Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

Financial Accounting

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

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Multiple Choice

The Committee of Sponsoring Organizations (COSO) of the Treadway Commission provided a framework for which of the following?

Tax compliance procedures

Financial statement preparation

Internal control systems

External audit standards

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Verified step by step guidance

Understand the context of the problem: The Committee of Sponsoring Organizations (COSO) of the Treadway Commission is a recognized organization that provides guidance on internal control systems, risk management, and fraud prevention in financial accounting.

Clarify the concept of internal control systems: Internal control systems are processes designed to ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations.

Identify the purpose of the COSO framework: The COSO framework is specifically designed to help organizations establish, assess, and improve their internal control systems. It is not related to tax compliance procedures, financial statement preparation, or external audit standards.

Differentiate the options provided: Tax compliance procedures focus on adhering to tax laws, financial statement preparation involves creating financial reports, and external audit standards guide auditors in conducting audits. None of these are the primary focus of COSO.

Conclude that the correct answer is internal control systems, as COSO's framework is explicitly designed to address this area in financial accounting.