As exemplified in China, the government in a collectivist society ...

[Brittanyd9008]

As exemplified in China, the government in a collectivist society is highly connected to and interdependent with business.
 
  Indicate whether the statement is true or false

Question 2

What is the difference between a common law system and a civil law system? How are accounting procedures handled in each?
 
  What will be an ideal response?

[aruss1303]

Answer to Question 1

TRUE

Answer to Question 2

Common law is based on the cumulative wisdom of judges' decisions on individual cases through history. These cases create legal precedents, which other judges use to decide similar cases. Another common form of legal system, civil law, is based on a codification, or detailed listing, of what is and is not permissible. One important difference between common law and civil law systems is apparent in the roles of judges and lawyers. In a common law system the judge serves as a neutral referee, ruling on various motions by the opposing parties' lawyers. In a civil law system, the judge takes on many of the tasks of the lawyers, determining, for example, the scope of evidence to be collected and presented to the court. In common law countries such as the United Kingdom and the United States, accounting procedures normally evolve via decisions of independent standards-setting boards, such as the United Kingdom's Accounting Standards Board or the U.S. Financial Accounting Standards Board (FASB). Conversely, countries relying on code law are likely to codify their national accounting procedures and standards. In these countries accounting practices are determined by the law, not by the collective wisdom of professional accounting groups like the FASB.