When Evaluating Risks in Accordance with the Australian Risk Management

question 2

Multiple Choice

When evaluating risks in accordance with the Australian Risk Management Standard AS/NZS ISO 31000, what is the order of steps that it is recommended be undertaken?

• A)Identify risks, analyse risks, evaluate risks, treat risks.
• B)Identify risks, analyse risks, treat risks, evaluate risks.
• C)Identify risks, evaluate risks, treat risks, analyse risks.
• D)Identify risks, evaluate risks, analyse risks, treat risks.

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Definitions:

Sales Tax Payable

A liability account in the general ledger that stores the amount of sales tax collected from customers, which is owed to the government.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer takes ownership and responsibility for goods once they are shipped, and is responsible for freight costs and risks.

Accounts Receivable

Outstanding balances due to a company from its clients for products or services rendered but still unpaid.

FOB Shipping Point

A shipping term indicating that the buyer assumes responsibility for the goods and the shipping costs from the point of departure.