1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
victus00 [196]
3 years ago
7

Risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps

to reduce or curb the risk.
Business
1 answer:
allsm [11]3 years ago
8 0

Answer:

True

Explanation:

Risk management is the practice of identification of number of risks that the organization faces and then assessing each of them. After assessment of the risks, the organization try to find ways to eliminate or reduce each single risk so that the business operations do not get affected. The precautionary measures can be simply avoid the risk, face the risk, share the risk (Insurance) and reduce the risk to acceptable level.

You might be interested in
The following information applies to the questions displayed below.
zhenek [66]

Answer:

Lobo Co.

Journal Entries:

Nov. 11 Debit Cash $7,875

Credit Sales Revenue $7,875

To record the sale of 105 razors for cash.

Nov. 11 Debit Cost of Goods Sold $2,100

Credit Inventory $2,100

To record the cost of goods sold for 105 razors at $20 each.

Dec. 16: Debit Cash $16,500

Credit Sales Revenue $16,500

To record the sale of 220 razors for cash.

Debit Cost of Goods Sold $4,400

Credit Inventory $4,400

To record the cost of goods sold.

Jan. 5: Debit Cash $11,250

Credit Sales Revenue $11,250

To record the sale of 150 razors for cash.

Debit Cost of Goods Sold $3,000

Credit Inventory $3,000

To record the cost of goods sold.

Adjusting Journal Entries:

Nov. 30: Debit Warranty Expense $630

Credit Warranty Liability $630

To record the warranty expense for November sales.

Dec. 9: Debit Warranty Liability $300

Credit Inventory $300

To replace 15 razors.

Dec. 16: Debit Warranty Expense $1,672

Credit Warranty Liability $1,672

To record the warranty expense for December sales.

Dec. 29: Debit Warranty Liability $600

Credit Inventory $600

To replace 30 razors.

Dec. 31: Debit Income Summary $2,302

Credit Warranty Expense $2,302

To recognize the warranty expense for the period.

Jan. 5: Debit Warranty Expense $900

Credit Warranty Liability $900

To record warranty expense for January sales.

Jan. 17: Debit Warranty Liability $1,000

Credit Inventory $1,000

To record the replacement of 50 razors.

Jan. 31: Debit Warranty Expense $100

Credit Warranty Liability $100

To recognize warranty expense for January sales.

2. The Warranty Expense for November is $630 and for December is $1,602.

3. The Warranty Expense for January is: $1,000

4. The balance of the Estimated Warranty Liability account as of December 31 is:

= $1,402

5. The balance of the Estimated Warranty Liability account as of January 31 is:

= $1,302

Explanation:

a) Data and Calculations:

Cost per new razor = $20

Retail selling price = $75

Expected warranty costs = 8% of dollar sales

b) Estimated Warranty Liability Account:

Nov. 30: Credit Warranty Liability  $630

Dec. 9: Debit Warranty Liability    ($300)

Dec. 16: Credit Warranty Liability $1,672

Dec. 29: Debit Warranty Liability  ($600)

Dec. 31: Balance                           $1,402

Jan. 5: Credit Warranty Liability    $900

Jan. 17: Debit Warranty Liability ($1,000)

Jan. 31 Balance                            $1,302

Warranty Expense Account:

Nov. 30: Debit Warranty Expense  $630

Dec. 16: Debit Warranty Expense $1,672

Dec. 31: Debit Income Summary $2,302

Jan. 5: Debit Warranty Expense $900

Jan. 31: Debit Warranty Expense $100

Jan. 31: Debit Income Summary $1,000

5 0
3 years ago
A higher level of interest income can be received if a savings account offers a promotional rate.
KiRa [710]
True. One would get the regular stated interest rate plus the additional promotional rate. Thus one would recieve a higher income via the savings rate.
4 0
3 years ago
Tom operates an illegal drug-running operation and incurred the following expenses:Salaries $ 75,000Illegal kickbacks 20,000Brib
SSSSS [86.1K]

Answer:

Correct option is B

$160,000

Explanation:

From the question above, Cost of goods sold of $160,000 is treated as a negative item in calculating gross income rather than as a deduction.

For a drug dealer like Tom, all deductions

listed above are disallowed.

8 0
3 years ago
Which Act outlines regulations to control smoke and other forms of pollution from various sources, whether stationary or in moti
Greeley [361]
Clean Air Act should be your answer
7 0
3 years ago
Read 2 more answers
Internal control can provide only reasonable assurance that the entity’s objectives and goals will be met efficiently and effect
Strike441 [17]

Answer: The correct answer is "the cost of internal control should not exceed its benefits"

Explanation: One factor limiting the likelihood of achieving those objectives is that the cost of internal control should not exceed its benefits. The cost of performing an internal control should never exceed the benefits that this may have as a result, since in that case its performance would be uneconomical.

3 0
3 years ago
Other questions:
  • A Treasury bond that settles on August 10, 2016, matures on September 27, 2021. The coupon rate is 4.6 percent and the quoted pr
    13·1 answer
  • Therrell Corporation has two divisions: Bulb Division and Seed Division. The following report is for the most recent operating p
    12·1 answer
  • Which of the following is NOT an end goal of BOTH quality improvement programs and continuous process improvement? Select one: a
    9·1 answer
  • Consider the economies of Gobbledigook and Hermes, both of which produce agricultural products using only land and labor. The fo
    6·1 answer
  • The rational-ignorance effect refers to the a. lack of incentive voters have to become well-informed about candidates and issues
    10·1 answer
  • Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below.
    5·1 answer
  • Allowance Method of Accounting for Bad Debts— Comparison of the Two Approaches. Kandel Company had the following data available
    11·1 answer
  • As per World Bank data, Bhutan's
    14·1 answer
  • Mekia is in high school. She is thinking about possible career choices. Her guidance counselor gave her information about severa
    15·1 answer
  • A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Assuming that the specific ide
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!