The Text Presented Three Definitions of Internal Control

question 56

Multiple Choice

The text presented three definitions of internal control. Which of the following statements about them is most true?

• A) Two of them apply only to businesses; the other applies only to government agencies.
• B) Only one of the three emphasizes that internal control is a process.
• C) None of the three provides absolute assurance that a company has eliminated risk.
• D) All of them focus on specific internal control procedures for specific kinds of companies.

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Definitions:

Collective Unconscious

A concept in Jungian psychology referring to the part of the unconscious mind that is shared among beings of the same species, consisting of inherited, universal themes.

Instinctual Satisfaction

The fulfillment of innate biological drives or needs, such as hunger or sexual desire.

Basically Good

A philosophical and psychological concept suggesting that human nature is fundamentally benevolent or positive.

Minimizing

The act or strategy of reducing something, especially negative impacts or aspects, to the smallest possible amount or degree.