Which of the Following Components of Internal Control Consist of Internal

question 65

Multiple Choice

Which of the following components of internal control consist of internal and external auditors?

• A)monitoring of controls
• B)information systems
• C)control procedures
• D)control environment

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Definitions:

Marginal Product

The extra output generated from the inclusion of one additional unit of a particular input while maintaining all other inputs unchanged.

Variable Cost

Costs that change in proportion to the level of production output or activity level of an entity.

Average Variable Costs

Average variable costs represent the per-unit variable costs of production, calculated by dividing total variable costs by the quantity of output.

Average Fixed Costs

Average fixed costs refer to the fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced, which decreases as output increases.