Which of the Following Is Not True of Internal Control

question 54

Multiple Choice

Which of the following is not true of internal control as defined by COSO?

• A)It is narrower than internal control over financial reporting.
• B)It is a process that includes all elements of internal control working together.
• C)It includes all the people in the organization.
• D)It starts at the top of the organization in setting a tone.

Calculate class width for frequency distributions.

Identify the appropriate graphical representation for different types of data.

Describe the properties and uses of stem-and-leaf plots.

Understand the concept and calculation of relative frequency.

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Definitions:

Accounting Cycle

A complete cycle that describes the steps in recording and processing financial transactions of a company from when the transaction occurs to its representation on the financial statements, and until the accounts are closed.

Pro Forma Statements

Pro forma statements are financial reports that project the future financial performance of a company based on current and past data, assuming certain conditions or events.

Unearned Revenue

Money received by a company for services or products yet to be delivered or provided, considered a liability until the service or product is delivered.

Prepaid Expense

Expenses paid in advance for goods or services, which are recorded on a balance sheet as assets until used.