Fill in the Blanks Below to Complete the COSO Definition

question 7

Essay

Fill in the blanks below to complete the COSO definition of internal control.Internal control is a (a), effected by an entity's (b), management and other personnel, designed to provide (c), regarding the achievement of objectives relating to (d), (e) and (f).
a._______________________________________________________
b._______________________________________________________
c._______________________________________________________
d._______________________________________________________
e._______________________________________________________
f._______________________________________________________

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Definitions:

Manufacturing Overhead

Indirect factory-related costs that are incurred when a product is manufactured, including costs such as maintenance, supplies, and utilities.

Direct Materials

Raw materials that are directly used in the production of a product and can be directly associated with the finished product.

Administrative Expense

Costs related to the general operation of a business that are not directly tied to production, including salaries of non-production staff, office supplies, and utilities.

Indirect Material Cost

Indirect material costs are costs related to materials that do not directly become part of the final product but are necessary for the manufacturing process.