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AICPA BEC : CPA Business Environment and Concepts Exam

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Test Number : BEC
Test Name : CPA Business Environment and Concepts
Vendor Name : AICPA
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BEC test Format | BEC Course Contents | BEC Course Outline | BEC test Syllabus | BEC test Objectives

Business Environment and concept section is treated as one of the most challenging exams because of its extensive material and it deals with business and economic concepts. The CPA BEC section will help you to move one step further in business knowledge and help them apply the knowledge in real-world scenarios.

Business Environment and concepts covers:

Business environment in general, and its core concepts.
Foundational grounding in accounting and are exposed to underlying reasons for accounting implications Financial management information technology, and business strategies in addition to accounting concepts.
Economic concepts, financial management, information systems and communications, strategic planning and operations management. Testing to determine different business strategies with their knowledge in strategic planning and market risks.
Making financial decisions, forecasting trends in the market, and understanding internets implication in business.

Topic Percentage
Corporate Governance 16% – 20%
Economic Concepts and Analysis 16% – 20%
Financial Management 19% – 23%
Information Systems and Communications 15% – 19%
Strategic Planning 10% – 14%
Operations Management 12% – 16%

BEC1 Business Environment and Concepts (BEC)
BEC2 Section introduction
BEC6 Summary blueprint
BEC7 Area I — Corporate Governance
BEC9 Area II — Economic Concepts and Analysis
BEC11 Area III — Financial Management
BEC13 Area IV — Information Technology
BEC16 Area V — Operations Management

The Business Environment and Concepts (BEC) section of the Uniform CPA Examination (the Exam) tests knowledge and skills that a newly licensed CPA must demonstrate when performing:
• Audit, attest, accounting and review services
• Financial reporting
• Tax preparation
• Other professional responsibilities in their role as certified public accountants
The content areas tested under the BEC section of the test encompass five diverse subject areas. These content areas are corporate governance, economic concepts and analysis, financial management, information technology and operations management. Reference materials relevant to the BEC section of the Exam are included under References at the conclusion of this introduction.
Content organization and tasks
The BEC section blueprint is organized by content AREA, content GROUP and content TOPIC. Each group or subject includes one or more representative TASKS that a newly licensed CPA may be expected to complete when performing audit, attest, accounting and review services, financial reporting, tax preparation or other professional responsibilities.
The tasks in the blueprint are representative. They are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the BEC section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or subject is not indicative of the extent such content group, subject or related skill level will be assessed on the Exam. Similarly, examples provided within the task statements should not be viewed as all-inclusive.

Area II of the BEC section blueprint covers several courses related to Economic Concepts and Analysis, including the following:
• Knowledge of economic concepts and analysis that would demonstrate an understanding of the impact of business cycles on an entitys industry or business operation
• Determining market influences on the business environment, such as globalization
• Determining the business reasons for, and the underlying economic substance of, transactions and their accounting implications
• Understanding financial risks and the methods for mitigating the impact of these risks
Area III of the BEC section blueprint covers several courses related to Financial Management, including the following: • Assessing the factors influencing a companys capital structure, such as risk, leverage, cost of capital, growth rate, profitability, asset structure and loan covenants
• Calculating metrics associated with the components of working capital, such as current ratio, quick ratio, cash conversion cycle, turnover ratios
• Determining the impact of business decisions on working capital
• Understanding commonly used financial valuation and decision models and applying that knowledge to assess assumptions, calculate the value of assets and compare investment alternatives Area IV of the BEC section blueprint covers several courses related to Information Technology (IT), including the following:
• Understanding the role of IT and systems, including the use of data in supporting business decisions.
• Identifying IT-related risks associated with an entitys information systems and processes, such as processing integrity, protection of information and system availability, including those risks introduced by the relationships with third-parties.
• Identifying application and IT general control activities, whether manual, IT dependent or automated, that are responsive to IT-related risks, such as access and authorization controls, system implementation testing and incident response plans.
Area V of the BEC section blueprint covers several courses related to Operations Management, including the following:
• Understanding business operations and use of quality control initiatives and performance measures to Excellerate operations
• Application of cost accounting concepts and use of variance analysis techniques
• Utilizing budgeting and forecasting techniques to monitor progress and enhance accountability
The test focuses on testing higher order skills. Based on the nature of the task, each representative task in the BEC section blueprint is assigned a skill level.
BEC section considerations related to the skill levels are discussed below.
• Remembering and Understanding is tested in all five areas of the BEC section.
Remembering and understanding tasks focus on the knowledge necessary to demonstrate an understanding of the general business environment and business concepts, such as those involving enterprise risk management.
• Application is also tested in all five areas of the BEC section. Application tasks focus on general courses such as those found in the subjects of economics and information technology, and the day-to-day financial management tasks that newly licensed CPAs perform, such as those involving calculations involving ratios, valuation and budgeting.
• Analysis skills, tested in Areas II, III and V involve tasks that require a higher level of analysis and interpretation. These tasks, such as comparing investment alternatives using calculations of financial metrics, financial modeling, forecasting and projection, frequently require newly licensed CPAs to gather evidence to support inferences.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The BEC section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the BEC content.
References — Business Environment and Concepts • The Committee of Sponsoring Organizations of the Treadway Commission (COSO):
– Internal Control – Integrated Framework
– Enterprise Risk Management – Integrating with Strategy and Performance
– COSO-issued application material, thought papers and guides related to the above frameworks
• Sarbanes-Oxley Act of 2002:
– Title III, Corporate Responsibility
– Title IV, Enhanced Financial Disclosures
– Title VIII, Corporate and Criminal Fraud Accountability
– Title IX, White-Collar Crime Penalty Enhancements
– Title XI, Corporate Fraud Accountability
• Current business periodicals
• Current textbooks on:
– Accounting Information Systems
– Budgeting and Measurement
– Corporate Governance
– Economics
– Enterprise Risk Management
– Finance
– Management
– Management Information Systems
– Managerial Accounting
– Production Operations

