Author Question: As exemplified in China, the government in a collectivist society is highly connected to and ... (Read 96 times)

Brittanyd9008

  • Hero Member
  • *****
  • Posts: 500
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

  • Sr. Member
  • ****
  • Posts: 314
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

For a complete list of videos, visit our video library