BEC Exam 1 Questions & Answers 2024/2025
Physical Controls - ANSWERSMonitor and control the environment of the workplace and computing facilities
Examples include:
- Segregation of duties
- Monitoring and control of access to and from the facilities
- Backup files
- Uninterrupted power su...
Physical Controls - ANSWERSMonitor and control the environment of the workplace and computing
facilities
Examples include:
- Segregation of duties
- Monitoring and control of access to and from the facilities
- Backup files
- Uninterrupted power supply (UPS)
- Program Modification controls
- Malware detection
UPS - ANSWERSdevice that maintains a continuous supply of electrical power to connected equipment
- AKA battery backup
- can prevent data loss and protect the integrity of the backup
COSO Internal Control Framework - ANSWERS3 objectives
5 principles
17 components
operating objectives - ANSWERSpertain to the effectiveness and efficiency of an entity's operations
reporting objectives - ANSWERSrelate to the reliability, timeliness, and transparency of an entity's
external and internal financial and nonfinancial reporting
compliance objectives - ANSWERSdeveloped to ensure the entity is adhering to the existing laws and
regulations
,5 principles - ANSWERSCRIME
Control Environment
Risk Assessment
Information and Communication
Monitoring
Existing Control Activities
17 components - ANSWERS
control environment - ANSWERStone at the top
- ethics board oversight, commitment to employment competence, organizational structure
risk assessment - ANSWERSidentification and analysis of risk
organizational objectives, risk and fraud identification, and assessing changes that impact internal
control
information and communication - ANSWERScapturing and processing info
monitoring - ANSWERS- monitoring the effectiveness of internal control
- ongoing and separate evaluations and reporting findings (deficiencies)
existing control activities - ANSWERS- policies and procedures that respond to risk assessment
- selecting and developing activities, developing technological controls, deploying policies and
procedures
Real GDP - ANSWERS(Nominal GDP/GDP Deflator) * 100
- measures the value of all final goods and services in constant prices, adjusted for changes in the price
level (inflation)
, Nominal GDP - ANSWERSmeasures the value of all final goods and services in current prices
leading indicators - ANSWERSpredict economic activity
conincident indicators - ANSWERSchange at generally the same time as the whole economy
ex: industrial production (GDP)
Multiplier effect - ANSWERS- when an increase in consumer, business, or gov spending generates a
multiplied increase in the level of economic activity
- change in real GDP
1/ (1-MPC)
GDP (2 methods) - ANSWERS- all final goods and services produced by resources within a country,
regardless of what country owns the resources
Expenditure approach and income approach
Expenditure approach - ANSWERSGICE
Government purchases
Gross Domestic Investment
Personal Consumption
Net Exports
Income approach - ANSWERSI PIRATED
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