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AICPA dumps

Emotional Stress of Elder Fraud Outweighs fiscal have an impact on: AICPA Survey | BEC Latest Questions and test Braindumps

  • cellphone and internet scams excellent the list of most ordinary styles of financial abuse or fraud focused on elderly.
  • CPAs are seeing their purchasers victimized via many commonplace scams at lessen stages than they have been in 2015.
  • during the past year well-nigh half of CPA monetary planners had a consumer reveal signals of dementia for the first time.
  • ensuring that vigour of legal professional and health care proxies are in place right the checklist of most regular plan add-ons to handle skills diminished potential.
  • a new survey from the American Institute of CPAs (AICPA) found that falling victim to fraud is a good deal extra likely to have a substantial emotional have an impact on (68 %) on the aged than a substantial financial affect (32 p.c). and call and information superhighway scams proper the record of the way monetary fraud is perpetrated towards the elderly. This in keeping with the AICPAs personal financial Planning (PFP) tendencies Survey, which comprises responses from 688 CPA economic planners.

    This press release aspects multimedia. View the entire release right here:

    For the elderly, fraud has extra of an emotional have an effect on than a economic one. (picture: business Wire)

    have an effect on of Fraud Upon the aged is greater Emotional than monetary

    CPAs have discovered that the stress and emotional influence of fraud outweighs the exact fiscal have an impact on. via greater than a four to 1 margin (68 p.c vs. 16 %), CPA monetary planners observed the emotional influence turned into massive in comparison to minimal. most effective 1 % stated it had no affect. Whereas, CPA economic planners said that the economic influence of fraud is greater likely to be minimal (45 p.c) than colossal (32 p.c).


    For the aged, fraud has extra of an emotional have an impact on than a financial one.

    category of influence



    No have an impact on

    not certain

    No event

    Emotional have an impact on (stress)

    sixty eight%





    monetary influence


    forty five%





    Most commonplace forms of Elder Abuse or Fraud

    The survey asked CPA monetary planners what styles of fiscal abuse or fraud they’ve considered perpetrated on their aged consumers, with telephone or web scams (seventy five p.c) noted most commonly. This was followed via the lack of ability to say ‘no’ to family (60 %) and identity theft (forty nine percent). extra general scams or abuse observed consist of assist for non-disabled grownup babies (43 percent), credit card theft (30 %) and being taken abilities of by using an in-home caregiver (26 percent).

    "all and sundry is at risk of fiscal abuse and exploitation. youngsters, the aged are tremendously susceptible because companionship is an attractive attract for them. This can be due to the disintegration of the average nuclear family, death of better half or friends, and the isolation that accompanies declining health," stated Susan Tillery, CPA/PFS, Chair of the AICPA’s PFP govt Committee. "financial exploitation of the elderly impacts an awful lot more than their budget. When someone they depend upon for companionship abuses that have confidence, they can be emotionally distraught and withdraw from family unit and pals. one of the vital challenges specific to working with the aged that CPA monetary planners come across is assessing their elderly client's desire to supply fiscal help for a loved one, against their own continuing fiscal needs."

