Which of the Following Statements Is Not True Regarding Internal

question 50

Multiple Choice

Which of the following statements is not true regarding internal control procedures?

• A) Internal control procedures include methods to achieve compliance with laws and regulations.
• B) Internal control procedures direct operations toward common goals.
• C) Internal control procedures are designed to safeguard company assets.
• D) Internal control procedures are not affected by the cost-benefit principle.
• E) Internal control procedures are designed to ensure reliable financial reports.

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Definitions:

Money

A medium of exchange for goods and services, typically in the form of coins and banknotes; a unit of account and store of value.

Self-discrepancy

A theory suggesting individuals experience discomfort (e.g., sadness, feeling threatened) from any discrepancy between their actual self and ideal or ought selves.

Emotional Reaction

The psychological and physical response to an event or stimulus that can range from happiness and joy to sadness, anger, or fear.

Lean

Characterized by a high ratio of muscle to body fat, or in business, operating with efficiency and minimal waste.