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NEW QUESTION: 1
At the beginning of the year, a club's Membership Subscriptions account showed a debit balance of $500 and a credit balance of $225. During the following year, subscriptions received amounted to $12000.
At the end of the year, subscriptions paid in advance amounted to $200, and subscriptions in arrears, and expected to be collected, amounted to $150.
The amount to be transferred to the income and expenditure account for the year is
NEW QUESTION: 2
A large investment organization hired a chief risk officer (CRO) to be responsible for the organization's risk management processes. Which of the following people should prioritize risks to be used for the audit plan?
A. The CRO, because he is responsible for coordinating and project managing risk activities based on his specialized skills and knowledge.
B. The CEO, because he has ultimate responsibility for ensuring that risks are managed within the agreed tolerance limits set by the board.
C. Operational management, because they are responsible for the day-to-day management of the operational risks.
D. The chief audit executive, although he is not accountable for risk management in the organization.
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