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.

---

Definitions:

Employer's Payroll Tax Expense

Taxes that an employer is responsible for paying on behalf of its employees, such as social security and Medicare taxes.

General Journal Entry

A record in the general journal that documents a business transaction, including the accounts affected and the debit and credit amounts.

Total Deductions

Total deductions refer to the sum of all amounts subtracted from an individual’s gross income or earnings, which can include taxes, social security contributions, and retirement plan contributions.

FICA-OASDI

Refers to part of the U.S. payroll tax that funds the Social Security program, standing for Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance.