The Basic Concept of Internal Control Which Recognises That the Cost

question 24

Multiple Choice

The basic concept of internal control which recognises that 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:

Expert Systems

computer systems that emulate the decision-making ability of a human expert, designed to solve complex problems by reasoning through bodies of knowledge.

Expert Algorithms

Specialized computational procedures designed by experts for efficient problem solving in specific domains.

Expert Heuristics

Decision-making shortcuts or rules of thumb used by individuals who have a high level of expertise in a particular area.

Directed Remembering

A cognitive process in which memory recall is intentionally focused on specific information or events, often guided by cues or questions.