AICPA BEC : CPA Business Environment and Concepts Exam Dumps

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Latest 2023 Updated AICPA CPA Business Environment and Concepts Syllabus
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Exam Number : BEC
Exam Name : CPA Business Environment and Concepts
Vendor Name : AICPA
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BEC Exam Format | BEC Course Contents | BEC Course Outline | BEC Exam Syllabus | BEC Exam 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
Exam (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 Exam 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 topic 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 topic is not indicative of
the extent such content group, topic 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 topics 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 topics 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 topics 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 topics related to Operations
Management, including the following:

• Understanding business operations and use of quality control initiatives and
performance measures to improve operations

• Application of cost accounting concepts and use of variance analysis
techniques

• Utilizing budgeting and forecasting techniques to monitor progress and
enhance accountability

The Exam 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 topics 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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    The best free PDF editor 2023

    (Image credit: PDF24)

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    Plan: Free

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    Features include: PDF editor, PDF reader, conversion, merging, eSign, OCR

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    Completely free

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    Fast and light

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    Lots of features for every need

    Reasons to avoid -

    Occasionally a bit clunky

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    Windows-only

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    (Image credit: PDF Candy)

    Best free PDF editor online

    Specifications

    Platform: Web, PC

    Plan: Free, Subscription, Perpetual license

    Developer: PDF Candy

    Features include: PDF editor, PDF reader, conversion, compression, merging, eSign

    Reasons to buy +

    Free online editor

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    Loads of features and tools

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    OCR capabilities

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    Windows version available

    Reasons to avoid -

    No Mac or mobile apps

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    Free version only allows for one task each hour

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    (Image credit: SmallPDF)

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    Can only process two documents per day

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    Extra cost for desktop app

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    (Image credit: Apple)

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    Only available for macOS

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    Lacks OCR

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    (Image credit: Canva)

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    Lacks advanced tools

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    Browser-based only

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    No OCR and eSign tools

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    (Image credit: I Love PDF)

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    Features include: PDF manipulator, scanner, compression, conversion, protection, merge, OCR

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    Very easy to use

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    Mostly free online service

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    Some clever tools

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    Good for minor document manipulation

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    Multi-platform

    Reasons to avoid -

    Certain features require subscription

    -

    Not a full PDF editor

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    (Image credit: Sejda)

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    Specifications

    Platform: Web, Windows, Mac, Linux

    Plan: Free, Subscription

    Developer: Sejda

    Features inlcude: PDF editor, compression, conversion, protection, merge, eSign

    Reasons to buy +

    No account required

    +

    Simple and easy to use interface

    +

    Uploaded files are deleted after 2 hours

    Reasons to avoid -

    File size limitations

    -

    Time restrictions on free tier

    Sejda, like PDF Candy and Smallpdf, is one of the best free PDF editors available online in your browser. You can also grab a separate free downloadable, editable PDF app for desktops. 

    What sets it apart from other similar offerings, however, are its security features. All files uploaded to the service are automatically wiped from its servers after two hours. This means you can use it to work on sensitive documents without having to be worried about your data being leaked or stolen.

    Sejda as a convincingly power PDF editor - in our tests, we found that using it is incredibly self-explanatory, and it was frankly difficult to fault the tools on offer. On the other hand, we were disappointed by the lack of precision over layout and movement controls. In fact, during our time on the platform, we were noted a big flaw: "While you will find that it is possible to edit text, you're likely to find that fonts are changed, making it apparent precisely where edits have been made."

    Sejda also offers a desktop version with the biggest difference being that all of the processing is handled locally as opposed to in the cloud. Regardless of which free version you choose, Sejda limits you to working on a maximum of three tasks per day, one file at a time and files can’t be larger than 50MB or 200 pages.

    In addition to being able to edit PDF text, you can add new text as well as images including shapes and drawings. Sejda also lets you add annotations, create forms, whiteout sections of a document and more. However, it's worth noting that free users will get hit by the file size and time restrictions. For those that do decide to upgrade, Sejda is available as a weekly, monthly or annual subscription though there are discounts for larger teams with multiple users.

    Read our full Sejda review 

    Best free PDF editor: FAQs How to choose the best free PDF editor for you

    Why you can trust TechRadar We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

    When deciding which free PDF editor is best for you, make a list of the must-have feature-set needed by you and your team. Not all free Adobe Acrobat alternatives are created equally. For example, if you’re bulk-editing, a tool like PDF24 Creator will serve you better than SmallPDF. 

    Consider which bits of your PDF file you need to change. If you’re just trying to add information to a form digitally, you’ll just need a basic editor that supports text insertion.

    However, if you need to change the content of a PDF substantially, you’ll require a more powerful PDF editor that can make modifications to text or images already stored in the file. In some cases, especially if you want to change almost all the content of your file, it may be better to use a dedicated PDF converter instead. 

    Other advanced features to look out for, depending on your workflow, are built-in PDF conversion, OCR software, and eSign software. Cloud storage is another factor, so check the free PDF editor supports platforms like  Google Drive and Dropbox.

    Most modern browsers have free PDF reader capabilities if that’s all you need

    What is a PDF editor?

    A PDF editor lets you assemble a Portable Document Format (PDF) file from scratch, as well as amend the content of existing PDF files. The format was released by Adobe in 1993 as a way to standardize documents viewed across different platforms, devices, and screens. Most PDF editors come with the ability to convert, or batch convert, common file types such as Microsoft Office’s Word, Powerpoint, and Excel to and from the PDF format. You’ll also find more advanced tools like optical character recognition (OCR) software. 

    Are the best free PDF editors good?

    Whether or not a free PDF editor is best for you will largely depend on how you’ll use it, and where. While there are some free PDF desktop apps that work offline, they don’t always feature multi-platform and mobile support. Many others are only available online in your browser. You'll find some have extra features, like PDF merging tools and PDF compressors. But others are bereft of anything but the basics. So, it can be hit-and-miss. Free PDF editors can also impose usage limits, such as the amount of files you can import, or export, per day. As such, they’re often better for light users, or to get a taste for the tool.  

    Should I use a free PDF editor?

    Free PDF editors are popular - but they're not always the best solution, particularly for data-conscious and data-compliant businesses. It's worth being aware of some of the reasons why organizations often tend to go premium in our guide 5 reasons why you should avoid free PDF editors

    How do I edit a PDF for free?

    All PDF editors are designed differently - although tools and layouts follow a similar pattern. We’ve covered several ways to alter documents in the most popular paid-for and free PDF editors with our guide How to edit a PDF.

    We've also highlighted the best method in Sedja PDF editor in our guide How to edit a PDF for free.

    Is there a completely free PDF editor?

    PDF24 Creator is a completely free PDF editor. It's free of charge, free of spyware, and it's our pick for best free PDF editor overall. But there are loads of amazing free PDF editing software depending on your needs and device/platform - many also include paid-for upgrades for premium features. 

    How we test the best free PDF editors

    To test for the best free PDF editors, we first set up an account with the relevant software platform, whether as a download or as an online service. 

    We then tested the service using a handful of PDF files to see how the PDF editor could handle editing not just text, but also images, as well as tables imported from Microsoft Excel. 

    The aim was to push each software platform to see whether it could simply and easily not just edit a range of content types but also do so faithfully and consistently without introducing formatting issues or similar problems.

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