"Control Activities" Are One Element of the COSO ERM Framework

question 22

Multiple Choice

"Control activities" are one element of the COSO ERM framework.To develop control activities, organizations may need to apply: (i) the FASB Conceptual Framework, (ii) expectancy theory, (iii) the generalized model of business process management.

• A)(i) and (ii) only
• B)(ii) and (iii) only
• C)(i) and (iii) only
• D)(i), (ii) and (iii)

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Definitions:

Percent Less

A term used to describe a reduction or discount from a stated price, often expressed as a percentage.

Exports

Goods or services sent to another country for sale.

Imports

Goods or services brought into a country from abroad for sale, often subject to tariffs or trade agreements.

Sales

The exchange of goods or services for money, considering the total number of transactions completed.