The System of Quality Control Established by an Accounting Firm

question 102

Multiple Choice

The system of quality control established by an accounting firm should address which of the following?

• A)leadership responsibilities for quality within the firm
• B)business administrative requirements
• C)acceptance and continuance of audit relationships
• D)human resources payroll processing

---

Definitions:

Patent

A form of intellectual property protection that grants the patent holder exclusive rights to a process, design, or new invention for a specified period of time.

Expected Useful Life

The estimated duration for which an asset is expected to be economically usable by one or more users.

FASB

The Financial Accounting Standards Board is an independent organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States.

Franchise

A license that allows the franchisee to access a business's proprietary knowledge, processes, and trademarks to allow the party to sell a product or provide a service under the business's name.