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BEC Exam 1 Questions & Answers 2024/2025
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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...

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  • August 11, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bec exam 1 questions answers

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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 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

ex: orders for goods



lagging indicators - ANSWERSfollow economic activity

ex: CPI



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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