Which of the Following Is Not an Element of COSO

question 57

Multiple Choice

Which of the following is not an element of COSO Enterprise Risk Management?

• A)Enhancing risk response decisions
• B)Reducing operating surprises and losses
• C)Seizing opportunities
• D)Improving deployment of information technology

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Definitions:

Budget Variance

The difference between what was budgeted or planned for an operation and what actually occurred.

Fixed Manufacturing Overhead

Indirect manufacturing costs that remain relatively constant regardless of the level of production, including salaries of managers and depreciation of factory equipment.

Work in Process

Materials and goods partially completed during the production process; inventory that is in-between raw materials and finished goods.

Volume Variance

The difference between the budgeted amount of overhead based on standard production volumes and the actual overhead incurred, due to changes in production volume.