Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

The first phase of the risk management process is _____.

Risk assessment

Risk response

Risk monitoring

Risk identification

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Verified step by step guidance

Understand the concept of risk management: Risk management is the process of identifying, assessing, and responding to risks that could impact an organization's objectives.

Learn the phases of risk management: The process typically includes risk identification, risk assessment, risk response, and risk monitoring.

Focus on the first phase: Risk identification is the initial step where potential risks are recognized and documented. This step is crucial as it sets the foundation for the subsequent phases.

Clarify the purpose of risk identification: The goal is to pinpoint risks that could affect the organization, categorize them, and ensure they are understood by stakeholders.

Review the options provided: Among the choices (Risk assessment, Risk response, Risk monitoring), none represent the first phase. The correct answer is Risk identification, as it precedes all other steps in the risk management process.