Which One of the Following Below Is Not an Element

question 151

Multiple Choice

Which one of the following below 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:

List Price

The manufacturer's suggested retail price (MSRP) or the price at which a product is intended to be sold before any discounts or promotions.

Single Rate

A fixed interest rate that remains constant throughout the term of the loan or investment.

Discount

A reduction applied to the regular price of goods or services, usually offered to encourage purchase or reward customers.

Series

A sequence of numbers or terms that follow a specific pattern.