BOD should hold the CEO responsible for establishing the requisite system of internal control to support the achievement of organizational objectives. Accountability for internal control should be established at all levels of the organization and it should be supported by appropriate performance measures, incentives, and rewards. The board and senior management must be cognizant of the effects that undue pressure can have on behavior. Undue pressure may cause individuals to circumvent processes or engage in fraudulent activities.

28 考点 9 Topic: Finance management Your company is highly diversified and has invested in several European subsidiaries. The company will hold a strategic plan meeting focusing on the next 5 years. Write a memo to discuss the factors to consider whether retain or sell the European subsidiaries.

29 Suggested approach to analyze the exit strategy 1. Sell or process further decision Compare incremental revenue against incremental cost for maintaining a European subsidiary Opportunity cost should be considered 2. Capital budgeting A single subsidiary could be treated as a single project NPV valuation method could be implemented to evaluate each single subsidiary 3. Return on investment Compare the expected return against the cost of capital

30 考点 10 Topic: financial management Explain to the CFO why the lender want to ask the AR turnover as well as inventory turnover

31 Cash conversion cycle: = AR collection period + inventory conversion period AP deferral period Effects on sales and collection transactions on balance sheet: Inventory == > A/R == > cash Both A/R turnover and inventory turnover measures the efficiency of asset utilization for an enterprise. [how fast the working capital could be converted to cash] A/R turnover: measures how fast accounts receivable could be converted to cash. [focus on bad debt risk] Inventory turnover: measures how fast inventory could be converted to sales. [focus on risks due from obsolete inventory]

32 考点 11 Topic: IT 一个产品有 5 个 units,2 个 sales man 要卖 问以下哪个选项可以防止卖同样的 unit 选项包括 :Sequence check, control loop 等等

33 Category Type explanation General control (entity-level control) Application control (transactionlevel control) Logical access control Physical control Business continuity Personnel control Network control Segregation of duties Input control Authentication, authorization Safeguard of physical assets, humidity, temperature Disaster recovery plan & routine backup Recruitment, training, supervision Firewall, encryption, call back Programming, operations, library, testing, authorization, preparation Processing control Output control Edit check, validity check Edit check Exception report, transaction lists, output

34 Sequence check It involves testing a list of items or records for correct ascending or descending order. Limit check A test of the reasonableness of a field of data, given a predetermined upper and/or lower limit Capacity check Used to determine if the selected storage system ahs the capacity of storing a certain amount of input data Control loop One segment of a process control system. An open-loop control process requires human intervention, whereas a closed-loop system is entirely automated. It is a continuous feedback loop that keeps the process flowing normally by taking corrective action whenever there is any deviation from the desired value ("setpoint") of the process variable (rate of flow, temperature, etc.).

35 Field check A control that limits the types of characters accepted into a specific data field Validity check A control that allows only valid transactions or data to be entered into the system. Field size check A control of an exact number of characters to be input.

36 Sample Question Passenger 1 and passenger 2 are booking separately on an airline Web site for the last available seat on a flight. Passenger 1 presses the enter key a few seconds before passenger 2, thus locking out passenger 2 and obtaining the last seat. This locking is a form of which of the following types of control? A. Concurrent update control B. Compensating control C. Data-entry control D. Operational data control Answer: A

37 考点 12 Topic: financial management Batch & real-time,batch 问用哪种方法 recover from back-up. 选项有 : Transaction log Grandfather-father-son Check point

38 Son-father-grandfather concept (backups of systems that can be shut down) the most recent file is called the son, and the second most recent file is called the father. The backup process includes reading the previous file, recording transactions being processed, and then creating a new updated master file. The periodic transaction files are stored separately. If the son file is destroyed, a new file can be reproduced by using the transaction file and the father file to create a new son file. Transaction logs plus check point (backups of systems that do not shut down) If there is extensive damage to a major portion of the database due to catastrophic failure, the recovery method is to restore the most recent past copy of the database and to reconstruct it to a more current state by reapplying or redoing transactions from the log up to the point of failure.

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