One of the Contributions of the Treadway Commission Report and the Work

question 3

Multiple Choice

One of the Contributions of the Treadway Commission Report and the work of the Committee if Sponsoring Organizations (COSO) was:

• A)To establish a voluntary process for peer review
• B)To identify red flags that might lead to fraud
• C)To identify the tone at the top for management to create an ethical culture
• D)All of the above

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Definitions:

Inferior Goods

Goods whose demand decreases when consumer income rises, opposite of normal goods.

Normal Goods

Goods for which demand increases as the income of consumers increases.

GDP

Gross Domestic Product refers to the sum total of all monetary values of final goods and services produced within the geographical confines of a country during a given time frame.

Income Effect

The change in an individual’s or economy’s income and how that change will affect the quantity demanded of a good or service.