This Organization Developed a Set of Criteria That Provide Management

question 83

Multiple Choice

This organization developed a set of criteria that provide management with a basis to evaluate controls not only over financial reporting,but also over the effectiveness and efficiency of operations and compliance with laws and regulations:

• A)Foreign Corrupt Practices Corporation.
• B)Committee of Sponsoring Organizations.
• C)Cohen Commission.
• D)Financial Accounting Standards Board.

---

Definitions:

Ending Balance

The amount of money in an account at the end of a period, after all additions and subtractions have been accounted for.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been sold to consumers.

Beginning of the Year

Refers to the start of a fiscal or calendar year, marking the time frame used for financial and operational planning and analysis.

Predetermined Overhead Rate

A rate calculated before a period begins, used to assign manufacturing overhead costs to products based on a relevant activity base.