Which of the Following Is Not an Element of Internal

question 155

Multiple Choice

Which of the following is not an element of internal control?

• A) risk assessment
• B) monitoring
• C) information and communication
• D) cost-benefit considerations

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded over time for tangible assets, reducing their carrying value on the balance sheet.

Salvage Value

The forecasted sell-on value of an asset at the conclusion of its operational period.

Double-Declining Balance

A method of accelerated depreciation where an asset loses value at double the rate of the traditional straight-line depreciation method.

Straight-Line

A method of calculating depreciation or amortization by evenly allocating the cost of an asset over its expected useful life.