Which One of the Following Was NOT an Objective of the Institute's

question 11

Multiple Choice

Which one of the following was NOT an objective of the Institute's Quality Review Program?

• A) Reduced need for costly peer reviews
• B) Enhanced client service
• C) Risk reduction
• D) Increased returns to accounting firms

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Definitions:

Cost Recovery Method

An accounting method where profits are not recognized until all the costs of the goods sold are recovered.

Sales Price

The amount of money for which a product is sold to customers.

Transfer of Risks

The process in contracts where the risk of loss or damage to goods passes from the seller to the buyer.

Sales Transaction

An exchange involving the selling of goods or services from a seller to a buyer for a payment.