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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

A _____ is a tool used in risk management.

risk matrix

income statement

trial balance

depreciation schedule

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Verified step by step guidance

Step 1: Understand the context of the question. The problem is asking about a tool used in risk management, which is a concept related to identifying, assessing, and prioritizing risks in business operations.

Step 2: Analyze the options provided: 'risk matrix,' 'income statement,' 'trial balance,' and 'depreciation schedule.' Consider which of these tools is specifically designed for risk management.

Step 3: Recall the definition of each term: A 'risk matrix' is a tool used to evaluate and prioritize risks based on their likelihood and impact. An 'income statement' is a financial report showing revenues and expenses over a period. A 'trial balance' is a summary of all ledger accounts to ensure debits equal credits. A 'depreciation schedule' tracks the allocation of asset costs over time.

Step 4: Match the correct tool to the context of risk management. Among the options, the 'risk matrix' is explicitly designed for assessing and managing risks, making it the most relevant choice.

Step 5: Confirm your understanding by reviewing the purpose of a risk matrix and ensuring it aligns with the concept of risk management.