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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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