Countries That Have Different Rules for Financial Accounting and Tax

question 31

Multiple Choice

Countries that have different rules for financial accounting and tax accounting,rely more on equity financing,and have historical political and economic ties with Great Britain are referred to as what types of countries?

• A)Code law countries.
• B)European Union countries.
• C)Common law countries.
• D)Conformist countries.

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Definitions:

Sole Proprietorship

A form of business ownership where a single individual owns and runs the business, bearing full responsibility for its assets and liabilities.

Legal Structure

The framework within which an organization operates, defined by the law, including entities like corporations, partnerships, and sole proprietorships.

Trade Alliance

An agreement between two or more parties, often countries or companies, to foster trade and economic cooperation.

Venture Capitalists

Investors who provide capital to startup companies and small businesses with perceived long-term growth potential in exchange for equity.