Author Question: This component of the ERM framework that encompasses the tone of an organization and sets the basis ... (Read 67 times)

clippers! · **on:** Jul 5, 2018

This component of the ERM framework that encompasses the tone of an organization and sets the basis for how risk is viewed and addressed by an entity's people, including risk management philosophy and risk appetite, integrity and ethical values and the environment in which they operate.
a. control activities
b. internal environment
c. risk assessment
d. risk response

Question 2

A single-step income statement ________.

A) is the preferred method of reporting revenues, expenses, and cash because of the ease of preparation
B) groups all revenues together and shows all expenses deducted from total revenue
C) includes the subtotal Gross profit in the presentation
D) is preferred by business owners because the information presented is timely, and thus useful