How Does the Cultural Value of Collectivism Explain the Status

question 50

Multiple Choice

How does the cultural value of collectivism explain the status of auditors in Japanese society?

• A)Collectivism places great importance on individual responsibility,giving auditors a high status in Japanese society.
• B)Since outsiders are not trusted in the Japanese culture,independent auditors in Japan do not enjoy the status of American auditors.
• C)Because individual achievement is a hallmark of collectivism,auditors are commonly found at the top of Japanese corporations.
• D)Collectivism values the ability of individuals to collect resources for themselves,so auditors who achieve distinction in their profession are highly regarded.

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Definitions:

Long-Term Liability

Obligations or debts due in more than one year, reflecting a company's financing activities and including loans, bonds payable, and lease obligations.

GAAP Requirements

The standards or guidelines for financial accounting and reporting that accountants are required to follow, known as Generally Accepted Accounting Principles.

Vacation Pay

Compensation paid to employees for days they are entitled to take off work but choose to work instead or as a benefit for days they are allowed not to work.

Sick Pay

Compensation provided by an employer to an employee who is absent from work due to illness.