A process, effected by an entity's board of directors, management and other personnel, applied in strategy settings and across the enterprise, designed to identify potential events that may effect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives is:
a. enterprise risk management
b. internal control
c. organizational governance
d. risk assessment
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Q. 2) The economic resources of a company resulting from past transactions are called ________.
A) assets
B) revenues
C) retained earnings
D) contributed capital
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Q. 3) In reconciling the bank statement, the outstanding checks are added to the balance shown on the bank statement.
a. True
b. False
Indicate whether the statement is true or false
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Q. 4) If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are
a. n/30
b. FOB shipping point
c. FOB destination
d. consigned
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Q. 5) How much interest will accrue over three months on a 10,000, 9 loan?
A) 300
B) 225
C) 900
D) 2,700
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Q. 6) A process by which organizations select objectives, establish processes to achieve objectives, and monitor performance is:
a. enterprise risk management
b. internal control
c. organizational governance
d. risk assessment
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