True or False: the COSO ERM Contains All Five of the Same

question 69

True/False

True or False: The COSO ERM contains all five of the same COSO-Integrated Framework components.

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Definitions:

Debits

Entries in accounting that increase an asset or expense account, or decrease equity, liability, or revenue accounts.

Credits

Accounting entries that represent an increase in liabilities or revenues, or a decrease in assets or expenses.

Adjusting Entries

Adjusting entries are journal entries made in an accounting period's end to allocate income and expenditures to the period in which they actually occurred.

Chart of Accounts

A structured list detailing a company's financial accounts, categorized to facilitate the organization and reporting of financial transactions.