Which Organization Issued the Internal Control, Integrated Framework Which Serves

question 97

Multiple Choice

Which organization issued the Internal Control, Integrated Framework which serves as the primary criterion for evaluating the quality of a company's internal control system?

• A) PCAOB.
• B) COSO.
• C) AICPA.
• D) GAO.

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Definitions:

Straight-Line Depreciation

A method of calculating the depreciation of an asset evenly over its useful life, assigning a fixed expense amount to every accounting period.

Fixed Asset

A durable, physical asset that a company possesses and employs in its business activities to produce revenue.

Salvage Value

Salvage value is the estimated residual value of an asset at the end of its useful life, indicating how much the asset can be sold for after it is no longer useful for its intended purpose.

Estimated Life

The expected period over which an asset will be useful in the operations of a business.