Which of the Following Describes the Internal Control Component Monitoring

question 1

Multiple Choice

Which of the following describes the internal control component monitoring of controls?

• A)Monitoring of controls is designed to ensure that the business's goals are achieved.
• B)Monitoring of controls is the 'tone at the top' of the business.
• C)Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate.
• D)A company must identify its risks.

Learn to prepare a budgeted income statement incorporating projected sales, costs, and expenses.

Gain proficiency in preparing a budgeted balance sheet, considering projected cash flows, sales, inventory, and debt levels.

Understand the different components of a budget including sales, cash, production, and expense budgets.

Develop an understanding of continuous budgeting and rolling budget concepts.

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Definitions:

Job Description

A list of the tasks, duties, and responsibilities (TDRs) that a particular job entails.

Controlled

This term broadly refers to something that is governed or regulated by rules, standards, or mechanisms to ensure proper functioning or compliance.

Content Validity

Relates to the extent to which a test measures all aspects of the concept it intends to measure.

Construction-error Recognition

The process of identifying mistakes made during the building phase of a project, allowing for corrective action to be taken to prevent similar issues in the future.