BEC CPA Exam Review | ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS
)| 2025/2026 UPDATED | 100% RATED CORRECT| GRADED A+!!
What is the effect on prices of U.S. imports and exports when
the dollar depreciates? - ANSWER-Import prices will increase
and export prices will decrease.
In a large public corporation, evaluating internal control
procedures should be the responsibility of - ANSWER-Internal
audit staff who report to the board of directors
What is a primary goal of information technology (IT)
governance? - ANSWER-is to balance risk versus return over IT
and its processes.
An entity's board of directors (BOD) is primarily responsible for:
- ANSWER-setting the overall strategies of an entity,
communicating those strategies to executive management, and
monitoring management's implementation of those strategies;
they do not participate in the day-to-day management of
operations.
,The use of cryptocurrency (such as Bitcoin) - ANSWER-allows a
customer to pay for goods or services from a website while
maintaining financial privacy.
Cloud Computing - ANSWER-Allows organizations to use the
Internet to access and use services and applications that run on
remote third-party technology infrastructure and it usually has
lower upfront costs for equipment and maintenance.
A disadvantage of using a private key for encryption is -
ANSWER-that both sender and receiver must have the key for
this encryption method to be effective.
What is the primary objective of data security controls? -
ANSWER-To ensure that storage media are subject to
authorization prior to access, change or destruction.
A primary advantage of using generalized audit software
packages - ANSWER-is that it allows an auditor to perform audit
tests on a client's computer files while having only a limited
understanding of the client's IT environment.
, Relevance - ANSWER-has the greatest impact on management's
ability to make effective decisions. It implies that the information
is accurate, timely and useful for decision-making purposes.
How can a financial institution (or any business) manage the risk
that its customers may fail to make the contractual payments
they have committed to? - ANSWER-diversify customer's,
purchase credit defaultl swaps, and requiring guarantees or
collateral.
The Revised Model Business Corporation Act requires -
ANSWER-a recommendation from the board of directors and
subsequent approval of a majority of voting shareholders to
voluntarily dissolve a corporation.
Gross domestic product (GDP) - ANSWER-represents the
monetary value of all final goods and services produced within
the economy over a period of time, usually one year.
The COSO framework outlines four responses to risk: -
ANSWER-(SARA - sharing, avoidance, reduction, acceptance.)
avoidance, sharing, acceptance, and reduction
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS
)| 2025/2026 UPDATED | 100% RATED CORRECT| GRADED A+!!
What is the effect on prices of U.S. imports and exports when
the dollar depreciates? - ANSWER-Import prices will increase
and export prices will decrease.
In a large public corporation, evaluating internal control
procedures should be the responsibility of - ANSWER-Internal
audit staff who report to the board of directors
What is a primary goal of information technology (IT)
governance? - ANSWER-is to balance risk versus return over IT
and its processes.
An entity's board of directors (BOD) is primarily responsible for:
- ANSWER-setting the overall strategies of an entity,
communicating those strategies to executive management, and
monitoring management's implementation of those strategies;
they do not participate in the day-to-day management of
operations.
,The use of cryptocurrency (such as Bitcoin) - ANSWER-allows a
customer to pay for goods or services from a website while
maintaining financial privacy.
Cloud Computing - ANSWER-Allows organizations to use the
Internet to access and use services and applications that run on
remote third-party technology infrastructure and it usually has
lower upfront costs for equipment and maintenance.
A disadvantage of using a private key for encryption is -
ANSWER-that both sender and receiver must have the key for
this encryption method to be effective.
What is the primary objective of data security controls? -
ANSWER-To ensure that storage media are subject to
authorization prior to access, change or destruction.
A primary advantage of using generalized audit software
packages - ANSWER-is that it allows an auditor to perform audit
tests on a client's computer files while having only a limited
understanding of the client's IT environment.
, Relevance - ANSWER-has the greatest impact on management's
ability to make effective decisions. It implies that the information
is accurate, timely and useful for decision-making purposes.
How can a financial institution (or any business) manage the risk
that its customers may fail to make the contractual payments
they have committed to? - ANSWER-diversify customer's,
purchase credit defaultl swaps, and requiring guarantees or
collateral.
The Revised Model Business Corporation Act requires -
ANSWER-a recommendation from the board of directors and
subsequent approval of a majority of voting shareholders to
voluntarily dissolve a corporation.
Gross domestic product (GDP) - ANSWER-represents the
monetary value of all final goods and services produced within
the economy over a period of time, usually one year.
The COSO framework outlines four responses to risk: -
ANSWER-(SARA - sharing, avoidance, reduction, acceptance.)
avoidance, sharing, acceptance, and reduction
