According to the COSO control framework, a precondition to risk assessment is:
a. Establishing control procedures or activities.
b. Establishing objectives or goals.
c. Establishing an internal audit function.
d. Establishing a monitoring mechanism.
e. Establishing performance measures.
Answer: b. Establishing objectives or goals.
Business
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If a firm decides to take the cash discount that is offered on goods purchased on credit, the firm should ________
A) pay as soon as possible B) pay on the last day of the credit period C) not take the discount no matter when the firm actually pays D) pay on or before the last day of the discount period
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What are the primary issues associated with financing international trade? How does foreign exchange risk affect financing decisions?
What will be an ideal response?
Business