Which component of the ERM framework is best described here: ...

[kfurse]

Which component of the ERM framework is best described here: Internal and external events affecting achievement of an entity's objectives must be identified, distinguishing between risks and opportunities. Opportunities are channeled back to management's strategy or objective-setting processes.
 a. control activities
  b. event identification
  c. risk assessment
  d. risk response

Question 2

The August bank statement for Midway Company showed that the bank had collected a 5,000 note receivable for the company. Midway Company has not recorded the collection. On the bank reconciliation, the 5,000 should be ________.
 
  A) added to the balance per books
  B) deducted from the balance per books
  C) added to the balance per bank statement
  D) deducted from the balance per bank statement

[ms_sulzle]

Answer to Question 1

B

Answer to Question 2

A

[kfurse]

Thanks for the timely response, appreciate it

[kswal303]

Gracias!