Which of the Following Is Not True of Internal Control

question 4

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.

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Definitions:

Common Resource

A type of good that is non-excludable and rival in consumption, such as public parks or fish in the ocean.

Common Resource

A resource that is available to all, but which can become depleted if overused, such as air, water, or public land.

Marginal Benefit

The added value or utility one experiences by consuming one more unit of a good or service.

Marginal Social Benefit

The extra advantage to the community from creating or using an additional unit of a product or service.