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Describe at Least Five Reasons Why Accounting Practices Differ Across

question 37

Essay

Describe at least five reasons why accounting practices differ across countries.Which reason do you think is most important? Explain why.


Definitions:

Investment

The allocation of resources, such as capital, with the expectation of generating an income or profit.

Days

The measurement of time, specifically the period of time that constitutes a 24-hour day.

Interest

A fee applied to borrowed funds, usually calculated as a percent of the principal amount.

Loan

A sum of money that is borrowed, typically from a financial institution, and is expected to be paid back with interest.

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