Page 4 of 7 What is the basis for the People\'s Republic of China\'s current eco
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Page 4 of 7 What is the basis for the People's Republic of China's current economic system? Private ownarship of all business anterprises Competition between state-run entities and private businesses Congressional planning of industrial output and consumption 8 Why do Germa n companies willingly take a conservative position in calculating income? A. To minimize tax To keep employees from asking for higher w To report stable income over time for dividend purposes All of the above C. 9 What reason is given for th e stagnation of accounting development during the "Cultural Revolution" in China (1966-1976)? Over-simplification of accounting was pursued to make it accessible to a broad populace. There was very little business being transacted in China during the Cultural Revolution Businesses in China were converting to international accounting standards during this period A. C. C. of time so they stopped developing new standards. D. Auditors took over the development of accounting practice 10 German accounting standards have a "reverse authoritative principle." What does this mean? A. Reversing entries must be made before financial reports can be issued to the public. B. Only tax deductible expenses can be used for determining accounting income C. Financial statements are the basis for taxation. D. None of the aboveExplanation / Answer
7) Answer is C Competition between state-run entities and private businesses
8) Answer is D All of the above
9) Answer is A Over-simplification of accounting was pursued to make it accessible to a broad populace.
10) Answer is B Only tax deductible expenses can be used for determining accounting income.
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