    Silver Lining: standard, Scams Down a little From 2015

    while any fraud and abuse against the aged is regarding, the survey discovered that CPAs are seeing their shoppers victimized by way of a lot of these scams at lower ranges than they have been in 2015.


    Fraud and abuse against the aged is time-honored however trending downward.

    type of economic Abuse or Fraud

    percent of CPAs who've encountered each and every scamwith their elderly consumers within the closing 5 years

    2020 outcomes

    2015 effects

    telephone or cyber web


    seventy nine%

    inability to say ‘no’ to family



    identity Theft



    support for Non-disabled grownup little ones

    forty three%


    bank card Theft



    Taken competencies of by means of in-home caregiver



    improper Charity Request for bill







    Diminished capability issues deserve to be Addressed

    Many financial planners would agree that probably the most emotional points of retirement planning is the competencies for diminished capability. As americans continue to reside longer, diminished capability issues will in all chance turn into extra customary. in reality, the survey found that practically half (forty eight p.c) of all CPA fiscal planners had a shopper display indications of dementia or diminished potential for the first time during the past year alone. This underscores the need for americans and their monetary planners to take note a way to address these considerations together.

    Story continues

    "as the trusted adviser to my shoppers, i am mainly cognizant of mental potential, and principally with elderly shoppers, indicators of the early indications of dementia," introduced Tillery. "Managing cognitive decline is intricate for the client, their family unit and the CPA monetary planner. from time to time comparable to this, it's essential to be proactive by having a plan in region to deal with the financial demands of lengthy-term care and other scientific costs associated with diminished skill. by way of having a plan in area, the family unit should be in a position to focal point on first-class of life and not on managing the economic want."

    despite accelerated awareness concerning the have an impact on of growing old on cognitive characteristic, pretty much 3 in 10 (28 percent) CPA economic planners say their client’s plan to contend with diminished mental ability in retirement on a reactionary basis, and 1 in 5 (20 %) are ignoring the challenge altogether. simplest 17 % are choosing to take steps proactively. whereas it's preferable to develop a plan earlier than purchasers begin to demonstrate signals of dementia, there are innovations CPA monetary planners can take to offer protection to a client’s property in retirement after these considerations come to easy.

    Proactive Plan accessories to manipulate the expertise of Diminished ability in Retirement

    The survey discovered an unlimited majority (ninety two %) of CPA financial planners dealt with diminished means in their clients through making certain that powers of legal professional and fitness care proxies have been in location, whereas two-thirds (sixty six p.c) arranged for themselves to contact their customer’s other gurus and spouse and children. further measures taken consist of acquiring authorization to contact their client’s attorney (44 p.c), moving funds to a believe (37 p.c), and automating their customer’s annual required minimal distributions from their certified retirement money owed (34 percent). very nearly a quarter (23 p.c) had their valued clientele stream into a in the past chosen assisted care facility.


    How CPA financial planners address dementiaor diminished ability of their customers

    ensure powers of attorney & health care proxies are in area


    Authorization to contact customer’s other professionals & spouse and children


    Authorization to contact customer’s attorney


    money moved to a trust


    Automate each year RMDs


    moving to a prior to now selected assisted care facility




    Freeze the client’s accounts



    "As americans reside longer and concerns such as diminished skill and elder financial abuse are becoming greater regular, there is high-quality demand for finished monetary planning," mentioned Andrea Millar, CPA/PFS, association of foreign certified knowledgeable Accountants Director of monetary Planning. "A CPA fiscal planner serves as a trusted consultant who understands their customer’s wants and priorities both from a financial and personal standpoint through having open, and infrequently elaborate, discussions. They act as a ‘quarterback’-- calling the performs and making bound that everyone involved, including family members and different authorities employed with the aid of their customer, play the function that they are alleged to."

    participants of the AICPA PFP government Committee put together the following proactive suggestions to help americans address considerations that may arise from elder abuse and capabilities diminished potential later in lifestyles:

