Which of the Following Statements Is True About Accounting in China

question 76

Multiple Choice

Which of the following statements is true about accounting in China?

• A)Accounting has a long history, dating back thousands of years.
• B)The first professional accounting body in the People's Republic of China was established in 1988.
• C)Its roots can be found in the teachings of the philosopher and educator Confucius.
• D)All of the above statements are true.

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Definitions:

Property Taxes

Levies on property owned by individuals or entities, typically based on the property's value, and used as revenue for local governments.

Tax Revenue

The income that is gained by governments through taxation, used to fund public services, infrastructure, and government operations.

Local Governments

Administrative bodies governing areas within a country below the level of the state or national government.

Benefits-received Principle

The concept that the amount of tax an individual pays should be related to the level of benefits they receive from government services.