Which of the Following Best Describes the Assessment of Risks

question 206

Multiple Choice

Which of the following best describes the assessment of risks?

• A) Assess the actions necessary to reduce the likelihood and/or impact of risk to tolerable levels.
• B) Assess the likelihood and/or impact of risk on the achievement of organizational objectives.
• C) Assess the amount of risk an organization can accept while pursuing its objectives.
• D) Assess alternative strategies to reduce or eliminate major risks.

Calculate and analyze direct materials variances.

Calculate and analyze direct labor variances.

Calculate and analyze fixed manufacturing overhead variances.

Record financial transactions using a standard cost accounting system.

---

Definitions:

Statutory Assignment

An assignment of rights that an assignee may enforce if certain conditions are met by the assignment.

Equitable Assignment

An assignment that could be enforced if all parties could be brought before the court.

Constructive Trust

An equitable remedy that imposes a trust-like obligation on someone who has wrongfully obtained or holds legal property rights.

Full Release

A legal agreement in which one party permanently relinquishes all claims against another.