____ Is Defined as "The Culture, Capabilities, and Practices, Integrated

question 50

Multiple Choice

____ is defined as "the culture, capabilities, and practices, integrated with strategy and execution, that organizations rely on to manage risk in creating, preserving and realizing value."

• A)Control environment
• B)Risk culture
• C)Internal control
• D)Enterprise risk management

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Definitions:

Owner's Capital

The amount of money and assets invested in a business by its owner, minus any withdrawals.

Net Income

The residual financial gain of a business following the deduction of every expense, tax, and cost from its total revenue.

Accounting Cycle

The collective process of recording and processing the accounting events of a company, culminating in the production of financial statements within a specific period.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for an accounting period before transferring the net income or loss to owner's equity.