The Information and Communication Component of Internal Control Includes Which

question 6

Multiple Choice

The information and communication component of internal control includes which of the following?

• A)The organization deploys control activities through policies that establish what is expected and in procedures that put policies into action.
• B)The organization obtains or generates and uses relevant,quality information to support the functioning of other components of internal control.
• C)The organization identifies and assesses changes that could significantly impact the system of internal control.
• D)All of the above.

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Definitions:

Cost Basis

The original value of an asset for tax purposes, usually the purchase cost, adjusted for stock splits, dividends, and return of capital distributions.

Unanimous Consent

An agreement method where all parties involved must agree entirely on a decision or action.

Net Assets

The total assets of a company minus its total liabilities, representing the shareholders' equity or ownership interest.

Equity Investments

Investments in the equity of other companies, representing ownership interests that offer potential dividends and capital gains.