Below Are Seven Reasons for Differences in Accounting Practices Among

question 27

Short Answer

Below are seven reasons for differences in accounting practices among countries.For each reason,at least two options are provided.For each reason,select the option that best describes Germany.

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Definitions:

Creditor Beneficiary

A third party that benefits from a contract made between two other parties, primarily involving debt repayment.

Life Insurance Policy

A contract between an insurer and an insured, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Bank

A financial institution licensed to receive deposits, offer loans, and provide various financial services to individuals and businesses.

Novation

The act of replacing an old contract with a new one, substituting a new party into an existing agreement.