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

According to COSO, which of the following is NOT a component of internal control?

Financial Reporting

Information and Communication

Control Activities

Risk Assessment

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Verified step by step guidance

Step 1: Understand the COSO framework. COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission, which provides a model for designing, implementing, and evaluating internal control systems.

Step 2: Familiarize yourself with the five components of internal control as defined by COSO. These components are: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.

Step 3: Analyze the options provided in the question. Compare each option to the five components of internal control to determine which one does not belong.

Step 4: Recognize that 'Financial Reporting' is not one of the five components of internal control under the COSO framework. It is related to the output of internal control systems but is not a component itself.

Step 5: Conclude that the correct answer is 'Financial Reporting,' as it is not a component of internal control according to COSO.