Match the Following Elements of Internal Control

question 135

Multiple Choice

Match the following elements of internal control:
-information and communication

• A)provides reasonable assurance that business goals will be achieved
• B)used by management for guiding operations and ensuring compliance with requirements
• C)overall attitude of management and employees
• D)used to locate weaknesses and improve controls
• E)identify, analyze and assess likeliness of vulnerabilities

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Definitions:

Joint Tenancy

A form of property ownership in which two or more individuals hold equal shares and rights; upon the death of one tenant, their share automatically transfers to the surviving tenant(s).

Life Tenant

An individual who has the right to use and benefit from property during their lifetime, after which the property passes to another designated party.

Reduce Its Value

An action or event that decreases the worth of something, affecting its marketability or usefulness.

Future Interest

An interest in real or personal property that will begin at a future date through a legal arrangement, such as a will or trust.