According to Nobes (1998),many of the Factors That Have Been

question 19

Multiple Choice

According to Nobes (1998) ,many of the factors that have been suggested as reasons for differences in accounting methods in different countries are inter-related.He divided these into two broad categories.What is one of these broad categories?

• A) Cultural
• B) Religious influences
• C) The political system in place
• D) Tax system that is in place

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Definitions:

Proprietorships

A form of business ownership where a single individual owns, manages, and is responsible for all aspects of the business, including its debts and liabilities.

Partnerships

An official business setup involving two or more partners, sharing both the management responsibilities and the earnings.

Net Income

The total revenue of a business minus total expenses, taxes, and costs, representing the profit made during a specific period.

Corporations

Legal entities established under corporate law that are distinct from their owners and shareholders, having rights and responsibilities and capable of conducting business.