Which Statement Is Correct Concerning the Definition of Internal Control

question 18

Multiple Choice

Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations (COSO) ?

• A)Its applicability is largely limited to internal auditing applications.
• B)It is a 'process' effected by individuals.
• C)It emphasizes the effectiveness and efficiency of operations over the reliability of financial reporting.
• D)It suggests that it is important to view internal control as an end product as contrasted to a process or means to obtain an end.

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Definitions:

Selling Price

The selling price is the amount a buyer pays to acquire a product or service from a seller.

Marked Down

A reduction in the price of an item or product to encourage sale.

Marked Down

A reduction in the original selling price of goods, often to clear old stock or boost sales.

Clearance Sale

A sale event to clear out inventory, often featuring significant reductions in prices to encourage quick sales.