Countries That Have Different Rules for Financial Accounting and Tax

question 34

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:

Contribution Margin

The difference between sales revenue and variable costs, indicating the contribution of sales to fixed costs and profits.

Sales Increase

A rise in the volume or amount of products or services sold by a business.

Break-Even Sales

The amount of revenue needed to cover both fixed and variable expenses, resulting in a net income of zero.

Variable Expenses

Costs that change in proportion to the activity of a business.