Traditionally, risk has been defined as
A) any situation in which the probability of loss is one.
B) any situation in which the probability of loss is zero.
C) uncertainty concerning the occurrence of loss.
D) the probability of a loss occurring.
Answer: C
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Based on a predicted level of production and sales of 22,000 units, a company anticipates total variable costs of $99,000, fixed costs of $30,000, and operating income of $36,000. Based on this information, the budgeted amount of variable costs for 20,000 units would be:
A. $66,000. B. $150,000. C. $99,000. D. $30,000. E. $90,000.
The financial value of a purchase is determined by reviewing the
a. packing slip b. purchase requisition c. receiving report d. supplier's invoice
An advantage of the perpetual inventory system is that
A) clerical work is reduced. B) the need to take a physical inventory is eliminated. C) the balance of the Merchandise Inventory account is only accurate on the balance sheet date. D) detailed data is available to respond to customers' inquiries about product availability.