The 2013 COSO Report Identifies Five Components for an Effective

question 73

Multiple Choice

The 2013 COSO Report identifies five components for an effective internal control system.Which of those five includes the methods used to record, process, summarize, and report a company's transactions?

• A)Control procedures
• B)Control environment
• C)Control activities
• D)Information and communication

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Definitions:

Single Vehicle

Often describing accidents, involving only one vehicle that does not collide with another vehicle but may hit an object or roll over.

Grade Point Average

A numerical calculation representing the average value of the accumulated final grades earned in courses over time.

Upper Class

In statistics, this often refers to the highest interval or category in a distribution; in sociology, it refers to the group of individuals at the top of a social hierarchy based on wealth, education, or power.

P(A|B)

The probability of event A occurring given that event B has occurred.