Exam3 - FC5 - The flashcards are formatted for printing...

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Tax Accounting System International Accounting
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Most companies keep several sets of books. Unique to each country, each with different rules; translate back for the US.
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Managerial Accounting System Public Accounting System
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What gets reported to markets of the countries you are in (unique elements in each country). A separate business system to make decisions since public and tax accounting systems are lies; private and only one (hopefully consistent across the country).
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Eleven Tax, Public, and Managerial Accounting Systems
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Accounting systems for a multinational company: A company with five countries will probably be keeping at least ____ sets of accounts, each of which needs to be translated to most of the others.
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Accounting Standards Accounting Numbers
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Since most countries use different accounting systems, ____ are not comparable across countries without a great deal of correction. Because of different rules, accounting systems don’t mean anything unless you know the rules (i.e. US “doesn’t save” but retirement pensions don’t count).
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Financial Accounting Standards Board; Generally Accepted Accounting Principles FASB; GAAP; IASB
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and ____ accounting standards, but is moving towards ____. FASB stands for ____,
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Exam3 - FC5 - The flashcards are formatted for printing...

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