  • be aware of an excellent rip-off if you happen to See Oneone of the vital most useful the right way to offer protection to towards fraud is to study one of the most most customary scams. With an cognizance of what’s obtainable, you should be more advantageous located to appreciate a scam earlier than it’s too late. Do your own research, speak with friends about what they’re seeing or heard and seek advice from your financial group. remember, if it sounds too respectable to be true or remotely strange, assess the Federal exchange commission record of scam indicators.
  • establish Your group & set up responsibilitiesit is important to establish a trusted crew of experts, designees and family who will always have your most fulfilling pastimes in mind. evaluation your selections with every them in Excellerate in order that may still they be vital to behave on your behalf, every person will recognize their part. group participants should still know and be formally authorized to talk with one one more, and they should still all have copies of any valuable legal files. This helps provide checks and balances, and, because elder monetary abuse is frequently dedicated by using a relative or relied on expert, exams and balances are crucial.
  • Use Your CPA monetary Planner as ‘the bad guy’Get within the addiction of asserting ‘I run everything by my CPA economic planner; i'll get returned to you’ earlier than making financial commitments to others. That means you should not caught off look after through scams or stories aimed to take competencies of you. And bear in mind to never supply own or financial assistance to an unsolicited caller or salesperson.
  • Make challenging selections Nowfocus on the complicated planning issues head on and proactively. Work along with your CPA monetary planner to assess all the problematic answers to questions that may also arise later in retirement. discuss housing alternatives and long-time period care preferences for a few distinctive capabilities eventualities. this fashion, you may be organized for all of the roads forward.
  • Get Your Plan in place & Revisit it regularlyA retirement plan isn't a collection-it and forget-it deal. after getting a plan, set reminders for quarterly or semi-annual determine-ins. overview estate planning files to be certain they're in place and latest. overview beneficiary designations, successor trustee, fiscal, and scientific vigour of legal professional. regular financial plan assess-ins are crucial right through retirement to no longer most effective make certain there are enough assets however additionally to peer if any alterations should be made as a result of adjustments in care or needs.
  • Set-up Protectionsthat you would be able to diminish the risk of elder abuse by establishing assessments and balances for power of attorney, successor trustee, and key experts. this way, abuse may also be recognized early and addressed. if you are involved about competency considerations or just can not say no to household, agree with inserting your assets in a Revocable residing trust and assign a co-trustee. make certain that all checks – or exams over a certain dollar amount - require two signatures. this may cut back the options that you just supply to an unscrupulous scammer.
  • PFP tendencies Methodology

    The AICPA’s PFP trends Survey is administered as a web survey to CPAs who are members of the AICPA own financial Planning area, including these maintaining the CPA/PFS credential. The survey, which covered responses from 688 CPA financial planners, become carried out from eleven/26/2019 via 1/20/2020.

    in regards to the AICPA’s PFP Division

    The AICPA’s very own financial Planning (PFP) part is the premier issuer of tips, equipment, advocacy, and information for CPAs and other professionals who specialise in providing estate, tax, retirement, possibility management, and funding planning advice to people, families, and enterprise house owners. The primary goal of the PFP section is to guide its participants by means of providing supplies that allow them to function beneficial PFP features in the optimum professional manner.

    CPA financial planners are held to the highest ethical requirements and are uniquely in a position to combine their extensive potential of tax and enterprise planning with all areas of personal economic planning to supply aim and finished assistance for his or her clients. The AICPA offers the own financial specialist (PFS) credential exclusively to CPAs who have confirmed their abilities in personal economic planning via checking out, event and discovering, enabling them to profit competence and self belief in PFP disciplines.

    concerning the American Institute of CPAs

    The American Institute of CPAs (AICPA) is the realm’s greatest member affiliation representing the CPA profession, with more than 429,000 members in the united states and worldwide, and a background of serving the general public interest when you consider that 1887. AICPA members symbolize many areas of observe, together with company and industry, public practice, govt, training and consulting. The AICPA sets moral necessities for its participants and U.S. auditing requirements for personal companies, nonprofit companies, federal, state and native governments. It develops and grades the Uniform CPA Examination, presents specialized credentials, builds the pipeline of future ability and drives professional competency construction to develop the vitality, relevance and exceptional of the career.

    in regards to the affiliation of international licensed professional Accountants

    The affiliation of foreign licensed skilled Accountants (the affiliation) is the most influential body of skilled accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of administration Accountants (CIMA) to energy probability, have faith and prosperity for people, agencies and economies international. It represents 657,000 members and students across 179 countries and territories in public and management accounting and advocates for the public pastime and company sustainability on present and rising issues. With vast attain, rigor and elements, the affiliation advances the acceptance, employability and exceptional of CPAs, CGMAs and accounting and finance professionals globally.

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