The Basic Concept of Internal Control That Recognizes the Cost

question 22

Multiple Choice

The basic concept of internal control that recognizes the cost of internal control should not exceed the benefits expected to be derived is known as:

• A)Reasonable assurance.
• B)Management responsibility.
• C)Limited liability.
• D)Management by exception.

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Definitions:

Jerome Singer

An American psychologist known for his research on daydreaming, imagination, and the psychology of the arts.

Epinephrine

A hormone and neurotransmitter, also known as adrenaline, that plays a key role in the body's fight-or-flight response by increasing heart rate, blood flow, and energy release.

Cognitive Appraisal

Cognitive appraisal is the process by which an individual evaluates and interprets a situation or event in terms of its personal significance.

Emotional Experience

The complex psychological state involving thoughts, behaviors, and physiological responses arising from feelings or emotions.