In the Context of Elements of the Committee of Sponsoring

question 56

Multiple Choice

In the context of elements of the Committee of Sponsoring Organizations,identify a true statement about information and communications.

• A)They address the policies and procedures that support the control environment.
• B)They are directed at supporting the control environment through fair and truthful transmission of information.
• C)They set the tone of an organization,influencing the control consciousness of its people.
• D)They are directed at providing assessment capabilities and uncovering vulnerabilities.

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Definitions:

Liquidated

Refers to the process of converting assets into cash or paying off a debt.

Balance Sheet Amounts

The monetary values assigned to assets, liabilities, and equity in the balance sheet at a specific point in time, reflecting a company’s financial position.

Paid-in Capital

The amount of capital "paid in" by investors during common or preferred stock issuances, including the par value of the shares and any amount paid in excess.

Organization Expenses

Expenses associated with the formation of a corporation or organization, such as legal fees, registration fees, and promotional expenses.