Listed next are seven reasons for differences in accounting practices among countries. For eachreason, at least two options are provided.ReasonOptions1.Legal system(a) Common-law(b) Code-law2.Tax laws(a) Diferent tax and financial accounting rules(b) Similar tax and financial accounting rules(a) More equity financing(b) More debt financing(a) Low inflation(b) High inflation3.Sources of financing4.Inflation5.Culture(a) Transparent(D) Secretive6.Poitical and economic ties (a) British ties(b) German ties(c) Spanish tiosEconomic devolopmont(a) Developed economy(b) Developing economy(c) Underdeveloped economyRequired:For each of the countries listed below, select the seven options that best describe that country.For instance, the United States can be described as common-law, different tax and financialreporting, more equity financing, low inflation, transparent, British ties, and a developedeconomy. You may wish to search the Internet to learn more about each country.1. Austria

Listed next are seven reasons for differences in accounting practices among countries. For each reason, at least two options are provided. Reason Options a) Common law D) Code-law Legal system 2. Tax laws (a) Different tax and financial accounting rules D) Similar tax and financial accounting rules 3. Sources of fnancing (a) More equity financing b) More debt financing Infation (a) Low infation D) High inflation (a) Transparent D) Secretive 5. Culture Political and economic tes Britsh tes b) German tes ) Spanish tes 6. Economic development a) Developed economy ) Developing economy K Underdeveloped economy Required: For each of the countries listed below, select the seven options that best describe that country. For instance, the United States can be described as common-law, different tax and financial reporting, more equity financing, low inflation, transparent, British ties, and a developed economy. You may wish to search the Internet to learn more about each country. 1. Austria

Listed next are seven reasons for differences in accounting practices among countries. For each reason, at least two options are provided. Reason Options a) Common law D) Code-law Legal system 2. Tax laws (a) Different tax and financial accounting rules D) Similar tax and financial accounting rules 3. Sources of fnancing (a) More equity financing b) More debt financing Infation (a) Low infation D) High inflation (a) Transparent D) Secretive 5. Culture Political and economic tes Britsh tes b) German tes ) Spanish tes 6. Economic development a) Developed economy ) Developing economy K Underdeveloped economy Required: For each of the countries listed below, select the seven options that best describe that country. For instance, the United States can be described as common-law, different tax and financial reporting, more equity financing, low inflation, transparent, British ties, and a developed economy. You may wish to search the Internet to learn more about each country. 1. Austria

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others? Choose the correct.a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.
Answer the following question for the country Australia. Listed next are seven reasons for differences in accounting practices among countries. For each reason, at least two options are provided. Reason Options 1. Legal system (a) Common-law (b) Code-law 2. Тах laws (a) Different tax and financial accounting rules (D) Similar tax and financial accounting rules 3. Sources of financing (a) More equity financing (b) More debt financing 4. Inflation (a) Low inflation (D) High inflation 5. Culture (a) Transparent (D) Secretive Political and economic ties (a) British ties (b) German ties (c) Spanish ties 7. Economic development (a) Dovoloped economy (b) Developing economy ic) Underdeveloped economy Required: For each of the countries listed below, select the seven options that best describe that country. For instance, the United States can be described as common-law, different tax and financial reporting, more equity financing, low inflation, transparent, British ties, and a developed…
Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others?a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.
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