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
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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.
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 inflation
3.
Sources of financing
4.
Inflation
5.
Culture
(a) Transparent
(D) Secretive
6.
Poitical and economic ties (a) British ties
(b) German ties
(c) Spanish tios
Economic devolopmont
(a) Developed economy
(b) Developing economy
(c) 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
Transcribed Image Text: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. 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 inflation 3. Sources of financing 4. Inflation 5. Culture (a) Transparent (D) Secretive 6. Poitical and economic ties (a) British ties (b) German ties (c) Spanish tios Economic devolopmont (a) Developed economy (b) Developing economy (c) 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
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