Management selects risk ________________________- avoiding, accepting, reducing or sharing risk developing a set of actions to align risks with the entity's risk tolerances and risk appetite.
Fill in the blank(s) with correct word
(
Q. 2) The statement of cash flows is divided into three sections: operating, investing, and financing.
Indicate whether the statement is true or false
(
Q. 3) The Social Security Tax Payable account is debited for Social Security taxes withheld and Social Security taxes imposed on the employer.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) On January 5, Boise Cascade Company purchases 5,000 of merchandise from a vendor with credit terms of 2/10, n/30. If Boise Cascade pays the vendor on January 20, the amount of the payment should be ________.
A) 5,000
B) 4,900
C) 4,500
D) 3,500
(
Q. 5) Direct disposal costs do not include special advertising or sales commissions.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) Clean Sweep, Inc. paid 7,200 on May 1, 2011 for 12 months' insurance coverage starting May 1. How much insurance expense should appear on the company's income statement for the year ended December 31, 2011?
A) 7,200
B) 4,200
C) 4,800
D) 0. Insurance expense does not appear on the income statement.
Quick Reply
