The COSO ERM framework encourages a review of risks as they apply to achieving firms' objectives. Which of the following is not one of the listed categories of objectives to be considered?
A. Strategic.
B. Environment.
C. Operations.
D. Compliance.
Answer: B
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Jasper makes a $78,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
A. Debit Notes Payable $78,000; credit Accounts Payable $78,000. B. Debit Notes Receivable for $78,000; credit Cash $78,000. C. Debit Accounts Receivable $78,000; credit Notes Receivable $78,000. D. Debit Cash $78,000; credit Notes Receivable for $78,000. E. Debit Notes Receivable $78,000; credit Sales $78,000.
The difference between a guarantee and an indemnity is that
A) the guarantor has unlimited liability for any debts of the prinicipal debtor B) the person who signs the indemnity can be called on before the principal debtor to repay the debt C) the person who signs the indemnity has unlimited liability for any debts of the principal debtor D) the person who signs the guarantee can be called on before the principal debtor to repay the debt E) there is no difference between a guarantee and an indemnity
Which ratio or concept describes the extent to which the government has lived within its means for the year?
A. Current ratio. B. Revenue dispersion. C. Interperiod equity. D. Debt to assets.
Matt paid the following taxes this year:Real estate taxes on his own residence$3,600State income taxes900Local city income taxes300State sales taxes1,400What is the maximum amount Matt can deduct as an itemized deduction on his tax return?
A. $5,000 B. $6,200 C. $5,300 D. $4,800