Which of the Following Statements About Internal Control Is Incorrect

question 70

Multiple Choice

Which of the following statements about internal control is incorrect?

• A) Internal control is a very broad concept.
• B) Internal control eliminates the possibility of fraud and error.
• C) Internal control encompasses all of the elements of an organization.
• D) Internal control provides reasonable assurance about the achievement of the entity's objectives.

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Definitions:

Registered

The status of being officially recorded and recognized, often referring to documents, organizations, or trademarks.

Gift Causa Mortis

is a gift made by a person who anticipates imminent death, which becomes fully effective only if the donor dies of the anticipated condition.

Irrevocable Gift

A permanent transfer of assets or property from one party to another, which cannot be undone or taken back by the donor.

Fair-Use Doctrine

A legal doctrine that permits limited use of copyrighted material without requiring permission from the rights holders, typically for purposes such as criticism, comment, news reporting, teaching, scholarship, or research.