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:

Sensory Systems

The part of the nervous system responsible for processing sensory information from the environment, including sight, sound, smell, taste, and touch.

Receptors

Specialized cells or proteins in the body that bind to specific substances, such as hormones or neurotransmitters, to initiate a physiological response.

Hapsis

The perception of touch and proprioception, involving the sensation of the body and its movements.

Perception

The process by which individuals organize and interpret their sensory impressions to give meaning to their environment.