Which of the Following Statements Is False

question 14

Multiple Choice

Which of the following statements is false?

• A)Management identifies controls that are in place to address the financial reporting risks.
• B)Management is required to base internal controls on a recognized control framework.
• C)Nearly all reporting companies use the internal control framework developed by COSO.
• D)All controls relevant to financial reporting are accounting controls.

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Definitions:

Preoperational Stage

A phase in Jean Piaget's cognitive development theory where children from ages 2 to 7 engage in symbolic play and struggle with logic and taking the perspective of others.

Three Mountains Task

A cognitive development test designed by Jean Piaget to assess children's ability to understand and appreciate different perspectives and viewpoints.

Formal-Operational Thought

The final stage in Piaget's theory of cognitive development, characterized by the ability to think abstractly and logically.

Assimilation

The mental process of integrating new information into current cognitive frameworks, views, and comprehension.