HJCPA BEC POP QUIZ ANSWERS.docx
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HJCPA BEC POP QUIZ ANSWERS.docx
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HJCPABECPOPQUIZANSWERS
HJCPABECPOPQUIZSANSWERS
BEC-EconomicConcepts:
Microeconomics
20thJuly,2012
Question1:
Whichofthefollowingisnotacharacteristicofafree-marketeconomy?
A.Economicdecisionsaremadebyindividualdecisionmakers.
B.Thereisaninterdependentrelationshipbetweenindividualconsumersandbusinessfirms.
C.Economicresourcesareunlimited.
D.Whatgetsproduceddependsonthepreferencesofend-useconsumers.
ThecorrectanswerisC.
A.Incorrect...Inafree-marketeconomy,economicdecisionsaremadebyindividualdecisionmakers,notbygovernment.
B.Incorrect...Thereisaninterdependentrelationshipbetweenindividualconsumersandbusinessfirms.Individualsdependonbusinessesforincomeandforgoodsandservices.Businessesdependsonindividualsforeconomicresources(inputs)andasbuyersofitsgoodsandservices(outputs).
C.Correct!
Underanyeconomicsystem,economicresources-labor,capital,andnaturalresources-arescarce.
D.Incorrect...Whatgetsproducedinafree-marketeconomydoesdependonthepreferences(needsandwants)ofconsumerswhohavetheabilitytopayforgoodsandservices.
Question2:
Whichoneofthefollowingfactorswouldnotcauseanincreaseinthesupplycurveofacommodity?
A.Improvementsinrelatedtechnology.
B.Adecreaseinthecostofproductioninputs.
C.Anincreaseinthenumberofmanufacturersofthecommodity.
D.Anincreaseinthepriceofthecommodity.
ThecorrectanswerisD.
A.Incorrect...Improvementsintechnologyfortheproductionofacommodityreducetheper-unitcostofproduction,whichwouldshiftthesupplycurvedownwardandtotheright,resultinginanincreaseinthesupplycurve.
B.Incorrect...Adecreaseinthecostofproductioninputswillreducetheperunitcostofproduction,causingashiftinthesupplycurvedownwardandtotheright,resultinginanincreaseinthesupplycurve.
C.Incorrect...Anincreaseinthenumberofmanufacturersofacommoditywillincreasethemarketsupplyofthecommodity,resultinginanincreaseinthesupplycurve.
D.Correct!
Achangeinpricechangesthequantitysupplied,whichisamovementalongasupplycurve,notashiftinthesupplycurve.Anincreaseinthepriceofacommoditywouldincreasethequantitysupplied,butwouldnotshiftthesupplycurve.
Question3:
Whichoneofthefollowingstatementsregardingperiodsofanalysisiscorrect?
A.Short-runanalysisassumesthatallinputscanbevaried.
B.Long-runanalysisassumesthatallinputscanbevaried.
C.Short-runanalysisassumesthatallinputsarefixed.
D.Long-runanalysisassumesthatallinputsarefixed.
ThecorrectanswerisB.
A.Incorrect...Intheshortrun,itisassumedthatoneormoreinputstotheproductionprocessarefixed,i.e.,cannotbevaried.Intheshortrun,manyinputstotheproductionprocesscanbevaried,includinglaborandrawmaterials,butatleastonefactorisassumedtobefixed.Typically,thenumberandsizeofproductionfacilitiesareassumedtobefixed.
B.Correct!
Inthelongrun,itisassumedthatallinputstotheproductionprocesscanbevaried,includingthenumberandsizeofproductionfacilities.
C.Incorrect...Intheshortrun,itisassumedthatmostinputsarevariableandthatonlysomeinputsarefixed.Neithershort-runnorlong-runanalysisassumesallinputsarefixed.
D.Incorrect...Inthelongrun,itisassumedthatallinputstotheproductionprocessarevariable,notfixed.Neithershort-runnorlong-runanalysisassumesthatallinputsarefixed.
Question4:
Whichoneofthefollowingwouldnotcauseanincreaseindemandforacommodity?
A.Anincreaseinthenumberofconsumers.
B.Anincreaseinthepriceofasubstitutecommodity.
C.Anincreaseinconsumers'preferenceforthecommodity.
D.Areductioninthepriceofthecommodity.
ThecorrectanswerisD.
A.Incorrect...Anincreaseinthenumberofconsumersforacommoditychangesthedemandforthecommodity,whichwillmovethedemandcurveupwardandtotheright.Agreaterquantitywouldbedemandedatanygivenprice.
B.Incorrect...Anincreaseinthepriceofasubstitutecommoditychangesthedemandforthecommodity,movingthedemandcurveupwardandtotheright.Anincreaseinthepriceofasubstitutecommoditywouldcausemoreofacommoditytobedemandedatanygivenprice.Asthepriceofthesubstitutecommodityincreases,consumerswoulddemandlessofthesubstitutecommodityandmoreofthereferentcommodity.
C.Incorrect...Anincreaseinconsumers'preferenceforacommoditychangesthedemandforthecommodity,movingthedemandcurveupwardandtotheright.Sincemoreconsumerspreferthecommodity,moreofthecommoditywouldbedemandedatanygivenprice.
D.Correct!
