Define risk assessment.
What will be an ideal response?
Risk assessment is defined as a process to identify potential events that may affect the entity and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
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The notion of quid pro quo forms the basis of ______ leadership.
a. transactional b. charismatic c. transformational d. informal
A contingent liability is recorded in the accounting records
a. if the contingency has not been described already in the notes to the financial statements. b. if it possibly will become an actual liability and the exact amount is known. c. under no circumstances. d. if it probably will become an actual liability and the amount can be reasonably estimated.
Answer the following statements true (T) or false (F)
The disclosure requirements of SFAS No. 132 pertain to both pensions and OPEBs where applicable.
Which type of accounting information is intended to satisfy the needs of external users of accounting information?
A. Cost accounting B. Tax accounting C. Managerial accounting D. Financial accounting