Internal Control Is a Process Affected by the Organization's Board

question 54

Multiple Choice

Internal control is a process affected by the organization's board of directors, management, and other personnel to provide reasonable assurance of achieving certain objectives. Which of the following does not fit into one of these categories of objectives?

• A) Reliability of financial reporting.
• B) Compliance with laws and regulations.
• C) Continuing existence.
• D) Effectiveness and efficiency of operations.

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Definitions:

Employment Insurance Fund

A government-operated fund that provides financial assistance to eligible unemployed individuals, helping them to support themselves while they seek new employment.

Unemployment Insurance Claims

Unemployment insurance claims are applications filed by individuals seeking financial assistance after losing their jobs, as part of a governmental program designed to provide temporary income support.

Employee Benefits

Non-wage compensation provided to employees in addition to their regular salaries or wages.

Increasing Cost

A situation where the price of goods or services rises over time, affecting consumer behavior and economic strategies.