Which of the Following Is Not True of the Concepts

question 64

Multiple Choice

Which of the following is not true of the concepts that are embodied in the COSO framework of internal controls?

• A)Internal controls relate to the organization's objectives.
• B)The six components of internal control are logically and operationally intertwined.
• C)Internal controls apply across all activities of the organization.
• D)All of the above are true.

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Definitions:

Remedies

Legal means for enforcing a right or redressing a wrong, including monetary damages and specific performance.

Parol Evidence Rule

A legal principle that prevents parties in a contract dispute from presenting evidence of prior or concurrent oral agreements that would contradict the written terms of the contract.

Rent

The payment made by a tenant to a landlord for the use of a property, room, or apartment for a designated period.

Profits

The financial gain derived from a business activity after deducting expenses.