The Principle of Holding Individuals Accountable for Their Internal Control

question 130

Multiple Choice

The principle of holding individuals accountable for their internal control responsibilities in pursuit of objectives belongs to which of the COSO's Internal Control Model's component?

• A)Control environment.
• B)Risk assessment.
• C)Control activities.
• D)Information and communication.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity or volume of production or sales, such as raw materials and direct labor.

Break-even Point

The point at which total revenues equal total expenses, indicating that a business is neither making a profit nor incurring a loss.

Variable Costs

Expenses that change in proportion to the activity of a business, such as material or labor costs related to production levels.

Budgeted Salary

A predetermined amount of money allocated for salaries over a specific period, used for planning and controlling payroll expenses.