Areductioninpricewillnotcauseanincreaseindemandforacommodity,butratherwillchange(increase)thequantitydemanded.Anincreaseindemandcausesashiftofthedemandcurve(upandtotheright).Achangeinpricecausesmovementalongaspecificdemandcurve.
Question5:
Whenthecostofinputfactorstotheproductionprocessincreases,whichoneofthefollowingwilloccur?
A.Thedemandcurvewillshiftoutward.
B.Thesupplycurvewillshiftoutward.
C.Thedemandcurvewillshiftinward.
D.Thesupplycurvewillshiftinward.
ThecorrectanswerisD.
A.Incorrect...Anincreaseinthecostofinputfactorstotheproductionprocesswillnotcauseachangeinthedemandcurve;itwillnotshiftoutward(orinward).Anincreaseinthecostofinputfactorstotheproductionprocesswillcausethesupplycurvetoshiftinward.
B.Incorrect...Anincreaseinthecostofinputfactorstotheproductionprocesswillnotcausethesupplycurvetoshiftoutward,butratherinward.
C.Incorrect...Anincreaseinthecostofinputfactorstotheproductionprocesswillnotcauseachangeinthedemandcurve;itwillnotshiftinward(oroutward).Anincreaseinthecostofinputfactorstotheproductionprocesswillcausethesupplycurvetoshiftinward.
D.Correct!
Anincreaseinthecostofinputfactorstotheproductionprocesswillcausethesupplycurvetoshiftinward.Anincreaseininputcostswillcausetheper-unitcosttoincreaseandthesupplycurvewillshiftupwardandtotheleft(inward).
20thJune,2012
BEC:
CorporateGovernanceandInternalControl
Question1:
WhichcomponentoftheCOSOERMframeworkisconcernedwithmanagement'sdecisiontoavoid,accept,reduce,orshareriskandtodevelopasetofactionstoalignriskwiththeentity'sriskpreferences?
A.Controlactivities.
B.Eventidentification.
C.Riskassessment.
D.Riskresponse.
ThecorrectanswerisD.
A.Incorrect...Controlactivitiesdonotincludemanagement'sdecisiontoavoid,accept,reduce,orshareriskandtodevelopasetofactionstoalignriskwiththeentity'sriskpreferences.
B.Incorrect...Eventidentificationdoesnotincludemanagement'sdecisiontoavoid,accept,reduce,orshareriskandtodevelopasetofactionstoalignriskwiththeentity'sriskpreferences.
C.Incorrect...Riskassessmentdoesnotincludemanagement'sdecisiontoavoid,accept,reduce,orshareriskandtodevelopasetofactionstoalignriskwiththeentity'sriskpreferences.
D.Correct!
Riskresponsedoesincludemanagement'sdecisiontoavoid,accept,reduce,orshareriskandtodevelopasetofactionstoalignriskwiththeentity'sriskpreferences.
Question2:
MiloCorp.maintainsdailybackupsofitsaccountingsysteminafireproofvaultinthefilelibrary.Weekly,monthly,andannualbackupsarestoredinasecure,fireproofvaultatanoff-sitelocation.Maintenanceofthebackupfilesisanexampleof
A.Adetectivecontrol.
B.Afeedbackcontrol.
C.Acorrectivecontrol.
D.Apreventivecontrol.
ThecorrectanswerisC.
Incorrect...Detectivecontrolsallowtheusertodeterminethatanerrororproblemhasoccurred.Detectivecontrolsarealwayspairedwithcorrectivecontrols.
B.Incorrect...Feedbackcontrolsprovideresultsofoperationsoractivities,whicharethencomparedtoplannedresults.
C.Correct!
Correctivecontrolsallowtheusertorecoverfromaproblemonceithasbeenidentified.
D.Incorrect...Preventivecontrolsaredesignedtostoperrorsandirregularitiesfromoccurring.
Question3:
WhichofthefollowingisnotamajorstepintheCOSOmodelofcontrolmonitoring?
A.Establishafoundationformonitoring.
B.Establishabaselineofaninternalcontrolknowntobeeffective.
C.Designandexecutemonitoringprocedures.
D.Assessandreportcontrolevaluationresults.
ThecorrectanswerisB.
A.Incorrect...EstablishingafoundationformonitoringisthefirststepintheCOSOmodelofcontrolmonitoring.
B.Correct!
Establishingabaselineofknowncontroleffectivenessispartoftheprocessofestablishingafoundationformonitoring.Hence,itisasub-activity,ratherthanamajorstep,intheCOSOmodelofcontrolmonitoring.
C.Incorrect...DesigningandexecutingmonitoringproceduresisthesecondmajorstepintheCOSOmodelofcontrolmonitoring.Hence,thisisnotthebestanswer.
D.Incorrect...AssessingandreportingcontrolofevaluationresultsisthethirdandfinalmajorstepintheCOSOmodelofcontrolmonitoring.Hence,thisisnotthebestanswer.
Question4:
AccordingtoCOSO,theuseofongoingandseparateevaluationstoidentifyandaddresschangesininternalcontroleffectivenesscanbestbeaccomplishedinwhichofthefollowingstagesofthemonitoring-for-changecontinuum?
A.Controlbaseline.
B.Changeidentification.
C.Changemanagement.
D.Controlrevalidation/update.
ThecorrectanswerisB.
A.Incorrect..."Establishingacontrolbaseline"isnott
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