Raj, an employee at TRS Corporation, was preparing a risk/control matrix related to the steps in the accounting cycle.The first row of the matrix contained the following entries: Adequate training.Assets that should be reported at historical cost are reported at market value.Human error.Internal audits.All the columns in the risk/control matrix are represented by those items except:
A)Comments
B)Internal control
C)Risk
D)Risk category

Question

Quizplus · Accepted Answer

The items listed in the first row represent the possible risks or controls related to the steps in the accounting cycle. The columns in the matrix would represent different stages of the cycle or different departments/roles involved in the process. Comments do not fit into either of these categories, as they would be additional notes or explanations related to the risks and controls listed.

Raj, an Employee at TRS Corporation, Was Preparing a Risk/control