The COSO Definition of Internal Control Says That Internal Control

question 25

Multiple Choice

The COSO definition of internal control says that internal control is a process to achieve objectives in which of the following categories?

• A)Compliance with applicable laws and regulations,usefulness of financial information for making decisions,and the ability of the company to continue in operation.
• B)Usefulness of financial information for making decisions,reliability of financial reporting,and the ability of the company to continue in operation.
• C)Reliability of financial reporting,the usefulness of financial information for making decisions,and compliance with applicable laws and regulations.
• D)Effectiveness and efficiency of operations,reliability of financial reporting,and compliance with applicable laws and regulations.

---

Definitions:

Depositors

Individuals or entities that place their money in a bank for safekeeping and earn interest over time.

M1 Money Supply

A measure of the money supply that includes all physical money such as coins and currency, as well as demand deposits and other liquid assets held by the public.

Checkable Deposits

Bank account balances that can be accessed using checks, debit cards, or electronic transfer, for the purpose of making payments.

Miscellaneous Near-Monies

Highly liquid financial assets that can be quickly converted into cash but are not cash themselves, such as savings accounts and time deposits.