Test Bank For Financial Accounting The Impact on Decision Makers 10th Edition Gary A Porter Curtis L Norton
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1. The state of economic development can affect accounting standards.
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2. Japan has a greater number of differences than the U.S. between the amount of income reported to stockholders and that reported to the taxing authorities.
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3. No single explanation can be given for the divergence of accounting standards.
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4. In countries, like Japan and much of Europe, fewer differences between the amount of income reported to stockholders and that reported to the taxing authorities exist than in the U.S.
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5. According to the text, in economies like those that made up the former Soviet Union, accounting standards are relatively less complex due to the fact that they are just beginning to be developed.
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