The Most Common Risks Are

question 86

Multiple Choice

The most common risks are

• A) Personal risks.
• B) Property risks.
• C) Liability risks.
• D) All of these are common risks.
• E) None of these are common risks.

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Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Allowance for Doubtful Accounts

A contra asset account that represents an estimate of the amount of accounts receivable that may not be collectible.

Uncollectible Accounts

Accounts receivable that a company has deemed unlikely to be collected and thus written off as a loss.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.