The 1992 COSO Report Identifies Five Components for an Effective

question 64

Multiple Choice

The 1992 COSO report identifies five components for an effective internal control system.Which of those five establishes the tone of a company and influences the control awareness of the company's employees?

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

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Definitions:

Extra Charge

A fee added on top of a standard rate or price, often for additional services, special requests, or exceeding a predetermined limit.

Total Charge

Total charge typically refers to the complete amount of fees, costs, or expenses that a customer is required to pay for a particular service or product.

Nonfinancial Rewards

Incentives other than money, such as recognition, training, or work-life balance improvements, offered to employees.

Personal Selling Process

A series of steps that a salesperson follows to engage potential buyers, understand their needs, make a sales presentation, address objections, and close the sale.