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.

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Definitions:

Americanization

The process through which American culture, values, and practices are adopted by other countries or individuals.

Mass Consumption

The large-scale purchasing and use of goods and services by a significant portion of a population.

Escapism

The practice of seeking distraction and relief from unpleasant realities, especially by engaging in entertainment or fantasy.

World System Theory

A multidisciplinary, macro-scale approach to world history and social change that suggests there is a world economic system in which some countries benefit while others are exploited.