Which One of the Following Is Not an Element of the Internal

question 11

Multiple Choice

Which one of the following is not an element of the internal control process?

• A) Control environment
• B) Risk assessment
• C) Risk response
• D) Monitoring

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Definitions:

November

The eleventh month of the Gregorian calendar, following October and preceding December.

Variable Overhead Efficiency Variance

The difference between the expected and actual variable overhead costs, based on the efficient use of production resources.

Variable Overhead Efficiency Variance

The difference between the budgeted and actual variable overhead costs, attributable to differences in the efficiency of utilizing resources.

Variable Overhead Rate Variance

The discrepancy between the actual incurred variable overhead and the anticipated variable overhead as per standard costing.