Discuss at least four reasons that accounting standards currently differ between countries
Accounting standards currently differ between countries for a variety of reasons, including differences in legal systems, how similar or different the rules are for determining accounting income and taxable income, primary means for financing businesses, the significance of inflation in the country, the extent to which a country has political and economic ties to another country, and the state of economic development.
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Because corporations are chartered either with perpetual life or with provision for renewal if the charter specifies a limit, irrespective of the deaths of any stockholders or disposal of their stock, corporations are said to have the characteristic of
a. limited liability of owners. b. transferable ownership units. c. taxation of corporate earnings. d. unlimited life.
Most corporations must estimate their annual income taxes and make
a. annual payments. b. semiannual payments. c. monthly payments. d. quarterly payments.
The cash flow adequacy ratio can only be calculated if a company uses the direct method to report cash flows from operating activities
a. True b. False Indicate whether the statement is true or false
When the buyer bears the transportation charge, it is called freight-out
Indicate whether the statement is true or false