Author Question: Which component of the ERM framework is best described here: Internal and external events affecting ... (Read 69 times)

kfurse · **on:** Jul 5, 2018

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