A Defined Set of Actions to Prevent or Reduce the Likelihood

question 22

Multiple Choice

A defined set of actions to prevent or reduce the likelihood of occurrence or the impact of risk is the

• A) risk assessment matrix
• B) the action trigger
• C) risk identification brainstorming session
• D) risk response plan

Comprehend the process and purpose of journalizing and posting transactions to ledger accounts.

Identify and apply the correct posting references in journal and ledger entries.

Recognize the relationship between journal entries and ledger accounts through posting references.

Understand the chart of accounts and its role in organizing financial information.

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Definitions:

Fraudulent Activity

An illegal act involving the intentional deception or misrepresentation that an individual or entity makes to gain a benefit or advantage.

Debit Memorandum

A document or entry recorded by an entity that decreases a balance in another's account, typically used in adjustments between businesses.

Cash Balance

The amount of cash a company has on hand at a given time, reflecting its liquidity.

Custody

The protective care or guardianship of someone or something, often used in legal contexts to refer to the care of children or assets.