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

Which of the following is NOT one of the five components of internal control as defined by COSO?

Information and Communication

Risk Assessment

Financial Reporting

Control Environment

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Verified step by step guidance

Step 1: Understand the context of the question. The COSO framework (Committee of Sponsoring Organizations of the Treadway Commission) defines five components of internal control that are essential for effective governance and risk management.

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

Step 3: Compare the options provided in the question to the five components of internal control. Identify which option does not align with the COSO framework.

Step 4: Note that 'Financial Reporting' is not one of the five components of internal control defined by COSO. While financial reporting is an important aspect of organizational operations, it is not explicitly listed as a component in the COSO framework.

Step 5: Conclude that the correct answer to the question is 'Financial Reporting,' as it is not one of the five components of internal control defined by COSO.